Money is thus but a medium of exchange and a
standard of value.
In the United States, as in most nations, money has always been made by
the Government, and the Government alone, so that one certain fixed
system may prevail. For the sake of convenience, money is made of
various kinds and denominations, and United States money may
conveniently be regarded under the five following divisions: 1. _#Gold
Coin, Gold Bullion, and Gold Certificates.#_--There are six gold coins:
(1) the eagle, $10 piece; (2) the double eagle, $20 piece; (3) the half
eagle, $5; (4) the quarter eagle, $2.50; (5) the $3 piece, and (6) the
$1 piece. The three last are but little used. The gold bullion, or gold
in bars and blocks uncoined, is for all practical purposes as good as
the coin, and in foreign trade is much used, it being more convenient to
handle. Besides the gold coin and bullion there are in circulation gold
certificates. These are paper, the same in general appearance as the
ordinary bank-note, and certify that an equivalent amount of gold has
been deposited with the Treasurer of the United States, and that the
holder of the certificate has the right to obtain the gold for it at any
time. This does not increase the amount of money in circulation, as for
every one issued just so much coin is withdrawn and stowed away in the
Treasury. The certificates are used simply for convenience, and in order
to avoid the necessary wear of the coin if in constant use.
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