The total money (other than bank notes) in the commercial banks of the country was hardly 11 per cent of this amount.

In that year the total amount of money of all kinds in circulation (and in banks) in the United States (outside the Treasury), including gold and silver and certificates represented by bullion in the treasury, United States notes of all kinds, and national bank notes, was about one fourth of the amount of these individual deposits in commercial banks.

This may suggest the enormous influence that banking has in determining the average efficiency of the circulating medium of the country.] [Footnote 14: See above, sec.

3.].