Iiifliicnce of Credit on Prices 7 



apparent in the settlement of balances at the clearing houses. 

 The relative amount paid in money increases during- crisis times 

 and decreases during good times. The increase is particularly 

 pronounced in the year following the crisis. 



Table IV 

 New York Clearing House 



The most familiar manifestation of the demand for money, 

 however, is the falling off of bank reserves during crisis times, 

 •but this point need not be gone into for the present purpose. 



The next step is to compare the movement of loans and dis- 

 counts with that of commodity prices. Tables are given for five 

 crises in the United States, six in England, four in France, and 

 one in Germany, making a total of sixteen. 



Table V 

 Minwmni Point After a Crisis 



47 



