The stable money rule is part of monetarism. That aspect of the rule may account for monetarists' being chary of acknowledging the wide spectrum of advocacy of the rule. In particular, the rule's early advocacy by James W. Angell has not been given sufficient recognition. Two decades ago a number of writers, Howard S. Ellis (1964, p. 202), Harry G. Johnson (1965, p. 31), and Richard Selden (1966, p. 328), took special note of a later article (Angell 1960) and uniformly echoed the view that Angell had belatedly joined the stable money school. The same view seems to have been held, at least implicitly, by Thomas Humphrey. In his study of the non-Chicago economists' contributions to the American quantity theory tradition, Humphrey (1971) found no occasion to mention Angell's name throughout his entire study. Later, in response to Patinkin's (1973, p. 456) strongly worded criticism of his failure to recognize Angell's contribution, he conceded: As Patinkin rightly points out, James Angell . . . pioneered in the . . . uses of the income velocity concept and thus deserves recognition as one of the important non-Chicago quantity theorists writing in the 30's (Humphrey 1973, p. 461). While conceding on this issue of income velocity, Humphrey continued to ignore Angell's long-standing support of the stable money proposition, thereby creating the impression that Ellis et al. were essentially correct in their view that Angell joined the stable money school only in 1960. The purpose of this note is to show that Angell had been a proponent of a stable money rule ever since the early 1930s. In order to establish this point, we call attention in Section I to some of Angell's earlier writings. In Section II, we comment on some related matters.