Science Fair Project Encyclopedia
Specie Circular
The Specie Circular (Coinage Act) was an executive order issued by U.S. President Andrew Jackson in 1836. It required payment for public lands be in gold and silver specie.
It was a reaction to growing concerns about excessive speculation of land after Indian Removal. Most of this speculation was being done with "soft money"; Jackson issued this order to protect the settlers who were being forced to pay much higher prices for land. As a result of this action, however, much paper money was instantly devalued, and the economy was destabilized.
The order contributed to the Panic of 1837.
09-23-2007 01:00:40
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The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details