All this would do is increase the liquidity of gold. So when I mail in my mortgage payment what do I write on the check? 3.6 oz gold? If the price of gold is not fixed in dollar terms the note will fluctuate in value as the price of gold fluctuates. Unless you want every item for sale and every loan to be denominated in oz of gold. Seems a little clunky.
Gee, those clueless founding fathers were SUCH IDIOTS when they put into law (the coin act) that the American Dollar must always be equal in value to an exact weight of pure silver.
In act, one of the last paragraphs of the forgotten coin act, (which was never overturned), holds the DEATH PENALTY for anyone working at the mint who debases the silver content of the American Dollar.
But the Founding Fathers were idiots. We're much better off allowing a junta of private bankers to print and electronically create all of the unbacked fiat money they want.