One other form of government certificate is the gold order certificate, issued at the discretion of the Treasurer of the United States, against deposits of gold coin or gold bearer notes, of ten-thousand denomination only. Prior to July 1, 1914, the sub-treasury in New York issued this form of certificate to the order of the New York Clearing House in settlement of its debit balances. Such certificates were formerly carried by the national banks as part of their reserve.

Federal Reserve Notes

The federal reserve notes are obligations of the United States government and are, strictly speaking, a form of government paper money, but their qualities and the method of issue can be more easily treated in Volume II, Chapter XIX.