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)
“I had very good dentures once. Some magnificent gold work. It’s the only form of jewelry a man can wear that women fully appreciate.”
—Graham Greene (1904–1991)
“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)
“The experience of a sense of guilt for wrong-doing is necessary for the development of self-control. The guilt feelings will later serve as a warning signal which the child can produce himself when an impulse to repeat the naughty act comes over him. When the child can produce his on warning signals, independent of the actual presence of the adult, he is on the way to developing a conscience.”
—Selma H. Fraiberg (20th century)