Before 1971 gold backed currency. After its fiat with only backing a promise and price doubling every 15 years on average.
Besides, there were more bank runs back in the gold standard era.
The government can theoretically debase its currency at will, but how often does that happen?
>Besides, there were more bank runs back in the gold standard era.
Right, because there's a real risk that the bank/government won't be able to pay up the gold that was owed. These days it's not an issue because you can just print more money to fulfill the obligations.
Pedantically taken, yes. But outside of major wars, debasement of currency was rare. Compared to contemporary inflation stealthily eating away your savings, the difference is in practice stark.