This is an interesting video by monetary researcher Bill Still. In it, he briefly covers the history and usage of Tally Sticks in England by King Henry the 1st - as a means of trying to wrest the monetary power away from the goldsmiths. Interestingly, King Henry also laid some foundations for de-centralizing power, even though he was unelected as King. The tally stick system lasted for over 700 years, and it was also counterfeit proof because only the grain from the same stick would match the other half of the stick - obtained from when it was split to provide as a transactional record. Eventually, however, the bankers and owners of gold greatly increased their influence over the government via the Bank Of England and the tally-sticks were no longer accepted as money.
A good question to ask "free market" ideologues -: Why should people trust the owners of precious metals to invest money towards good employment opportunities or public infrastructure? Why should we trust a "free market" of unregulated wildcat bankers? Democratic institutions are far from perfect. They're flawed, but like Bill Still says - they're the best we've got. We either democratize our banks, or we get government to do its job and start issuing debt-free money. We need to become candidates ourselves, in order to transform our society.