treasury notes vs gold standard

By treasury note I do not mean debt backed notes such as federal
reserve notes. I believe the general concensus is that debt backed
currency is insane. I mean fiat treasury notes, backed by nothing.
Thomas Edison, arguing against the creation of the federal reserve
system, discribed them like this -

"If our nation can issue a dollar bond, it can issue a dollar bill.
The element that makes the bond good, makes the bill good, also. The
difference between the bond and the bill is the bond lets money
brokers collect twice the amount of the bond and an additional 20%,
whereas the currency pays nobody but those who contribute directly in
some useful way. It is absurd to say that our country can issue $30
million in bonds and not $30 million in currency. Both are promises to
pay, but one promise fattens the usurers and the other helps the
people."

For practical reasons this type of currency is preferable to a return
to a gold standard. Firstly a huge amount of currency is held by
foreign govts. How to change the currency we use now to a gold
standard without sending huge quantities of silver or gold overseas?

Secondly a fiat treasury note would allow us to destroy the repulsive
fractional reserve system.

Colonial scrip was fiat money of this type. ben franklin describes is
effect -

"We have no poor houses in the Colonies, and if we had, we would have
no one to put in them, as in the Colonies there is not a single
unemployed man, no poor and no vagabonds"

Thus I say that treasury notes, as issued by lincoln before he was
murdered and by kennedy bedore he was murdered and proposed by spencer
percival before he was murdered are the way forwards.

.

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