Whilst liquidity-preference due to the speculative-motive corresponds to what in my Treatise on Money I called 'the state of bearishness', it is by no means the same thing.

虽然由于投机动机而导致的流动性偏好与我在货币论文中所说的“看跌状态”相对应，但这绝不是一回事。

For 'bearishness' is there defined as the functional relationship, not between the rate of interest (or price of debts) and the quantity of money, but between the price of assets and debts, taken together, and the quantity of money.

因为“看跌”被定义为函数关系，不是利率（或债务价格）与货币数量之间的函数关系，而是资产和债务价格加在一起与货币数量之间的函数关系。