46/49 I of the prospect of profit as affecting the motives of commercial borrowers; e.g., pp. 298, 335, 348, 495.] [Footnote 14: The modern explanation of this phenomenon was worked out in the period of falling prices before 1896 and hence was referred to as the theory of "appreciation and interest" (meaning the relation of the appreciating dollar to a falling rate of interest). More generally the theory is that of the relation of a changing standard of deferred payments and the rate of interest.] [Footnote 15: See ch. |