Under the old gold standard system, a currency could be converted into fixed amounts of gold and vice versa.

FORBES: Magazine Article

In this vein, let us remember that a national gold standard is still a fiat currency system, and fiat systems are immoral.

FORBES: Private Currency Competition Is The Monetary Answer

With that said, the 19th century did have some periods when the intent to reinstate a gold standard system, after a currency devaluation, resulted in a rising currency, with some recessionary effects.

FORBES: The Gold Standard, and the Myth About Money Growth

However, a gold standard system can make available any amount of currency, as is appropriate given economic needs and the fixed parity value.

FORBES: The Gold Standard, and the Myth About Money Growth

In the case of a gold standard system, the policy target is to create a currency whose value is fixed to gold.

FORBES: My Thoughts On Lewis Lehrman's Gold Standard

Any bond investor will tell you that, assuming a currency of stable value such as is provided by a gold standard system, yields on high-quality debt will tend to decline in a recession.

FORBES: Keynesian "Easy Money" Is Nothing But Currency Devaluation

Stable Money, ideally, means a gold standard system. (For smaller countries, it can mean a link to a reliable international currency.) Although it is possible to devalue the debt away, unfortunately you also devalue your economy away at the same time.

FORBES: Raise Taxes And Cut Government Spending To Reduce Debt? Not Really