The U. S. is headed toward a period of business depression... beginning within the next two years, which may exceed that which preceded the War. ... The only thing that will save us is a new gold policy or the discovery of a new process or additional gold fields. If the fall [of gold production] is not prevented by design or accident we shall throttle business, wringing out all profits and experiencing all the evils of deflation.

The rate of interest acts as a link between income-value and capital-value.

For the immediate future, at least, the outlook (stocks) is bright.

FISHER SEES STOCKS PERMANENTLY HIGH

The nation is marching along a permanently high plateau of prosperity

Stocks have reached what looks like a permanently high plateau.

Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess