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:
“There is too much sour grapes for my taste in the present American attitude. The time to denounce the bankers was when we were all feeding off their gold plate; not now! At present they have not only my sympathy but my preference. They are the last representatives of our native industries.”
—Edith Wharton (1862–1937)
“If the Revolution has the right to destroy bridges and art monuments whenever necessary, it will stop still less from laying its hand on any tendency in art which, no matter how great its achievement in form, threatens to disintegrate the revolutionary environment or to arouse the internal forces of the Revolution, that is, the proletariat, the peasantry and the intelligentsia, to a hostile opposition to one another. Our standard is, clearly, political, imperative and intolerant.”
—Leon Trotsky (1879–1940)
“Even a purely moral act that has no hope of any immediate and visible political effect can gradually and indirectly, over time, gain in political significance.”
—Václav Havel (b. 1936)