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Proponents of the gold standard argue that there are several benefits to this monetary system. Some of the potential benefits include:

1. Stability: The gold standard provides stability to the value of currency, as the value of money is linked to the value of gold. This means that the government cannot simply print more money and devalue it, which can lead to inflation. The act also required the United States Treasury to maintain a reserve of gold equal to at least 40% of the value of the currency in circulation.
2. Discipline: Under the gold standard, the government is limited in its ability to spend more money than it takes in. This provides a discipline that can help to prevent excess spending and borrowing like what we are seeing around the world today.
3. Long-term focus: The gold standard encourages long-term thinking and planning, as it is a stable and long-lasting monetary system. This can help to prevent short-term economic cycles and promote more sustainable economic growth.
4. Sound money: The gold standard is seen by some as a way to ensure that money is sound and trustworthy. The value of gold is universal and not subject to political manipulation, which can help to maintain the integrity of the monetary system.
5. International trade: The gold standard can facilitate international trade by providing a stable and predictable exchange rate between currencies. This can help to promote mutual trust, economic growth and development.

There are several reasons why some people today believe that the United States should go back to the gold standard:

1. Stability: Advocates of the gold standard argue that it provides a stable monetary system because the value of gold is relatively stable compared to paper currency, which can be subject to inflation and deflation. They believe that a gold-backed currency would help to prevent sudden fluctuations in the value of money, which can disrupt the economy and cause financial instability.
2. Inflation control: Some proponents of the gold standard believe that it would help to control inflation because it would limit the ability of governments to print money at will. Since the supply of gold is limited, they argue that this would prevent governments from creating too much currency, which can lead to inflation.
3. Sound money: Gold standard advocates argue that a gold-backed currency is “sound money” because it is based on a tangible asset with intrinsic value. They believe that this makes the currency more reliable and trustworthy, which can help to foster economic growth and stability.
4. Government accountability: Some supporters of the gold standard believe that it would help to hold governments accountable for their spending because they would not be able to print money to finance their debts. They argue that this would encourage governments to be more fiscally responsible and prevent them from running up large deficits.

There have been several proposed bills in the United States Congress in recent years that would require the U.S. government to return to the gold standard or explore the possibility of doing so. However, none of these bills have gained significant traction or been passed into law.

For example, in 2018, Representative Alex Mooney introduced the Monetary Metals Tax Neutrality Act, which would eliminate taxes on gains from the sale of gold and silver coins and encourage their use as currency. The bill did not pass.

In 2019, Senator Rand Paul introduced the Federal Reserve Transparency Act, which would require an audit of the Federal Reserve and require the Fed to provide information about its gold holdings. The bill passed the Senate but did not become law.

In addition, there are various groups and organizations that advocate for the return to the gold standard, but these efforts have not yet resulted in significant policy changes.

It is worth noting that the decision to return to a gold-backed currency would involve significant economic and political considerations, and there is no clear consensus on the benefits or drawbacks of such a system. As such, any proposal to return to the gold standard would likely face significant opposition and debate.