Why does american allow a private bank to control our monetary system?

people say that if the american governemnt prints money it creates inflation? well isnt that exactly what the federal reserve is doing? and on top of that they create debt because we have to pay interest on the money we borrow from them. I've done my research, there is nothing federal about the federal reserve, they are a private corporation that elects there own leaders and creates there own rules. why no abolish the federal reserve and start over?