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:
“Whatever is gold does not glitter. A gentle radiance belongs to the noblest metal.”
—Friedrich Nietzsche (1844–1900)
“The art of advertisement, after the American manner, has introduced into all our life such a lavish use of superlatives, that no standard of value whatever is intact.”
—Wyndham Lewis (1882–1957)
“The only ones who are really grateful for the war are the wild ducks, such a lot of them in the marshes of the Rhone and so peaceful ... because all the shot-guns have been taken away completely taken away and nobody can shoot with them nobody at all and the wild ducks are very content. They act as of they had never been shot at, never, it is so easy to form old habits again, so very easy.”
—Gertrude Stein (1874–1946)