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:
“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)
“Error is a supposition that pleasure and pain, that intelligence, substance, life, are existent in matter. Error is neither Mind nor one of Mind’s faculties. Error is the contradiction of Truth. Error is a belief without understanding. Error is unreal because untrue. It is that which seemeth to be and is not. If error were true, its truth would be error, and we should have a self-evident absurdity—namely, erroneous truth. Thus we should continue to lose the standard of Truth.”
—Mary Baker Eddy (1821–1910)
“Sharing food with another human being is an intimate act that should not be indulged in lightly.”
—M.F.K. Fisher (1908–1992)