<P> Bimetallism persisted until March 14, 1900, with the passage of the Gold Standard Act, which provided that: </P> <P>... the dollar consisting of twenty - five and eight - tenths grains (1.67 g) of gold nine - tenths fine, as established by section thirty - five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard...</P> <P> Thus the United States moved to a gold standard, making both gold and silver the legal - tender coinage of the United States, and guaranteed the dollar as convertible to 1.5 g (23.22 grains) of gold . </P> <P> The gold standard was suspended twice during World War I, once fully and then for foreign exchange . At the onset of the war, U.S. corporations had large debts payable to European entities, who began liquidating their debts in gold . With debts looming to Europe, the dollar to British pound exchange rate reached as high as $6.75, far above the (gold) parity of $4.8665 . This caused large gold outflows until July 31, 1914, when the New York Stock Exchange closed and the gold standard was temporarily suspended . In order to defend the exchange value of the dollar, the US Treasury Department authorized state and nationally chartered banks to issue emergency currency under the Aldrich - Vreeland Act, and the newly created Federal Reserve organized a fund to assure debts to foreign creditors . These efforts were largely successful, and the Aldrich - Vreeland notes were retired starting in November and the gold standard was restored when the New York Stock Exchange re-opened in December 1914 . </P>

The value of united states currency is based on (1 point)
find me the text answering this question