Abstract
1. The hydrogen ion exerts two independent actions on excitability:(a) A depression mediated through disorganisation of calcium function.(b) An augmentation mediated through changes of colloid aggregation.2. The two changes differ especially in their rates of subsidence after production, and, by taking advantage of this, rebounds to augmented activity are shown after acids.3. Changes of pH between pH8 and pH7 gave only depression, the augmenting action of an acid being something developed beyond pH7.4. The physiological action of lactic and butyric acids cannot be wholly accounted for in terms of their pH concentration. This is especially true when these acids are in great dilution. They then exert stimulating actions none of which can be accounted for as a hydrogenion effect.

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