The Gold Standard Act of the United States was passed in 1900 (approved on March 14) and established gold as the only standard for redeeming paper money, stopping bimetallism (which had allowed silver in exchange for gold). It was signed by President William McKinley.
The Act fixed the value of the dollar at 25 8⁄10 grains of gold at 20% purity, equivalent to 23.22 grains (1.5046 grams) of pure gold.
The Gold Standard Act confirmed the nation's commitment to the gold standard by assigning gold a specific dollar value (just over $20.67 per Troy ounce). This took place after McKinley sent a team to Europe to try to figure out a silver agreement with France and Great Britain.
On April 25, 1933 the United States and Canada dropped the gold standard.
Famous quotes containing the words gold, standard and/or act:
“We are born with luck
which is to say with gold in our mouth.
As new and smooth as a grape,
as pure as a pond in Alaska,
as good as the stem of a green bean
we are born and that ought to be enough....”
—Anne Sexton (1928–1974)
“If the Revolution has the right to destroy bridges and art monuments whenever necessary, it will stop still less from laying its hand on any tendency in art which, no matter how great its achievement in form, threatens to disintegrate the revolutionary environment or to arouse the internal forces of the Revolution, that is, the proletariat, the peasantry and the intelligentsia, to a hostile opposition to one another. Our standard is, clearly, political, imperative and intolerant.”
—Leon Trotsky (1879–1940)
“The only ones who are really grateful for the war are the wild ducks, such a lot of them in the marshes of the Rhone and so peaceful ... because all the shot-guns have been taken away completely taken away and nobody can shoot with them nobody at all and the wild ducks are very content. They act as of they had never been shot at, never, it is so easy to form old habits again, so very easy.”
—Gertrude Stein (1874–1946)