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:
“Little Boy kneels at the foot of the bed
Droops on the little hands, little gold head;
Hush! Hush! Whisper who dares!
Christopher Robin is saying his prayers.”
—A.A. (Alan Alexander)
“[The Declaration of Independence] meant to set up a standard maxim for free society, which should be familiar to all, and revered by all; constantly looked to, constantly labored for, and even though never perfectly attained, constantly approximated, and thereby constantly spreading and deepening its influence, and augmenting the happiness and value of life to all people of all colors everywhere.”
—Abraham Lincoln (1809–1865)
“It is only in the act of nursing that a woman realizes her motherhood in visible and tangible fashion; it is a joy of every moment.”
—Honoré De Balzac (1799–1850)