Specie Circular Flashcards

Questions and Answers

Who issued the Specie Circular and what type of order was it?

Andrew Jackson; executive order

When was the Specie Circular issued?

1836

What did Martin Van Buren do regarding this order?

He refused to revoke it

What did the Specie Circular require?

Required the Treasury Department to accept only gold and silver or 'hard-money' in payment for lands in the national domain. Signup and view all the answers

How many people were fired for attempting to obstruct the execution of the Specie Circular?

2 Treasury Department leaders Signup and view all the answers

Why was the Specie Circular made?

A reaction to the growing concerns about excessive speculation of lands using 'soft-money' after Native American removal. Signup and view all the answers

What happened to inflation and prices after the Specie Circular went into effect?

Inflation rose Signup and view all the answers

What was the Democratic-Republican Party's stance on the issue?

They were split between hard and soft money. Signup and view all the answers

What was one of the main effects of the Specie Circular on the presidency after the order?

Martin Van Buren was subject to public anger blaming him for the Panic of 1837. Democrats falsely said the main cause was the Specie Circular passed by Andrew Jackson, thus dooming Van Buren's reelection. Signup and view all the answers

Study Notes

Specie Circular Overview

Issued by Andrew Jackson as an executive order.
Enforced in 1836, amidst growing concerns about land speculation.

Purpose and Implementation

Required the Treasury to accept only gold and silver, or "hard money," for land purchases in the national domain.
Aimed to curb excessive speculation fueled by "soft money" practices following Native American removals.

Political Reactions

Martin Van Buren, Jackson’s successor, chose not to revoke the order despite its contentious effects.
Internal division in the Democratic-Republican Party between proponents of hard and soft money.

Consequences and Aftermath

Inflation increased significantly after the Specie Circular went into effect.
Consequences included the firing of two Treasury Department leaders who opposed the order’s execution.
Van Buren faced public backlash, with criticism connecting him to the Panic of 1837.
Political narrative falsely attributed blame for the economic crisis to the Specie Circular, adversely affecting Van Buren's reelection prospects.

Description

Test your knowledge of the Specie Circular with these flashcards. Learn about its issuance, important figures involved, and its implications on currency payments in the early United States. Perfect for students studying American history or economics.