Definitions HQ

A Banknote (n.) framed ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠as a family coat of arms is money's mocking contempt for circulation — proof the hoarder survives inside the civilized capitalist.

A Banknote (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠nothing more than a bill on the banker, payable on demand — the small change of wholesale trade, showing plainly that what the banker deals in is credit itself.

A Banknote (n.) is, ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠to the banker who issues it, a circulating IOU in his own name that costs him nothing but paper and printing.

A Banknote (n.) circulates ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠faster the more often it is deposited and lent: its speed as money is mediated by its repeated return to the bank.

A Banknote (n.) cannot ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠be multiplied at a bank's will while it is convertible: each superfluous note immediately finds its way back to its issuer.

A Banknote (n.) abundant ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the day before the crisis vanishes overnight, and with it the discounter, the lender on securities and the buyer of goods.

A Banknote (n.) keeps ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠its credit even in the most general lack of confidence, for the entire nation and its credit stands behind these tokens.