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:
“But not gold in commercial quantities,
Just enough gold to make the engagement rings
And marriage rings of those who owned the farm.
What gold more innocent could one have asked for?”
—Robert Frost (1874–1963)
“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)
“of artists dying in childbirth, wise-women charred at the stake,
centuries of books unwritten piled behind these shelves;
and we still have to stare into the absence
of men who would not, women who could not, speak
to our life—this still unexcavated hole
called civilization, this act of translation, this half-world.”
—Adrienne Rich (b. 1929)