Gold Standard Act 1900
About Gold Standard Act 1900
The Gold Standard Act formally placed the United States on the gold standard, fixing the dollar at 23.22 grains of gold, equivalent to 20.67 per ounce. The act ended decades of monetary debate between gold and silver supporters. The US remained on the gold standard domestically until 1933, when Roosevelt confiscated private gold and devalued the dollar. The international gold standard ended in 1971 when Nixon closed the gold window. The act committed the US to maintaining gold reserves and limited the governments ability to expand the money supply. Keynes called the gold standard a barbarous relic.
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