The Evolution of Money

There was never a referendum in which the American people voted to get rid of the gold standard. Bank notes were issued by competing commercial banks, although under the National Banking Acts established during the Civil War,. There were restrictions on what the commercial banks could do, which weakened the banking system. When the Federal Reserve Act is passed, the Federal Reserve is just one issue where among many, and it's obliged to redeem its notes for gold. The dollar is now irredeemable, at least for domestic citizens.