York; Leo S. Rowe, formerly Assistant Secretary of the Treasury; Roger W. Babson, Babson's Statistical Organization; John Hays Hammond, mining ngineer; Sir David M. Barbour, one of the originators of the Gold Exchange Standard introduced in India in 1893; Adolphe Landry, member Chamber of Deputies, Paris; Achille Loria, University of Torino, Italy.
From among the letters received from these and others I select a few quotations:
President Hadley: "I will own that when I first read of the plan I thought it would be very difficult to carry out in practice. On further consideration, I am confident that this difficulty is much less than I at first supposed; and that the advantage to be gained by the adoption of a project of this kind makes it worth while to meet and solve whatever difficulties are incident to its introduction."
Royal Meeker: "I think you have answered all difficulties. Your scheme seems to me to be the simplest and most practical scheme possible to be devised. I most heartily endorse your plan."
John Perrin: "Even if put into effect for this country alone upon the basis of one of our present imperfectly constructed index numbers, it would obviously eliminate largely the fluctuating value of the dollar which now injects such uncertainty into all our dealings. The direct and collateral benefits from such a result are almost beyond conception."
Roger W. Babson: "Your only critics are those who misunderstand you."
Sir David M. Barbour: "I think it likely that some such system may ultimately be adopted."
The American Economic Association Committee on the Purchasing Power of Money, consisting of economists who have chiefly worked in the field of Currency and Banking (i.e. Professor B. M. Anderson, Jr., Professor E. W. Kemmerer, Dr. Royal Meeker, Professor Wesley Clair Mitchell, Professor Warren M. Persons, and Professor Irving Fisher), studied the plan with care and expressed itself as follows:
