The free banking vs. full-reserve banking argument always seems to run all over the place; first it’s about what the contract says, then it’s about what lay people think despite the contract fine print, then it’s about what they “should” think, then it’s about the definition of a deposit, then it’s back to being about the contract. Or first it’s about morals, then it’s about what people would do, then it’s about history, then morals again. The whole thing makes my head spin.