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)
“Then leaf subsides to leaf.
So Eden sank to grief,
So dawn goes down to day.
Nothing gold can stay.”
—Robert Frost (1874–1963)
“Neither I nor anyone else knows what a standard is. We all recognize a dishonorable act, but have no idea what honor is.”
—Anton Pavlovich Chekhov (1860–1904)
“So in Jamaica it is the aim of everybody to talk English, act English and look English. And that last specification is where the greatest difficulties arise. It is not so difficult to put a coat of European culture over African culture, but it is next to impossible to lay a European face over an African face in the same generation.”
—Zora Neale Hurston (1891–1960)