Gold and the panics of yore

From A Brief History of Panics in the United States by Clement Juglar; Third Edition by DeCourcy W. Thom, 1916. Beginning on page 26:

Upon the adoption of the United States Constitution the issuing of paper money ceased, and gold and silver were the only means of circulation. Thence arose great embarrassment for the Bank of North America, which, hampered by its loans to the Government, increased its note circulation to an enormous proportion. The ebb of paper through every channel finally aroused the public fears, and people refused the notes. Every one struggled to obtain metallic money, hence it became impossible to borrow, and bankruptcy followed.

I was confused by the word "ebb" there, as "ebb" means going away or receding or a lessening. But it seems if the Bank of North America "increased its note circulation to an enormous proportion" then there would have been an increase in paper money, not a lessening.

That's not it.

Because of the adoption of the Constitution, the issuing of paper money ceased. That was the "ebb" of paper. I get it now. And the enormous increase in Bank of North America note circulation would have been an obvious "fix" for the problem, and would have been obviously NOT gold or silver. No wonder there was panic.

Back in 2011 I wrote:

I can imagine people reacting -- perhaps to a perceived shortage of gold, created by the relative increase in use of paper money -- by demanding gold, and holding gold, creating the situation where there was in fact a shortage of circulating gold and a shortage of gold backing for paper money.

I think that's more or less what happened after the Constitution was adopted, as described in the History of Panics.