The answer for Petty lay in the velocity of money's circulation. Anticipating the quantity theory of money often said to be initiated by John Locke, whereby economic output ("Y") times price level ("p") = money supply ("MS") times velocity of circulation ("v"), Petty stated that if economic output was to be increased for a given money supply and price level, 'revolutions' must occur in smaller circles (i.e. velocity of circulation must be higher). This could be done through the establishment of a bank. He explicitly stated in "Verbum Sapienti" "nor is money wanting to answer all the ends of a well policed state, notwithstanding the great decreases thereof which have happened within these Twenty years" and that higher velocity is the answer. He also mentions that there is nothing unique about gold and silver in fulfilling the functions of money and that money is the means to an end, not the end itself: