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:
“Then leaf subsides to leaf.
So Eden sank to grief,
So dawn goes down to day.
Nothing gold can stay.”
—Robert Frost (1874–1963)
“A disposition to preserve, and an ability to improve, taken together, would be my standard of a statesman.”
—Edmund Burke (1729–1797)
“Eminent spiritualists shall have an incapacity of putting their act or word aloof from them, and seeing it bravely for the nothing it is. Beware of the man who says, “I am on the eve of a revelation.””
—Ralph Waldo Emerson (1803–1882)