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:
“He took the gold from them, formed it in a mold, and cast an image of a calf; and they said, “These are your gods, O Israel, who brought you up out of the land of Egypt!””
—Bible: Hebrew, Exodus 32:4.
“This unlettered man’s speaking and writing are standard English. Some words and phrases deemed vulgarisms and Americanisms before, he has made standard American; such as “It will pay.” It suggests that the one great rule of composition—and if I were a professor of rhetoric I should insist on this—is, to speak the truth. This first, this second, this third; pebbles in your mouth or not. This demands earnestness and manhood chiefly.”
—Henry David Thoreau (1817–1862)
“The moment the very name of Ireland is mentioned, the English seem to bid adieu to common feeling, common prudence, and common sense, and to act with the barbarity of tyrants, and the fatuity of idiots.”
—Sydney Smith (1771–1845)