Front Page Titles (by Subject) 2. Partial Deposit. - Money and the Mechanism of Exchange
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2. Partial Deposit. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
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2. Partial Deposit.
The Bank of England, under the Bank Charter Act of 1844, perfectly represents this method. For each additional five-pound note which is put forth out of the issue department, gold to the weight of 616.37 grains must be deposited in that department. The whole amount of gold, however, retained in the vaults is less by £15,000,000 than the outstanding notes, this constant difference being covered by documentary securities, and by a sum of about eleven millions which the bank lends to the government without interest. Under this arrangement we secure all the advantages of the simple deposit system, while the community gains the interest amounting to about £445,000, of which the government receives £188,000 per annum. The character of the contract between the government and the bank is of too intricate a nature to be readily fathomed or described, but it substantially amounts to the government borrowing the larger part of the fifteen millions of deposits, and allowing the bank to use the rest to cover the cost of printing and managing the note circulation. I shall treat of this system again in Chapter XXIV. The Partial Deposit Method is the basis of the new law concerning the issue of notes in the German empire, in combination with the Elastic Limit method, which possibly constitutes an improvement.