Julius Wolf wrote in the summer of 1922: "In proportion to the need, less money circulates in Germany now than before the war. This statement may cause surprise, but it is correct. The circulation is now 15–20 times that of pre-war days, whilst prices have risen 40–50times."
Similarly Professor Elster reassured his people that "however enormous may be the apparent rise in the circulation in 1922, actually the figures show a decline."
mises.org/library/hyperinflation-germany-1914-1923
