My 2c: Why do we have to replace it with anything? All it does is create inflation, much worse than the private banks that it took the place of after it forced them out of business. In the graph linked here , you can almost see the bend at 1913 just getting started and really bending upward about 1945. It started out as a money monopoly and has been such ever since. Why not abolish it, replace it with nothing, and let the government coin money. People will then have gold and silver COIN in their possession. This will in itself create a market for safe places to store money, provide checking services, and lending of surplus funds. Entrepreneurs will open private banks to supply this need. Good banks will succeed. Bad banks will fail taking some depositors' money with them. The world isn't perfect. In living there is risk. If you don't trust the bank, then there are more alternative private places to store your wealth. There is the Treasury. Take your gold and silver coins there and get a gold or silver certificate, which you can spend. See in the graph how we got along fine without a Federal Reserve from 1665 to 1913.
Sahr's homepage has some other neat stuff too. I like the price of gasoline chart. It shows that, in inflation-adjusted terms, gas is cheaper now than it was in 1970.
And to think, some people worry about the supply running dry.