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)
“I am opposed to writing about the private lives of living authors and psychoanalyzing them while they are alive. Criticism is getting all mixed up with a combination of the Junior F.B.I.- men, discards from Freud and Jung and a sort of Columnist peep- hole and missing laundry list school.... Every young English professor sees gold in them dirty sheets now. Imagine what they can do with the soiled sheets of four legal beds by the same writer and you can see why their tongues are slavering.”
—Ernest Hemingway (1899–1961)
“The urge for Chinese food is always unpredictable: famous for no occasion, standard fare for no holiday, and the constant as to demand is either whim, the needy plebiscite of instantly famished drunks, or pregnancy.”
—Alexander Theroux (b. 1940)
“Every constitution..., and every law, naturally expires at the end of 19 years [a generation]. If it be enforced longer, it is an act of force, and not of right.”
—Thomas Jefferson (1743–1826)