What do you mean? The physical cash is only a tiny portion of the 'money' in circulation- by money I mean what is in peoples bank accounts and is actually a promise by the bank to redeem for physical central bank issued notes and coins- but today in the modern economy the vast majority of money held and used is not physical- it is those bank deposits and the private banks create them whenever they issue debt. So- I stand by my assertion that private banks gain vastly more via their ability to create money out of thin air whenever they provide finance than the government does via seigniorage from the central bank...because today the vast majority of money is held as a promise for physical notes and coins, not as notes and coins.

Note- the ability of the private banks to create new money (in the form of bank deposit ious for physical cash) derives directly from the nation state monopoly over fiat money...it is only by being accepted by the central bank (Fed Res) as a member bank that they can do this.- Thus private banks milk far more from the fiat system than the central government does...and this ratio of disproportionate gain has increased significantly over the last 7-8 decades as the use of physical cash has significantly reduced.