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)
“I find it interesting that the meanest life, the poorest existence, is attributed to God’s will, but as human beings become more affluent, as their living standard and style begin to ascend the material scale, God descends the scale of responsibility at a commensurate speed.”
—Maya Angelou (b. 1928)
“In my dealing with my child, my Latin and Greek, my accomplishments and my money stead me nothing; but as much soul as I have avails. If I am wilful, he sets his will against mine, one for one, and leaves me, if I please, the degradation of beating him by my superiority of strength. But if I renounce my will, and act for the soul, setting that up as umpire between us two, out of his young eyes looks the same soul; he reveres and loves with me.”
—Ralph Waldo Emerson (1803–1882)