>From [log in to unmask] 
 
     At the Notre Dame meetings there was discussion of precursors of 
Milton Friedman's policy proposals with respect to the quantity of 
money.  In 1851, a certain Opdyke, in his POLITICAL ECONOMY, wrote 
`The natural ratio of money, when expressed in dollars, to population 
in the United States, is as 15 to 1.'  One, Walter Arnold, a member of 
the Currency Reform League in Canada, cited Opdyke at length in an 
1861 article, and elaborated the notion, which was given a much fuller 
expression in POLITICAL ECONOMY than this one line would indicate.