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What was
the purpose of the
Gold Standard Act of 1900?
The purpose of the
Gold Standard Act of 1900
was to settle the debate over the relative value of gold and
silver and which should be preferred over the other in the United
States monetary system.
1900 Gold Standard Act of 1900 for kids: Panic of 1893 and the Repeal of the
Sherman Silver Purchase Act
During the Civil War paper money had been introduced which promised
to redeem on demand the money in either gold or silver. In this
period silver had been more plentiful in the United States, so the
dual monetary system had made sense. However, as the price of silver
declined, and holders of paper currency understandably redeemed
their paper dollars for gold rather than silver. This resulted in
the depletion of the U.S. gold reserves and the federal government
reduced the number of dollars that were printed, an event that
played prominently during the
Panic of 1893.
Following the Panic, Congress repealed the Sherman Silver Purchase
Act which had enabled the
Treasury to issued dollars backed by silver, as well as
gold.
1900
Gold Standard Act of 1900 for kids: What did the Gold Standard Act of 1900 do?
The Gold Standard Act
reflected Republican monetary conservatism and made gold the
standard for all of the nation’s currency. The United States
Treasury was required to maintain a minimum of $150 million dollars
in gold reserves and the price of gold was set at $20.67 per ounce.
Gold Standard Act of 1900 for kids: The Significance of the Gold Standard Act of 1900
The Gold Standard Act of 1900
was passed to prevent the country from printing too much money and
running out of gold. A gold standard restricts the Federal Reserve
from enacting policies which significantly alters the growth of the
money supply, which in turn limits the inflation rate of a country.
Gold Standard Act of 1900 for kids: What happened to the Gold Standard?
The United States
retained the gold standard until April 25, 1933, when it was dropped
as a means of combating the
Great Depression. The link between the
dollar and gold was completely broken in 1971 and the United States
now has a fiat money system, meaning the dollar’s value is not
linked to any specific asset.
Gold Standard Act of 1900 - President William McKinley Video
The article on the Gold Standard Act of 1900 provides detailed facts and a summary of one of the important events during his presidential term in office. The following
William McKinley video will
give you additional important facts and dates about the political events experienced by the 25th American President whose presidency spanned from March 4, 1897 to September 14, 1901.
Gold Standard Act of 1900
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Interesting Facts about Gold Standard Act of 1900 for kids and schools
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Summary of the 1900 Act and Monetary Conservatism in US history
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Summary, purpose and effect of the Gold Standard Act of 1900
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William McKinley from March 4, 1897 to September 14, 1901
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Fast, fun facts about the law and Monetary Conservatism
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Foreign & Domestic
policies of President William McKinley
● William McKinley Presidency and
Gold Standard Act of 1900 for schools,
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