After reading Dan's piece, here's my short statement:
Dan Kervick is quite right except for in two areas. First, the commercial banks do create ("print") debt money when they create loans. Seigniorage is quite another issue. Second, in the US, banks must have 10% in reserve even if they have to borrow it from other banks (often at the overnight interest rate, which is extremely low right now – nearly zero). This has been the case so that the 10% will act as a cushion against bank runs. There are reserve deadlines set by the Fed. The banks must meet the current 10% set by the Fed and by a time certain. This is all clearly explained on the Fed's website. It's called Fractional Reserve Banking, and it really does exist. Lending against the 10% reserves, whether lending in advance or not, is called the Money Multiplier, and that really does exist too.