The Gold Standard Act is ratified, placing the United States currency on the gold standard.

The Gold Standard Act was a U.S. law passed on March 14, 1900, that officially placed the United States on the gold standard. Under this system, the value of the U.S. dollar was defined in terms of a fixed quantity of gold, and paper currency could be redeemed for gold at a set rate. The act declared gold to be the sole standard for redeeming paper money, meaning that all forms of U.S. currency—such as greenbacks and Treasury notes—would ultimately be backed by gold reserves held by the federal government.

The law was the culmination of a long political and economic debate in the late 19th century over the nation’s monetary system. Supporters of the gold standard, largely aligned with business interests and many members of the Republican Party, argued that tying the currency to gold ensured financial stability, controlled inflation, and strengthened confidence in the American economy. Opponents, including many farmers and members of the Democratic Party and the Populist Party, favored bimetallism—the use of both gold and silver as monetary standards—believing it would increase the money supply and help debtors. This dispute was a major issue during the United States presidential election of 1896, particularly in debates between William McKinley and William Jennings Bryan.

The Gold Standard Act remained a cornerstone of U.S. monetary policy for several decades. By formally committing the country to gold-backed currency, it reinforced the United States’ integration into the global gold standard system that dominated international finance at the time. However, economic pressures during the Great Depression eventually led to major changes. In 1933, under Franklin D. Roosevelt, the United States effectively abandoned the domestic gold standard, ending the direct redemption of dollars for gold and marking a shift toward modern monetary policy.