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 standard act, gold, standard and/or act:
“We don’t want bores in the theatre. We don’t want standardised acting, standard actors with standard-shaped legs. Acting needs everybody, cripples, dwarfs and people with noses so long. Give us something that is different.”
—Dame Sybil Thorndike (1882–1976)
“That is coupled to foul thraldom.
But if he had assayed it,
Then all perquer he should it wit;
And should think freedom more to prize
Than all the gold in world that is.”
—John Barbour (1316?–1395)
“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)
“If we will not interfere with our thought, but will act entirely, or see how the thing stands in God, we know the particular thing, and every thing, and every man.”
—Ralph Waldo Emerson (1803–1882)