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:
“The award of a pure gold medal for poetry would flatter the recipient unduly: no poem ever attains such carat purity.”
—Robert Graves (1895–1985)
“I don’t have any problem with a reporter or a news person who says the President is uninformed on this issue or that issue. I don’t think any of us would challenge that. I do have a problem with the singular focus on this, as if that’s the only standard by which we ought to judge a president. What we learned in the last administration was how little having an encyclopedic grasp of all the facts has to do with governing.”
—David R. Gergen (b. 1942)
“Remember how often you have postponed minding your interest, and let slip those opportunities the gods have given you. It is now high time to consider what sort of world you are part of, and from what kind of governor of it you are descended; that you have a set period assigned you to act in, and unless you improve it to brighten and compose your thoughts, it will quickly run off with you, and be lost beyond recovery.”
—Marcus Aurelius Antoninus (121–180)