MONEY  AS  AN  AGENT  IN  FALLS  OF  PRICES  125

of  money,  and  wherever  it  occurs  prices  must  fall.  Close
analysis  shows  over-saving  or  under-consumption  as  the
only  immediate  cause  of  a  general  fall  of  prices:  scarcity
of  money  is  not  proved  to  be  either  directly  or  indirectly

a  vera  causa.