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:
“The happiest two-job marriages I saw during my research were ones in which men and women shared the housework and parenting. What couples called good communication often meant that they were good at saying thanks to one another for small aspects of taking care of the family. Making it to the school play, helping a child read, cooking dinner in good spirit, remembering the grocery list,... these were silver and gold of the marital exchange.”
—Arlie Hochschild (20th century)
“As in political revolutions, so in paradigm choice—there is no standard higher than the assent of the relevant community. To discover how scientific revolutions are effected, we shall therefore have to examine not only the impact of nature and of logic, but also the techniques of persuasive argumentation effective within the quite special groups that constitute the community of scientists.”
—Thomas S. Kuhn (b. 1922)
“Always strive to find out what to do by thinking, without asking anybody. If you continually do this, you will soon act like a grown-up woman. For want of doing this, a very great number of grown-up people act like children.”
—George Bernard Shaw (1856–1950)