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:
“I am a lantern—
My head a moon
Of Japanese paper, my gold beaten skin
Infinitely delicate and infinitely expensive.”
—Sylvia Plath (1932–1963)
“A dwarf who brings a standard along with him to measure his own size—take my word, is a dwarf in more articles than one.”
—Laurence Sterne (1713–1768)
“Mothers who are strong people, who can pursue a life of their own when it is time to let their children go, empower their children of either gender to feel free and whole. But weak women, women who feel and act like victims of something or other, may make their children feel responsible for taking care of them, and they can carry their children down with them.”
—Frank Pittman (20th century)