To collect a great mass of deposits with the same banker, a great number of persons must agree to do something.

But to establish a note circulation, a large number of persons need only do nothing.
They receive the banker's notes in the common course of their business, and they have only not to take those notes to the banker for payment.

If the public refrain from taking trouble, a paper circulation is immediately in existence.

A paper circulation is begun by the banker, and requires no effort on the part of the public; on the contrary, it needs an effort of the public to be rid of notes once issued; but deposit banking cannot be begun by the banker, and requires a spontaneous and consistent effort in the community.

And therefore paper issue is the natural prelude to deposit banking.
The way in which the issue of notes by a banker prepares the way for the deposit of money with him is very plain.