When he wrote the Tract the classical gold standard already had been fundamentally gutted by the Genoa Accord of 1922 and, yes indeed, thereby converted into a barbarousrelic.
However, should the "barbarous relic" (as John Maynard Keynes mistakenly called it) stay in its current range in the months ahead, keep worrying, because the Federal Reserve will be destructively imitating the Bank of Japan.