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:
“John Brown of Ossawattamie
Who died to set Abstraction free
Stole Washington’s gold-handled sword
Less for the gold than for the Lord....”
—Allen Tate (1899–1979)
“Neither I nor anyone else knows what a standard is. We all recognize a dishonorable act, but have no idea what honor is.”
—Anton Pavlovich Chekhov (1860–1904)
“Even the simple act that we call “going to visit a person of our acquaintance” is in part an intellectual act. We fill the physical appearance of the person we see with all the notions we have about him, and in the totality of our impressions about him, these notions play the most important role.”
—Marcel Proust (1871–1922)