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:
“You are as gold
as the half-ripe grain
that merges to gold again.
as white as the white rain....”
—Hilda Doolittle (1886–1961)
“As long as male behavior is taken to be the norm, there can be no serious questioning of male traits and behavior. A norm is by definition a standard for judging; it is not itself subject to judgment.”
—Myriam Miedzian, U.S. author. Boys Will Be Boys, ch. 1 (1991)
“We cannot assume the injustice of any actions which only create offense, and especially as regards religion and morals. He who utters or does anything to wound the conscience and moral sense of others, may indeed act immorally; but, so long as he is not guilty of being importunate, he violates no right.”
—Karl Wilhelm Von Humboldt (1767–1835)