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 purpose of President Jackson’s Specie Circular quizlet?

Terms in this set (10) 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.

What was the effect of the Specie Circular policy quizlet?

Jackson issued the Specie Circular to force the payment for federal lands with gold or silver. Many state banks collapsed as a result. A panic ensued (1837). Bank of the U.S. failed, cotton prices fell, businesses went bankrupt, and there was widespread unemployment and distress.

What was the Specie Circular Apush?

What was it? 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.

Which of the following was true of the Specie Circular?

Which of the following was true of the Specie Circular? It required gold or silver payment for public lands.

Which president will be blamed for the Panic of 1837?

Van Buren was elected president in 1836, but he saw financial problems beginning even before he entered the White House. He inherited Andrew Jackson’s financial policies, which contributed to what came to be known as the Panic of 1837.

How did President Jackson attempt to slow the land speculation that led to the Panic of 1837?

To slow this process down, he ordered that anyone buying public land had to pay for it with gold or silver. Speculators and others rushed to state banks to exchange their paper money for gold and silver.

What contributed to the Panic of 1837?

The panic of 1837 was a financial crisis in the United States that triggered a multi-year economic depression. Fiscal and monetary policies in the United States and Great Britain, the global movements of gold and silver, a collapsing land bubble, and falling cotton prices were all to blame.

Which of the following statements describes the significance of William Lloyd Garrison as a historical figure?

Which of the following statements describes the significance of William Lloyd Garrison as a historical figure? As a white abolitionist, he demanded immediate emancipation of slaves and launched the anti-slavery newspaper The Liberator.

What two factors contributed to the panic of 1819?

The panic had several causes, including a dramatic decline in cotton prices, a contraction of credit by the Bank of the United States designed to curb inflation, an 1817 congressional order requiring hard-currency payments for land purchases, and the closing of many factories due to foreign competition.

Which was an effect of the panic of 1819 quizlet?

When: 1819 Where:US Significance: The Panic of 1819 was the first major financial crisis in the United States. It featured widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. It marked the end of the economic expansion that had followed the War of 1812.