One correct point you have, one is inaccurate.
We confirm that the Bank of England had already weaseled itself into the bill discounting business by 1912.
But Scottish free banking routinely discounted bills of exchange denominated in their own banknotes, even while the Bank of England held a monopoly on note issue in England.
So, the article here has a small error but the principle is correct.
However, it is completely wrong that the extension of credit (more precisely the creation of credit money backed by the proof-of-work of goods sold) "broke the last hard money."
The OP article correctly states that it was governments and central banks, statist forces, which broke hard money.
Politicians perverted the sound commercial practice of commercial bill discounting to be replaced by Fiat money creation against unsound, unfettered government debt.
We confirm that the Bank of England had already weaseled itself into the bill discounting business by 1912.
But Scottish free banking routinely discounted bills of exchange denominated in their own banknotes, even while the Bank of England held a monopoly on note issue in England.
So, the article here has a small error but the principle is correct.
However, it is completely wrong that the extension of credit (more precisely the creation of credit money backed by the proof-of-work of goods sold) "broke the last hard money."
The OP article correctly states that it was governments and central banks, statist forces, which broke hard money.
Politicians perverted the sound commercial practice of commercial bill discounting to be replaced by Fiat money creation against unsound, unfettered government debt.