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, 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)
“Having behind us the producing masses of this nation and the world, supported by the commercial interests, the labor interests, and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.”
—Administration in the State of Neva, U.S. public relief program (1935-1943)
“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)
“I don’t have any problem with a reporter or a news person who says the President is uninformed on this issue or that issue. I don’t think any of us would challenge that. I do have a problem with the singular focus on this, as if that’s the only standard by which we ought to judge a president. What we learned in the last administration was how little having an encyclopedic grasp of all the facts has to do with governing.”
—David R. Gergen (b. 1942)
“All’s pathos now. The body that was gross,
Rank, ravenous, disgusting in the act or in repose,
All fever, filth and sweat, its bestial strength
And bestial decay, by pain and labour grows at length
Fragile and luminous.”
—Frank Templeton Prince (b. 1912)