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:
“In the gold mouth of a flower
the black smell of spring earth.
No more skulls on our desks
but the pervasive
testing of death....”
—Denise Levertov (b. 1923)
“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)
“But the whim we have of happiness is somewhat thus. By certain valuations, and averages, of our own striking, we come upon some sort of average terrestrial lot; this we fancy belongs to us by nature, and of indefeasible rights. It is simple payment of our wages, of our deserts; requires neither thanks nor complaint.... Foolish soul! What act of legislature was there that thou shouldst be happy? A little while ago thou hadst no right to be at all.”
—Thomas Carlyle (1795–1881)