Bad money drives out good.
(When a government or central bank overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation, while the overvalued money will flood into circulation)
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.