That doesn’t seem workable to me. We need enough currency in circulation to cover not just the government’s assets, but the liquid assets of the entire nation.
The amount of currency would be a defined ratio between the amount of money and the amount of GEOs. Congress could increase the amount of money by altering the ratio. Thus Congress would set the amount.
That is not the case. Money is completely different than currency. Most of the money supply in the world is tied up in banks or is in transit from one bank to another. The paper and metal discs in people’s pockets and wallets are a tiny fraction of the world’s “money”.
When your employer pays you, do you get a cash stuffed envelope or a piece of paper with words like “direct deposit advice” or “pay to the order of”? And out of that piece of paper, how much do you actually convert to green pieces of paper with pictures of old dudes on it and metal discs?