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:
“As in digging for precious metals in the mines, much earthy rubbish has first to be troublesomely handled and thrown out; so, in digging in one’s soul for the fine gold of genius, much dullness and common-place is first brought to light.”
—Herman Melville (1819–1891)
“A dwarf who brings a standard along with him to measure his own size—take my word, is a dwarf in more articles than one.”
—Laurence Sterne (1713–1768)
“Think of those barren places where men gather
To act in the terrible name of rectitude,
Of acned shame, punk’s pride, muscle or turf,
The bully’s thin superiority.”
—Anthony Hecht (b. 1923)