STATISTICAL DEMONSTRATIONS OF THE QUANTITY THEORY--THE REDISCOVERY OF A BURIED CITY Criticism of quantity theory statistics yields constructive conclusions; Mitchell and Greenbacks; Kemmerer's and Fisher's statistics of "equation of exchange"; Kemmerer's criticism of earlier statistics 331-335 Kemmerer's and Fisher's figures all wrong except for volume of money and deposits, and prices in base year; if correct, would not prove quantity theory 335-337 Fisher's statistics, resting on Kemmerer's, chiefly studied: their relation to Kinley's "deposits" figures 337-338 M'V' calculated: errors in calculation; New York very incomplete in Kinley's figures; private banks and trust companies; clearings and "deposits," in New York and outside; "total transactions" and clearings; Fisher exaggerates country checks by at least 116 billions, for 1909; major part of all "check deposits" in New York City 348-353 New York as "clearing house" for United States: extent of, and influence of on New York clearings, much overestimated; bulk of New York clearings and New York "deposits" grow out of New York business 353-361 Index of variation for M'V' wrongly weighted; V' wrongly calculated for all years; which upsets calculation of V 361-363 Volume of trade: greatly exaggerated by bank transactions, which include vast deal of duplications in checks, loans and repayments, etc. 363-368 Fisher's reply; _under_counting offsets _over_counting 368-369 Main items of undercounting in clearing houses of speculative exchanges; measurement of, in New York Stock Exchange, and Chicago Board of Trade; swamped by call loan transactions, which exceed security sales 369-381 Price-indexes of Kemmerer and Fisher, dominated by wholesale prices, have no relevance to their "equations of exchange" 381-383 In general, their figures bury speculation and New York City 383 PART III. THE VALUE OF MONEY CHAPTER XX RECAPITULATION OF POSITIVE DOCTRINE Recapitulation of constructive theses of Parts I and II, and program of Parts III and IV 387-396 CHAPTER XXI THE ORIGIN OF MONEY, AND THE VALUE OF GOLD Problem stated 397-401 Value _vs. saleability_: degrees of saleability; theory of saleability; "buying price" _vs._ "selling price"; indirect exchange in barter economy; development of commodity of superior saleability into money 401-406 Money never unique 406-407