aug 30, 1900 - The Gold Standard Act of 1900

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The Gold Standard defined a dollar as the equivalent to 1/20.67 of an ounce of gold. People continued to use
greenbacks, Gold Certificates, Silver Certificates, National Bank Notes, and other federal currency that specified the
number of dollars they represented, but they could now be exchanged for gold at the Treasury. However, most
people preferred paper currency to gold, so banks didn’t need to keep much on hand. The main advantages of the
gold standard are that people feel more secure about their currency and it prevented the government from creating
too much money because gold is a scarce resource. Disadvantages include the fact gold is scarce, which causes
slow economic grown as there is less money in circulation and if a large number of people decide

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