The Specie Circular, issued by the Jackson administration in 1836, required that public lands be purchased using which of the following?
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Correct answer: Gold or silver coinage (specie)
The Specie Circular was an executive order aimed at curbing land speculation and the proliferation of paper money. It mandated that only 'hard money' (gold or silver) could be used to buy government land, which significantly reduced the liquidity of many western banks.
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More Panic of 1837 questions
- Which of the following was a primary cause of the Panic of 1837?
- President Martin Van Buren’s response to the Panic of 1837 was largely characterized by which philosophy?
- How did the 'Distribution Act' of 1836 contribute to the financial instability leading up to the Panic of 1837?
- Which international factor significantly worsened the American economic crisis in 1837?
- What was the purpose of the Independent Treasury (or 'Sub-Treasury') system proposed by Martin Van Buren?
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