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, gold, standard and/or act:
“Having behind us the producing masses of this nation and the world, supported by the commercial interests, the labor interests, and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.”
—Administration in the State of Neva, U.S. public relief program (1935-1943)
“Having behind us the producing masses of this nation and the world, supported by the commercial interests, the labor interests, and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.”
—Administration in the State of Neva, U.S. public relief program (1935-1943)
“This unlettered man’s speaking and writing are standard English. Some words and phrases deemed vulgarisms and Americanisms before, he has made standard American; such as “It will pay.” It suggests that the one great rule of composition—and if I were a professor of rhetoric I should insist on this—is, to speak the truth. This first, this second, this third; pebbles in your mouth or not. This demands earnestness and manhood chiefly.”
—Henry David Thoreau (1817–1862)
“of artists dying in childbirth, wise-women charred at the stake,
centuries of books unwritten piled behind these shelves;
and we still have to stare into the absence
of men who would not, women who could not, speak
to our life—this still unexcavated hole
called civilization, this act of translation, this half-world.”
—Adrienne Rich (b. 1929)