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The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act of 1834. It required payment for government land to be in gold and silver (specie).
Hard money policies support a specie standard, usually gold or silver, typically implemented with representative money. In 1836, when President Andrew Jackson's veto of the recharter of the Second Bank of the United States took effect, he issued the Specie Circular, an executive order that all public lands had to be purchased with hard money.
Two domestic policies exacerbated an already volatile situation. The Specie Circular of 1836 mandated that western lands could be purchased only with gold and silver coin, instead of bank loans. The circular was an executive order issued by Jackson and favored by Senator Thomas Hart Benton of Missouri and other hard-money advocates. Its intent ...
Eventually, the way that all of the government's funds were spread throughout the country because of pet banks made it so that it was near impossible to mobilize the remaining money in the specie reserves, which were the reserves of gold and silver created by the Specie Circular. [10]
The Whigs attacked Jackson's specie circular and demanded recharter of the Bank. Democrats defended the circular and blamed the panic on greedy speculators. Jackson insisted that the circular was necessary because allowing land to be purchased with paper would only fuel speculator greed more, thereby worsening the crisis.
Seeking to curb land speculation, Jackson issued the Specie Circular, an executive order that required buyers of government lands to pay in specie. [212] The Specie Circular undermined the public's trust in the value of paper money; Congress passed a bill to revoke Jackson's policy, but Jackson vetoed that bill on his last day in office. [213]
This is an accepted version of this page This is the latest accepted revision, reviewed on 13 January 2025. President of the United States from 1837 to 1841 "Van Buren" redirects here. For other uses, see Van Buren (disambiguation). In this Dutch name, the surname is Van Buren, not Buren. Martin Van Buren Van Buren, c. 1855–1858 8th President of the United States In office March 4, 1837 ...
Specie may refer to: Coins or other metal money in mass circulation; Bullion coins; Hard money (policy) Commodity money; Specie Circular, ...