I advocate the progressive new idea of letting the market decide. I know, letting the market run the monetary system rather than a cabal of czarist central state planners is a radical thought for a conservative such as yourself. Hope I don't scare you too much. ;-)
The market could and should decide not only the price of money, but what is used as money itself, including credit money.
Of course this would mean that banks that made bad decisions would have to eat their own losses. But hey, the market can't do everything.
Monetary anarchy! Hundreds of currencies circulating side by side. Great idea! LOL!