On 14 March 1900, the United States formally embraced the gold standard with the passage of the Currency Act by Congress, cementing gold as the sole basis for redeeming paper currency and effectively ending the bimetallic system that had allowed silver to function alongside gold.
This legislation sought to stabilise the economy by tying the dollar's value strictly to gold reserves, reassuring investors and international markets while also curbing inflationary pressures.
However, it was met with opposition from agrarian and populist groups, who argued that the gold standard favoured bankers and industrialists at the expense of farmers and debtors reliant on more flexible monetary policies.
