As a result of the various monetary laws we have, exclusive of one-cent and five-cent pieces, ten different kinds of money, all based on the standard gold dollar.

Gold Coins. Gold Certificates. Silver Dollars. Silver Certificates. Fractional Silver Coins.

Treasury Notes.

United States Notes (greenbacks). Federal Reserve Notes. Federal Reserve Bank Notes. National Bank Notes.

Gold certificates, as we have already seen, merely represent gold coin and may be exchanged for it at the treasury. The government is prepared also to exchange gold directly for silver dollars and fractional silver coins, and indirectly for silver certificates. The various notes too can be exchanged either directly or indirectly for gold. Thus we see that the holder of any form of American money can get gold for it, if he proceeds in the right manner. Because of this significant fact, Gresham's law is inoperative; that is, there is no good and no poor money.