Worked well way back when, but is completely unnecessary today...

The dollar is worth what it will purchase in goods and services. Nothing more, but also nothing less.

So long as we elect responsible politicians, and then keep them reasonably distant from their "control" of the Federal Reserve, then you effectively have a Quasi-commodity based valuation system: The value of the dollar is based on a floating value of all potentially purchased goods and services available inside of the good ol USA.

This is why running a trade deficit can actually be a good thing: It allows you to float currency into other market places. And as long as they accept it, and want it (because they know it has a reasonably stable value), then you are creating a higher standard of living for all, both here and abroad.

The Gold standard does none of that: It gives the high standard of living to those who already own the gold.