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:
“‘Tis not the balm, the sceptre, and the ball,
The sword, the mace, the crown imperial,
The intertissued robe of gold and pearl,
...
Not all these, laid in bed majestical,
Can sleep so soundly as the wretched slave
Who with a body filled and vacant mind
Gets him to rest, crammed with distressful bread.”
—William Shakespeare (1564–1616)
“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)
“To see him act is like reading Shakespeare by flashes of lightning.”
—Samuel Taylor Coleridge (1772–1834)