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)
“The urge for Chinese food is always unpredictable: famous for no occasion, standard fare for no holiday, and the constant as to demand is either whim, the needy plebiscite of instantly famished drunks, or pregnancy.”
—Alexander Theroux (b. 1940)
“Since you saw no form when the LORD spoke to you at Horeb out of the fire, take care and watch yourselves closely, so that you do not act corruptly by making an idol for yourselves, in the form of any figure -the likeness of male or female...”
—Bible: Hebrew, Deuteronomy 4:15,16.