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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 ...
Relative no. Absolute no. Title/Description Date signed Ref. Restricting access to pensions for disabilities April 8, 1829 [1]Pardoning deserters June 12, 1830
Hoping to halt the inflation and speculation in public lands, Jackson and his Treasury secretary, Levi Woodbury, issued the Specie Circular on July 11, 1836. The circular simply stated that as of August 15, 1836, banks and others who received public money were required to accept only gold and silver coins in payment for public lands. [3]
OMB Circular A-21, a Government circular that sets forth the rules governing the eligibility and calculation of costs in support of sponsored research, development, training and other works produced in agreement with the United States Federal Government; Specie Circular, an executive order issued by U.S. President Andrew Jackson in 1836
Benton was an unflagging advocate for "hard money", that is gold coin (specie) or bullion as money—as opposed to paper money "backed" by gold as in a "gold standard". "Soft" (i.e. paper or credit) currency, in his opinion, favored rich urban Easterners at the expense of the small farmers and tradespeople of the West.
The Panic of 1837 was largely influenced by the monetary policies of U.S. President Andrew Jackson, including the executive order known as the Specie Circular, which required hard money for the purchase of federal land in the west, in addition to subsequent changes in banking policy. [2] These resulted in widespread rising prices and bank failures.