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:
“But tell me: how did gold get to be the highest value? Because it is uncommon and useless and gleaming and gentle in its brilliance; it always gives itself. Only as an image of the highest virtue did gold get to be the highest value. The giver’s glance gleams like gold. A golden brilliance concludes peace between the moon and the sun. Uncommon is the highest virtue and useless, it is gleaming and gentle in its brilliance: a gift- giving virtue is the highest virtue.”
—Friedrich Nietzsche (1844–1900)
“This unlettered man’s speaking and writing are standard English. Some words and phrases deemed vulgarisms and Americanisms before, he has made standard American; such as “It will pay.” It suggests that the one great rule of composition—and if I were a professor of rhetoric I should insist on this—is, to speak the truth. This first, this second, this third; pebbles in your mouth or not. This demands earnestness and manhood chiefly.”
—Henry David Thoreau (1817–1862)
“I’ve always thought a hotel ought to offer optional small animals.... I mean a cat to sleep on your bed at night, or a dog of some kind to act pleased when you come in. You ever notice how a hotel room feels so lifeless?”
—Anne Tyler (b. 1941)