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• Preface to the First Edition
• Preface to the Second Edition
• Suggestions to Readers
• Addendum
• Chapter I: Primary Definitions 2
• Chapter II: Purchasing Power of Money As Related to the Equation of Exchange
• Chapter III: Influence of Deposit Currency On the Equation and Therefore On Purchasing Power
• Chapter IV: Disturbance of Equation and of Purchasing Power During Transition Periods
• Chapter V: Indirect Influences On Purchasing Power
• Chapter VI: Indirect Influences ( Continued )
• Chapter VII: Influence of Monetary Systems On Purchasing Power
• Chapter VIII: Influence of Quantity of Money and Other Factors On Purchasing Power and On Each Other
• Chapter IX: The Dispersion of Prices Makes Necessary an Index of Purchasing Power
• Chapter X: The Best Index Numbers of Purchasing Power
• Chapter XI: Statistical Verification. General Historical Review
• Chapter XII: Statistics of Recent Years
• Chapter XIII: The Problem of Making Purchasing Power More Stable
• Appendix to Chapter Ii
• Appendix to Chapter Iii
• Appendix to Chapter V
• Appendix to Chapter Vi
• Appendix to Chapter Vii
• Appendix to Chapter Viii
• Appendix to Chapter X
• Appendix to Chapter Xii
• Addendum For Second Edition
• Appendix to the Second Edition, On "standardizing the Dollar"

PREFACE TO THE SECOND EDITION

THE second edition is a reprint of the first with the following changes:—

• 1. Correction of occasional misprints.
• 2. Addition of data for 1910, 1911, and 1912, in the tables on pages 304, 317, and the diagram between pages 306 and 307.
• 3. A change in Figure 1 (page 13) to make it conform to the facts for 1912.
• 4. Changes in the table on page 147 with accompanying text to make the data correspond to the facts for 1912.
• 5. The insertion of an addendum on pages 492-493, giving the revised figures for deposits subject to check as calculated by Professor Wesley Clair Mitchell.
• 6. An appendix to the second edition (page 494 ff.) on "standardizing the dollar."

For corrections of misprints and various helpful criticisms of the first edition I am under great obligations to a number of friends and correspondents and particularly to Major W. E. McKechnie, of the Indian Medical Service, Etawah, United Provinces, India; Professor Warren M. Persons, Colorado College, Colorado Springs, Colo.; Mr. J. M. Keynes, Editor, Economic Journal, Kings College, Cambridge; Carl Snyder, author, New York City; James Bonar, Deputy Master of the Royal Mint, Ottawa, Canada; Professor Allyn A. Young, Washington University, St. Louis, Mo.; Professor Stephen Bauer, Director, International Office of Labor Legislation, Basle, Switzerland; Professor Wesley Clair Mitchell, New York City; Professor O. M. W. Sprague, Harvard University.

I have endeavored to avoid disturbing the plates of the first edition more than was absolutely necessary. Otherwise I should have been glad to incorporate some changes to make use of some valuable but general criticisms. In particular I should have liked to modify somewhat the statement of the theory of crises in Chapter IV and in Chapter XI to make use of the helpful criticism of Miss Minnie Throop England, of the University of Nebraska, in The Quarterly Journal of Economics, November, 1912; also to meet a criticism of Mr. Keynes' to the effect that, while my book shows that the changes in the quantity of money do affect the price level, it does not show how they do so. To those who feel the need of a more definite picture of how the price level is affected by a change in the quantity of money I refer the reader to my Elementary Principles of Economics, pages 242-247, and to other writers on this subject, particularly Cairns.