28 OCTOBER 1911, Page 14

[TO THE EDITOR 07 THE " SPECTATOR. " ] Sin, — It is permissible

to write of the opponents of Mill's

Quantity Theory," they learn nothing, they forget nothing. Of course no economist contends that mere supply from the mines inflates or contracts prices. Demand is equally entitled to consideration. Suppose, for example, both India and China exchanged their existing currencies (not their standards merely) for gold taels and rupees ; their novel demand might for fifty years more than compensate for the abundance of nature. But I forbear. Writers will be found who deny every proposition. The old gamekeeper here who taught me to shoot combated the Copernican theory with Bible texts.—I am,