He didn’t end it, FDR did in 1933, for everyone except foreign governments.

But in practice the telegraph ended it. If you wanted to keep up with the pace of modern commerce and not get out-competed, you needed to do business with the banks that could “wire” money across oceans. These banks, like all banks, cheated the issuance and were insolvent. So they created the central bank to literally paper over this problem.