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 fifth day of Christmas,
My true love sent to me
Five gold rings,”
—Unknown. The Twelve Days of Christmas (l. 19–21)
“Neither I nor anyone else knows what a standard is. We all recognize a dishonorable act, but have no idea what honor is.”
—Anton Pavlovich Chekhov (1860–1904)
“We all have—to put it as nicely as I can—our lower centres and our higher centres. Our lower centres act: they act with terrible power that sometimes destroys us; but they don’t talk.... Since the war the lower centres have become vocal. And the effect is that of an earthquake. For they speak truths that have never been spoken before—truths that the makers of our domestic institutions have tried to ignore.”
—George Bernard Shaw (1856–1950)