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 standard act, gold, standard and/or act:
“We don’t want bores in the theatre. We don’t want standardised acting, standard actors with standard-shaped legs. Acting needs everybody, cripples, dwarfs and people with noses so long. Give us something that is different.”
—Dame Sybil Thorndike (1882–1976)
“In relation to God, we are like a thief who has burgled the house of a kindly householder and been allowed to keep some of the gold. From the point of view of the lawful owner this gold is a gift; From the point of view of the burglar it is a theft. He must go and give it back. It is the same with our existence. We have stolen a little of God’s being to make it ours. God has made us a gift of it. But we have stolen it. We must return it.”
—Simone Weil (1909–1943)
“... 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)
“Remember that you are an actor in a drama, of such a part as it may please the master to assign you, for a long time or for a little as he may choose. And if he will you to take the part of a poor man, or a cripple, or a ruler, or a private citizen, then may you act that part with grace! For to act well the part that is allotted to us, that indeed is ours to do, but to choose it is another’s.”
—Epictetus (c. 55–135 B.C.)