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:
“We mustn’t touch them yet, but see and see!
And what was green would by and by be gold.
Their name was called the Gold Hesperidee.”
—Robert Frost (1874–1963)
“There is a certain standard of grace and beauty which consists in a certain relation between our nature, such as it is, weak or strong, and the thing which pleases us. Whatever is formed according to this standard pleases us, be it house, song, discourse, verse, prose, woman, birds, rivers, trees, room, dress, and so on. Whatever is not made according to this standard displeases those who have good taste.”
—Blaise Pascal (1623–1662)
“To speak or do anything that shall concern mankind, one must speak and act as if well, or from that grain of health which he has left.”
—Henry David Thoreau (1817–1862)