Bank Credit

“It will be noticed that the bank loan takes the form of a credit to the depositor’s
account. No cash is given; the depositor’s available funds are increased by augmenting
his checking account. The discounting of the depositor’s notes, or the making of loans to
the depositor, is merely an exchange of the bank’s credit for the businessman’s credit . .
.” (Emphasis and color relief added.)

Ettinger and Golieb, Credits and Collections (3d ed. 1949) page 39.