Indeed.  As an old school coin collector and follower of monetary policy in the pre-Civil War era, bank script was a bit of a hassle as the exchange rate from one bank to the  next was hard to determine.

 In the modern era, I think that it would not be individual banks issuing script, but rather a "federal reserve" by another name, composed of the State banks rather than regional aggregates.  Hence, a "National Bank" or "Central Bank" akin to the European disfunctional system.  lol.  Leave it to the bureaucrats to make a bad thing worse.

 There are private organizations that issue scirpt and coin to this day and they do so legally.  The history of "Hours" currency as made known in Ithaca, NY is a great case of decades of success in issuing private, unbacked notes.  Internet technology makes it possible to easily find conversion rates and exchange tables which were difficult to access in the distant past.  

Perhaps we should be like Emperor Norton of San Francisco and issue our own currency (they are highly collectible, and quite rare).