Addendum for Second Edition

The figures in this second edition have been brought down to date by adding data for 1910,1911, and 1912 to the tables on pages 304 and 317 and inserting a new diagram between pages 306 and 307. (For full explanations as to these figures see page xxiii of this book and " 'The Equation of Exchange,' 1896-1910," American Economic Review, June, 1911; " 'The Equation of Exchange' for 1911 and Forecast," ibid., June, 1912; and " 'The Equation of Exchange' for 1912 and Forecast," ibid., June, 1913.)

Professor Wesley Clair Mitchell has kindly shown me the sheets of his forthcoming book (University of California Press) on Business Cycles, in which he has reëstimated the deposits subject to check (M') by somewhat different methods and with the aid of some data not available when the present book was written.

If I were rewriting this book, I should adopt Professor Mitchell's more perfect methods and results. But to do so now would involve a disturbance of a large number of plates for the sake of a very small net change in final results. I content myself, therefore, by here giving a table of Professor Mitchell's figures, including columns showing how much mine are larger or smaller.