Probably he places it in a bank, and this enables it to do more work.

If 3,000,000 L.of coin be deposited in a bank, and it need only keep 1,000,000 L.as a reserve, that sets 2,000,000 L.
free, and is for the time equivalent to an increase of so much coin.
As a principle it may be laid down that all new unemployed savings require _either an increased stock of the precious metals, or an increase in the efficiency of the banking expedients by which these metals are economised_.

In other words, in a saving and uninvesting period of the national industry, we accumulate gold, and augment the efficiency of our gold.

If therefore such a saving period follows close upon an occasion when foreign credits have been diminished and foreign debts called in, the augmentation in the effective quantity of gold in the country is extremely great.

The old money called in from abroad and the new money representing the new saving co-operate with one another.