Chapter XIX Money in the Atomic Age

— Usually drafts, bills of lading held by shippers or sellers of goods while in transit. Fiscal Agents of Government — are the Reserve Banks who hold the Government's deposits, and clear their cheques; they also serve in assisting the Government in issuing bonds and other securities. Issuing Currency — The Treasury engraves all bills and mints all coin, but all of it is put into circulation by the Reserve Banks. All coin and Treasury certificates are deposited by the Treasury in the Reserve Banks, for which the Government gets deposit credit, but all Reserve notes and Reserve Gold Certificates are turned over to the Reserve Banks (on demand) gratis, and the Government gets no deposit credits for them. Cashing Cheques — The depositor buys from the bank cash, paying for it by chequeing to the bank an equal amount of his deposits. Clearing Checks — The passing of cheques drawn on one bank and deposited in another, through a "clearing house" or the Reserve Banks. Public Debt — That sum spent by the Government above its income — now about $280