Fed haters, what would you replace the Federal Reserve with?

For those who want to shut down the Federal Reserve, what sort of central banking system would you want to replace it? Most countries have a government-owned central bank that controls their monetary policy, the base cost of credit, regulates and monitors the nation’s financial institutions, and the growth or contraction of their money supply. The USA is rather unique in having a quasi-private network of banks called the Federal Reserve with a presidentially appointed board of governors handling these activities.

Clearly, somebody has to control monetary policy. Would the Fed opponents replace it with a government owned central banking system? Would you just let any bank that wants to do so print money when they feel like it—which would probably be about 24/7? Do you think that if there were no boss, the money supply would manage itself, and banks would self regulate better than the Fed manages things now?

I am no great fan of recent monetary policy, but I understand the meaning of jumping form the frying pan to the fire. Is there a nation state with a well managed monetary policy that demonstrates the workability of the strategy you would suggest we adopt as a replacement for the Federal Reserve System?