What was Specie Circular Apush?
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 (because Jackson was no longer in office). It required payment for government land to be in gold and silver.
What was the Specie Circular of 1836?
Specie Circular, (July 11, 1836), in U.S. history, an executive order issued by President Andrew Jackson requiring that payment for the purchase of public lands be made exclusively in gold or silver.
What was the significance of the species circular?
In July 1836, President Andrew Jackson issued the Specie Circular. Under this act, the government would only accept gold or silver in payment for federal land. This act prevented working-class Americans from purchasing federal land in the West, including in Ohio, due to the lack of gold and silver.
What was the Specie Circular of 1836 quizlet?
The Specie Circular was issued by President Andrew Jackson in 1836. It required payment for public lands be in gold and silver specie or certain sound money. Thus, much paper money was instantly devalued.
Why was the Specie Circular bad?
The “Specie Circular” was a decree that only gold and silver could be accepted in purchasing public lands[96]. Many in Jackson’s Cabinet objected because they saw a danger in it. The danger was that Congress may have seen it as a further abuse of executive power by Jackson and may have tried to supersede it[97].
What did the force bill do quizlet?
1833 – The Force Bill authorized President Jackson to use the army and navy to collect duties on the Tariffs of 1828 and 1832. issued by President Jackson in 1836, was meant to stop land speculation caused by states printing paper money without proper specie (gold or silver) backing it.
How did Andrew Jackson feel about Specie Circular?
The devaluation of paper currency only increased with Jackson’s proclamation. This sent inflation and prices upwards. Many at the time (and historians subsequently) blamed the Specie Circular for the rise in prices and the following Panic of 1837. Jackson believed that it had to be given enough time to work.
Was the Specie Circular good or bad?
What was the political impact of the Panic of 1837 quizlet?
The Panic of 1837 led to a general economic depression. American banks dropped by 40% as prices fell and economic activity slowed down. Opposed Andrew Jackson and the Democratic Party. Clay ran against Jackson for presidency.
When South Carolina tried to nullify the Tariff of 1832 what were they trying to do quizlet?
South Carolina created an Ordinance of Nullification in 1832. It declared that the federal Tariff of 1828 and of 1832 were unconstitutional and South Carolina just weren’t going to follow them! South Carolina didn’t want to pay taxes on goods it didn’t produce.
What was the purpose of the Specie Circular?
Specie Circular. Specie Circular, (July 11, 1836), in U.S. history, an executive order issued by President Andrew Jackson requiring that payment for the purchase of public lands be made exclusively in gold or silver. In an effort to curb excessive land speculation and to quash the enormous growth of paper money in circulation,…
How did the Specie Circular cause the Panic of 1837?
The Specie Circular, by seriously curtailing the use of paper money, was highly deflationary and at least in part produced the ensuing credit crunch and the economic crisis called the Panic of 1837. On May 21, 1838, a joint resolution of Congress repealed the Specie Circular.
When was the Specie Circular repealed by Congress?
On May 21, 1838, a joint resolution of Congress repealed the Specie Circular. Sign up here to see what happened On This Day, every day in your inbox! Thank you for subscribing!
Why was specie used to pay for land?
In an effort to curb excessive land speculation and to quash the enormous growth of paper money in circulation, Jackson directed the Treasury Department, “pet” banks, and other receivers of public money to accept only specie as payment for government-owned land after Aug. 15, 1836.