USA HISTORY

Detailed explanation-1: -The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act and carried out by his successor, President Martin Van Buren. It required payment for government land to be in gold and silver.

Detailed explanation-2: -The principal reason for Jackson’s implementation of the Specie Circular was high inflation. During the early 1830s, Jackson had attacked the Second Bank of the United States by withdrawing approximately ten million dollars in federal government funds from the bank.

Detailed explanation-3: -Specie Circular, (July 11, 1836), in U.S. history, an executive order issued by President Andrew Jackson requiring that payment for the purchase of public lands be made exclusively in gold or silver.

Detailed explanation-4: -It resulted in an increased demand for specie that many banks could not accommodate, which in turn caused bank failures, reduction of credit, and increased unemployment in an economic crisis known as the Panic of 1837. The circular was repealed on May 21, 1838.

Detailed explanation-5: -The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down, westward expansion was stalled, unemployment went up, and pessimism abounded.