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:
“I have seen a little of it. I know that it is very malleable, but not so malleable as wit. A grain of gold will gild a great surface, but not so much as a grain of wisdom.”
—Henry David Thoreau (1817–1862)
“Neither I nor anyone else knows what a standard is. We all recognize a dishonorable act, but have no idea what honor is.”
—Anton Pavlovich Chekhov (1860–1904)
“Fatigue dulls the pain, but awakes enticing thoughts of death. So! that is the way in which you are tempted to overcome your loneliness—by making the ultimate escape from life..—No! It may be that death is to be your ultimate gift to life: it must not be an act of treachery against it.”
—Dag Hammarskjöld (1905–1961)