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:
“Don different from those regal Dons!
With hearts of gold and lungs of bronze,
Who shout and bang and roar and brawl
The Absolute across the hall,”
—Hilaire Belloc (1870–1953)
“Where shall we look for standard English but to the words of a standard man?”
—Henry David Thoreau (1817–1862)
“It was the most ungrateful and unjust act ever perpetrated by a republic upon a class of citizens who had worked and sacrificed and suffered as did the women of this nation in the struggle of the Civil War only to be rewarded at its close by such unspeakable degradation as to be reduced to the plane of subjects to enfranchised slaves.”
—Anna Howard Shaw (1847–1919)