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 relation to God, we are like a thief who has burgled the house of a kindly householder and been allowed to keep some of the gold. From the point of view of the lawful owner this gold is a gift; From the point of view of the burglar it is a theft. He must go and give it back. It is the same with our existence. We have stolen a little of God’s being to make it ours. God has made us a gift of it. But we have stolen it. We must return it.”
—Simone Weil (1909–1943)
“Liberty requires opportunity to make a living—a living decent according to the standard of the time, a living which gives a man not only enough to live by, but something to live for.”
—Franklin D. Roosevelt (1882–1945)
“By act of Congress, male officers are gentlemen, but by act of God, we are ladies. We don’t have to be little mini-men and try to be masculine and use obscene language to come across. I can take you and flip you on the floor and put your arms behind your back and you’ll never move again, without your ever knowing that I can do it.”
—Sherian Grace Cadoria (b. 1940)