Excellent conversation going on here!
RThomas, are you suggesting that deposits of lawful money into a bank can still be considered as loans to the bank?
I have an agreement with BofA such that only lawful money goes in, and only lawful money comes out - no conversion of labor to Fed credit.
P.S. Excellent posts, you have made. Thanks for the dilligent research. Perhaps Admin will add a "Thank You" feature to StSC.
P.P.S. I remember initiating a chat session with BofA. I asked if they offered a "Special Depository" type of account as a product to its customers. As a matter of fact, I even provided the legal defintion of "special deposit" during the chat session. The answer was, "no".
SPECIAL DEPOSIT. A deposit made of a particular thing with the depositary: it is distinguished from an irregular deposit.
2. When a thing has been specially deposited with a depositary, the title to it remains with the depositor, and if it should be lost, the loss will fall upon him. When, on the contrary, the deposit is irregular, as where money is deposited in a bank, the title to which is transferred to the bank, if it be, lost, the loss will be borne by the bank. This will result from the same principle; the loss will fall, in both instances, on the owner of the thing, according to the rule res perit domino. See 1 Bouv. Inst. n. 1 054.