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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
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CoachThe 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.
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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.
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
Why was the Specie Circular enacted?
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.
Who was little sorrel?
General Stonewall Jacksons favourite horse
