60
A TREATISE ON MONEY
BK. II
Snyder’s “ Index of General Price-Level ” eor the UnitedStates compared with the Wholesale Index (1913 = 100 )
Consumption Index(Snyder).
Wholesale Index.
Ratio of the Two.
1875-79
78
96
81
1880-84
78
101
77
1885-89
73
82
89
1890-94
74
77
95
1895-99
72
69
104
1900-4
79
83
95
1905-9
88
92
96
1910
96
97
99
1911
96
95
101
1912
99
99
100
1913
100
100
100
1914
101
98
103
1915
103
101
102
1916
116
127
91
1917
140
177
79
1918
164
195
84
1919
186
207
90
1920
213
227
94
1921
178
147
121
1922
170
149
114
1923
181
154
117
1924
181
150
121
1925
186
159
117
1926
186
151
123
as the War, progressively to over-estimate thevalue of money-income for the general purposes ofconsumption. It may be that Mr. Snyder’s indexerrs in the opposite direction, and that its method ofcompilation has the effect of over-weighting the costof services. The determination of this must awaitthat further investigation of the relevant facts towhich practical statisticians may be expected to givemore attention in the future than they have in thepast.
A further source of error—the correction of whichmight bring an accurate Consumption Index nearer