My Case for Free Banking & Against the Federal Reserve

A banking system of, by and for the people!
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Hello, people! I am going to make two cases in one for you all today, one for Free Banking, one against the Federal Reserve System my country, America, has now. Plus, I am going to be sourcing my claims to highly factual sources, citation notes in brackets like this[number]. And at the end, I will have a Reference list that includes external links!
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First off, what is free banking? Well, it is the monetary set-up where banks are only subject to the same regulations as all other businesses and therefore can issue their own currencies as banknotes or as digital money[1].
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Now that this is explained, I will go into the case for it. Let's begin with what banks would do without a Federal Reserve. Banks would be able to distribute money by printing cash and checks able to be traded in for coins. Banks would be economically incentivized to keep their currencies high-value out of fear of their customers switching to rival currencies. Meanwhile, centrally planned banks controlled by the national capital have no incentive to refrain from devaluing their currency[2].
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Okay, next, I am going to explain how Free Banking worked for Scotland, from 1715 to 1845. Back then, they created a system where there were three different government-issued currencies, and all other currencies being privately issued by banks. The result for Scotland at this time was a field-day of evidence of a central bank not being needed and a very sustainable banking system[3]!
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Now I am going to talk about how the Federal Reserve has been nothing but bad, in the 105 years it has been around for. Let's begin with the idea that it was created to improve banking. According to the Fed, it was made to create a safe, flexible, and stable financial system[4], however, this is easily disproven when you look at the values of the dollar Pre-Fed vs here in Fed-era. For example, when the Founding fathers created this country and the American Dollar, the USD was of notably high buying power. But since the Federal Reserve got created, it spent 105 years devaluing the USD by 97% of its Founding Fathers era buying power[5].
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References
[1] Wikipedia on Free Banking: https://en.wikipedia.org/wiki/Free_banking
[2] LearnLiberty on Free Banking: http://www.learnliberty.org/videos/what-free-banking-and-why-should-i-care/
[3] World Bank document about Historic Scottish Free Banking: http://documents.worldbank.org/curated/en/719951468760530224/Free-banking-the-Scottish-experience-as-a-model-for-emerging-economies
[4] Federal Reserve saying what they say their intention is: https://www.federalreserve.gov/faqs/about_12594.htm
[5] USD Past vs Present Buying Power calculator: https://www.measuringworth.com/ppowerus/
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Thanks everyone for reading my brief but precise case FOR the Freedom of Choice in currencies and AGAINST the Federal Reserve establishment!
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~Kyle S. Perkins
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PS I will be using this same format for references and citations for the next cases I make against the status quos and for the alternatives I desire.