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:
“On the breast of her gown, in fine red cloth, surrounded with an elaborate embroidery and fantastic flourishes of gold thread, appeared the letter A.”
—Nathaniel Hawthorne (1804–1864)
“Gentlemen, those confederate flags and our national standard are what has made this union great. In what other country could a man who fought against you be permitted to serve as judge over you, be permitted to run for reelection and bespeak your suffrage on Tuesday next at the poles.”
—Laurence Stallings (1894–1968)
“Spirit is now a very fashionable word: to act with Spirit, to speak with Spirit, means only to act rashly, and to talk indiscreetly. An able man shows his Spirit by gentle words and resolute actions; he is neither hot nor timid.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)