“…Two views have been advanced in this connection, viz., that of Martin (19), and of Barratt (20), where the active fraction of snake venom is considered to be a true fibrin-ferment (thrombin), and that of Melianby (21), that it is a kinase which, when rapidly injected, causes the rapid formation of thrombin. It is evident from the experiments of Artlius, that the " negative phase " of coagulation following either the rapid injection of minimal doses of venom, or the slow injection of larger doses, is not produced by the secretion by the liver of antithrombin, which combines with thrombin, either existing in, or produced by, venom.…”