Doug French is, as usual, completely correct.
What is needed is the Austrian approach of separation of money and state. Actual money was an invention of the market; government intervention in money does nothing but destroy it.
The only arguably legitimate role of government in money is one of legal definition. If you sell a "pound" of bread, it has to weigh a certain specified, legal amount. In like manner, if you mint a one "dollar" silver coin, it has to meet certain standards of weight and purity. The standards can apply to all coins in circulation: gold, silver, copper, palladium, platinum, or whatever else the market chooses as media of exchange.