Definitions HQ

A Deposit (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠never really in the bank: it has been lent out, and survives only as a book entry credited to the depositor.

A Deposit (n.) leaves ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the depositor imagining he is lending to his banker and the banker to neighbours he knows, with not the remotest suspicion that his money is with a London billbroker whom neither of them controls.

A Deposit (n.) can ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠be made over and over with the same coins: a retailer's £100, cycling through manufacturer, workers and shop, becomes £2,000 of deposits in twenty weeks.

A Deposit (n.) works ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠twice as money — once as actual cash lent out, again as the depositor's claim — and is destroyed pro tanto whenever he draws on it.

A Deposit (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠idle capital, but not the capital of the idle.

A Deposit (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠money stored up only nominally: what is really stored are claims, convertible only so long as the money drawn out balances the money put in.