"So while the classical gold standard of the 19th century was not perfect, and allowed for relatively minor booms and busts, it still provided us with by far the best monetary order the world has ever known, an order which worked, which kept business cycles from getting out of hand, and which enabled the development of free international trade, exchange, and investment."

http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States

of particular interest is the drop in business activity during the numerous 19th century recessions. The original article is pure fantasy.