That will do absolutely nothing to curb devaluation of the dollar; the government will simply keep lowering the ounce per dollar valuation.
Gold as money can have horrific inflation, as was the case during the spanish empire.
Juan De Mariana documented spanish inflation in his writings in the early 1600’s.
The crown was coining money like it was going out of style and cheapening the alloy.
Backing the dollar with gold will succeed in making the price of gold skyrocket, though.
The crown was coining money like it was going out of style and cheapening the alloy.
This happened in France, too, if you read The Wealth of Nations by Adam Smith. However, cheapening the alloy is a matter of currency more than money. If a country actually produces gold coins, yes, the example would hold, but if a dollar were always guaranteed to be backed by 24ct gold in a bank, then this wouldn't happen.
There are a lot of problems with gold, such as tying a currency to mining luck, but tying it to government faith has been a disaster. I've heard (and haven't verified) if you look at how much gold it takes to buy a suit now, it takes about as much as it did 200 years ago. A suit costs a lot more now, indicating that the government has devalued the currency by a great deal. Throughout the 1700s and 1800s, an era ruled by gold, prices actually fell steadily, which makes sense given a stable currency. Increasing efficiencies dictate more goods should be produced per person, thus lowering the cost.