The Specie Circular was most unpopular among which of the following groups?
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Correct answer: Western land speculators and settlers who relied on bank credit
Westerners typically had very little gold or silver and relied on bank notes for transactions. By requiring specie for land sales, the government made it nearly impossible for many settlers and speculators to continue buying land, causing land values to crash.
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More Panic of 1837 questions
- In the 'Bank War,' Andrew Jackson's primary reason for opposing the Second Bank of the United States was his belief that it was:
- The economic depression following the Panic of 1837 lasted approximately how long?
- Why did the 'Specie Circular' lead to a contraction of credit in the U.S. economy?
- Which of the following was a political consequence of the Panic of 1837?
- The Locofocos were a faction within the Democratic Party during this era who were known for their:
- Which document is most associated with the start of the financial crisis in May 1837?