Are time deposits money?

Several recent writers hold that time deposits must be converted into demand deposits before they can be used as a means of payment and, therefore, may not be considered money like demand deposits. Based on this conclusion, they make new plans for banking reform and business cycle control. This paper attempts to show that time deposits like demand deposits are money and that, therefore, the concepts of money of these writers and their plans for banking reform are not well founded. The series of data which they usually use to represent the supply of money are inadequate because they exclude all time deposits. They do not appreciate that time and demand deposits are essentially the same in many respects, and that savings banks create demand deposits the same as time deposits. But deeper still, "means of payment" cannot be used as synonymous with "money."