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The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified. [1]
Mar 14, 2013 · The act made gold the only monetary standard in the U.S. and set its value at $20.67 an ounce. It ended the bimetallism that allowed silver to also back paper currency and resolved a long political debate over the relative value of gold and silver.
Mar 14, 2012 · On March 14, 1900, Congress ratified the Gold Standard Act, which officially ended the use of silver as a standard of United Stares currency and established gold as the only standard. The New...
Jul 1, 2014 · Summary and Definition: The Gold Standard Act was signed into law by President William McKinley on 14 March 1900. The Gold Standard Act of 1900 established gold as the only standard for redeeming paper money. It stopped silver being exchanged for gold in the United States monetary system.
Nov 16, 2023 · The act specified the production of coins in the following denominations: half cent and cent in copper; half dime, dime, quarter, half dollar, and dollar in silver; and quarter eagle ($2.50), half eagle ($5), and eagle ($10) in gold. In Mar. 1793, the Mint provided 11,178 copper coins, the first circulating U.S. coins. [ 136]
In 1900, he signed the Gold Standard Act, which formally placed U.S. money on the gold standard. All currency was fully backed by gold, with a fixed price at $20.67 an ounce. Tariff Legislation. True to his campaign promises, McKinley called a special session of Congress to revise the tariff upward.
The New York Times reported that President William McKinley “used a new gold pen and holder” to sign the bill. In the 1890s, populist demands for easy money, backed by “free silver,” swept...
