Page:Stabilizing the dollar, Fisher, 1920.djvu/82

28 on gold in terms of greenbacks, and with the New York rate of exchange on London. This is shown in Figure 8.

For the period of the recent war the data are so meager that it is impossible to express the exact

in figures, but we can arrange the different countries in the approximate order in which their prices rose. As a result, we find that the order of the nations corresponds in general with the order in which the currency in these nations has been inflated by paper as well as with the order in which their monetary units have depreciated in the foreign exchange markets. This order—of ascending prices and roughly of expanding currency during the war—is: Australia, India, New Zealand, United States, Canada, Denmark,