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 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)
“There is too much sour grapes for my taste in the present American attitude. The time to denounce the bankers was when we were all feeding off their gold plate; not now! At present they have not only my sympathy but my preference. They are the last representatives of our native industries.”
—Edith Wharton (1862–1937)
“Gentlemen, those confederate flags and our national standard are what has made this union great. In what other country could a man who fought against you be permitted to serve as judge over you, be permitted to run for reelection and bespeak your suffrage on Tuesday next at the poles.”
—Laurence Stallings (1894–1968)
“My dream thou brok’st not, but continued’st it.
Thou art so true that thoughts of thee suffice
To make dreams truths and fables histories;
Enter these arms, for since thou thought’st it best
Not to dream all my dream, let’s act the rest.”
—John Donne (1572–1631)