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:
“How quickly nature falls into revolt
When gold becomes her object!”
—William Shakespeare (1564–1616)
“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)
“For I choose that my remembrances of him should be pleasing, affecting, religious. I will love him as a glorified friend, after the free way of friendship, and not pay him a stiff sign of respect, as men do to those whom they fear. A passage read from his discourses, a moving provocation to works like his, any act or meeting which tends to awaken a pure thought, a flow of love, an original design of virtue, I call a worthy, a true commemoration.”
—Ralph Waldo Emerson (1803–1882)