 The Gold Standard Act formally adopted gold as the lone standard for redeeming paper money in the United States, effectively stopping bimetallism in its tracks.The economic hard times caused debates over whether America should remain on the gold standard or use a bimetallic standard.The continued economic hardships after the Panic of 1893 and the 1895 Morgan Bonds episode into the Panic of 1896 increased American worry about the strength of the American economy.