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The Specie Circular, issued by President Andrew Jackson in 1836, mandated that payment for public land be made in gold or silver rather than paper money. This policy aimed to curb rampant land speculation and inflation fueled by banknotes. However, it contributed to a financial panic in 1837, as it led to a sharp decline in land sales and a liquidity crisis, ultimately worsening the economic downturn and triggering a recession.
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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.
The depression in the late 1830s was partly a result of Jackson's?
Jackson issued the Specie Circular, an executive order that required buyers of government lands to pay in specie (gold or silver coins). The result was a great demand for these coins which many banks did not have enough of to exchange for their notes, causing the Panic of 1837.
How did Jackson's specie circular of 1836 affect the economy of the US?
it triggered a panic
How did Jackson 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.
In July 1836what did Andrew Jackson issued the Specie Circular which required that public lands be purchased using?
In July 1836, President Andrew Jackson issued the Specie Circular, which mandated that public lands be purchased only with gold or silver coins, rather than paper money. This policy aimed to curb rampant speculation and inflation fueled by the use of banknotes. The Specie Circular contributed to a financial panic and economic downturn, as it restricted access to land purchases for many who relied on credit.
