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It would lead to an economic down fall known as the Panic of 1837. This was due to the State Banks passing out bad loans they could not pay off.
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoThe Federal Government was selling land for state banknotes of questionable value.
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Buy land with hard money only?
Specie Circular
Why did Jackson issue the species circular?
After Jackson's veto that disallowed the re-charter of the Bank of the United States, several smaller institutions arose. These "pet banks" flooded the country with issued paper money. Because this money became unreliable Jackson authorized the Specie Circular. This decree required all land to be purchased in metallic money, called specie, to provide the country with a uniform currency.
What is the significance of Jackson's Specie Circular?
This was created by Jackson in 1836 as a reaction to the growth of paper money and credit. It required that people purchase public land from that point forward with gold or silver specie. Since most banks over loaned and distributed more bank notes than they could back this caused the panic of 1837 that Martin Van Buren had to deal with
How did the federal government's hard-money policies contribute to the Panic of 1837?
the specie circular put more pressure on the already-strained state banks to call in loans so they would have sufficient gold and silver resources on hand
What are enacted values?
enacted values are norms that are exhibited by employees
What man was most closely related to the Specie Circular?
Andrew Jackson was most closely related to the Specie Circular. By Jackson's 1836 Executive Order, the Specie Circular required payment for government land to be in gold and silver.
When did Specie Circular happen?
The Specie Circular was a U.S. executive order issued by President Andrew Jackson in 1836, pursuant to the Coinage Act. It required payment for purchases of government lands to be in gold and silver.
Buy land with hard money only?
Specie Circular
What is specie circular?
The Specie Circular was a U.S. executive order issued by President Andrew Jackson in 1836, pursuant to the Coinage Act. It required payment for purchases of government lands to be in gold and silver.
How did Jackson specie circular of 1836 affect the economy of the US?
it triggered a panic
How did Jackson's specie circular of 1836 affect the economy of the US?
it triggered a panic
What the purpose of the specie circular?
The Specie Circular (Coinage Act) was an executive order issued by U.S. President Andrew Jackson in 1836 and carried out by President Martin Van Buren. It required payment for government/public land to be in gold and silver.
Which of these men most closely related to the specie circular?
Andrew Jackson is most closely related to the Specie Circular. As the president of the United States from 1829 to 1837, Jackson issued the Specie Circular in 1836. This executive order required the purchase of public lands to be made with gold or silver rather than paper currency, with the aim of curbing land speculation and stabilizing the economy.
What did the specie circular accomplish?
It forced people buying government land to pay in silver or gold.
Jacksons treasury department decree that required all public lands to be purchased with hard money?
The Specie Circular was an 1836 executive order by President Andrew Jackson. This decree required payment for all public lands in gold and silver.
What was Jackson's Treasury Department decree that required all public lands to be purchased with hard money coins?
specie circular
What ordered all payments for federal land to be made in gold or silver?
Andrew Jackson in 1836, It was called the Specie Circular
