10.] [Footnote 10: Including, now, some Federal Reserve bank notes secured by United States bonds.] [Footnote 11: In some cases, as during the bank restriction in England, 1797-1821, bank notes become inconvertible--practically political money.] [Footnote 12: Payment of interest on credit balances reduces the motive to withdraw for investment elsewhere any such excess, and mingles in the depositor's thought monetary and investment motives.] [Footnote 13: In the United States in 1914 there were individual deposits reported in banks other than savings banks to the amount of about $13,400,000,000 In national banks ..................................

$6,000,000,000 In state banks .....................................

3,250,000,000 In loan and trust companies ..........................

4,000,000,000 In private banks .....................................

150,000,000 Nearly all these were doubtless demand deposits (what proportion were time deposits we have no data for determining), and were available as immediate purchasing power for the depositors.