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)
“1st Murderer. Where’s thy conscience now?...
2nd Murderer. I’ll not meddle with it. It makes a man a coward.... It fills a man full of obstacles. It made me once restore a purse of gold that by chance I found. It beggars any man that keeps it. It is turned out of towns and cities for a dangerous thing, and every man that means to live well endeavors to trust to himself and live without it.”
—William Shakespeare (1564–1616)
“As long as male behavior is taken to be the norm, there can be no serious questioning of male traits and behavior. A norm is by definition a standard for judging; it is not itself subject to judgment.”
—Myriam Miedzian, U.S. author. Boys Will Be Boys, ch. 1 (1991)
“It matters not how a man dies, but how he lives. The act of dying is not of importance, it lasts so short a time.”
—Samuel Johnson (1709–1784)