These banks enjoyed the privilege of issuing currency notes to the amount of three times the cash in hand without regard to their commercial liabilities.
Maybe I'll bump into the Psychic Tipster and cash in.
The paper money issues are by banks and not by the government, and the national treasury keeps no cash in its vaults and has no sinking funds to offset this indebtedness.
The public debt on the 1st of November 1909, less certificates and notes offset by cash in the Treasury, was $1,295,147,432o4.
The amount of the debt per capita of population, less cash in the treasury, was $15-63 in f800; it fell to $0.21 in 1840; rose again, and in 1865 reached a maximum of $7698; since when it had fallen by the 30th of June 1908 to $1076.