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That was true under the gold standard.
Under the gold standard, gold was the ultimate bank reserve.
Under the gold standard, imbalances in trade or asset flows gave rise to international gold flows.
Adjustments under the gold standard took place continuously and smoothly — not, like today, wrenchingly and at great intervals.
Under the gold doubloons of the fallen maple leaves, The underworld burrows in, sick to death of the light.
Under the gold standard, countries used price and wage deflation as a means of adjusting to trade deficits.
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Amid the photos of executions, weapons, and triumphal units, there are also stirring long vistas of Iraqi and Syrian cities under the gold-fringed black ISIS flag.
At Christmastime in 1956 McCandlish Phillips wrote in The Times under the headline "Collegiate Zest Is Added to City" that vacationing students were meeting "as they have for decades, under the gold-figured clock".
Phoenix has a wealth of fine restaurants, but Biltmore makes it hard to leave the resort with dining options from poolside at the Cabana Bar surrounding the sprawling Paradise Pool, to casual dining at Frank and Albert's, to high tea under the gold-leafed ceiling of the lobby, to innovative classic cuisine at Wright's at the Biltmore.
Under the Gold Standard, the leading economies of the world, through their monetary authorities, agreed to maintain the "mint price" of gold fixed by standing ready to buy or sell gold to meet any supply or demand imbalance.
So under the Gold Standard, the government could not expand base money if the economy was in trade deficit.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com