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SummaryEdit

Order that changed payment method for land.

Exact DefinitionEdit

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.

What did it do?

Made the south extremely mad at Van Buren even though it was Jackson’s idea. Jackson did not approve of the idea of bank notes and opposed such ideaology and instead insisted using old trade methods, this bill clearly shows it.

ImportanceEdit

It is the said cause of inflation (where money becomes less worthy) and many also blame it for the Panic of 1837. (economic crisis)

Additional InformationEdit

It caused the democratic party to split because some supported paper money while others viewed it similar to Jackson.

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