Then thi e's the question of why we say it money and banking structure is "based on" this gold. (Try that question on your favourite economist.) When we say that bank deposits are "based on" money we mean that you can get money fo them. but money can't be "based on' gold in that sense because you can't get gold for your money. Our money-and-credit system is a set-up of golden promises of which nobody is allowed to ask golden fulfilment. We're on the gold standard only in a sort of sense. Gold "holds up" structure only old Atlas used to hold up the earth.
Text read from the printed page and cleaned; old type leaves the occasional error.