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)
“I find it interesting that the meanest life, the poorest existence, is attributed to God’s will, but as human beings become more affluent, as their living standard and style begin to ascend the material scale, God descends the scale of responsibility at a commensurate speed.”
—Maya Angelou (b. 1928)
“We must not suppose that, because a man is a rational animal, he will, therefore, always act rationally; or, because he has such or such a predominant passion, that he will act invariably and consequentially in pursuit of it. No, we are complicated machines; and though we have one main spring that gives motion to the whole, we have an infinity of little wheels, which, in their turns, retard, precipitate, and sometime stop that motion.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)