[c3534l]

It was my understanding that (and especially absent a central bank) the US economy became prone to frequent and periodic economic panics, uncontrolled periods of inflation and deflation, and general financial instability.

[iopq]

As opposed to now, when we have frequent bubbles and bursts and more inflation?

It's hard to say what's better.

[bildung]

Both bubbles and bursts were more frequent and of higher amplitude in the 19th century:

https://commons.wikimedia.org/wiki/File:US_Historical_Inflat...