mar 14, 1900 - Gold Standard Act

Description:

A law that fixed gold as the only standard for exchanging for paper currency, ending any practice of "free silver." The US had already mostly been on this system since the Coinage Act of 1872, but this made it official. This practice made it easier to exchange currency with foreign countries that also used the gold standard, like Germany and Great Britain, as well as keeping the currency stable. However, it hurt poor people like farmers, as currency devaluation would help them pay off their debts. The value of the US dollar was fixed at 25 8⁄10 grains of gold at 90% purity. It would remain until 1933.