In quantum information systems it is of particular interest to consider the best way in which to use the nonclassical resources consumed by that system. Quantum communication protocols are integral to quantum information systems and are among the most promising near-term applications of quantum information science. Here we show that a multiplexed, digital quantum communications system supported by a comb of vacuum squeezing has a greater channel capacity per photon than a source of broadband squeezing with the same analog band width. We report on the time-resolved, simultaneous observation of the first dozen teeth in a 2.4-GHz comb of vacuum squeezing produced by a subthreshold optical parametric oscillator, as required for such a quantum communications channel. We also demonstrate multiplexed communication on that channel.