Specie Circular

Act of Congress Overruling Jackson's Specie CircularAmerican banks stopped paymentSpecie Circular of 1836to accept only gold or silver
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act.wikipedia
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Scrip

gift certificatesgift certificateprivate currency
It did make a special exception to accept certain types of Virginia scrip.
When U.S. President Andrew Jackson issued his Specie Circular of 1836 due to credit shortages, Virginia Scrip was accepted as payment for federal lands.

Andrew Jackson

JacksonJacksonianPresident Andrew Jackson
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act.
In 1836, in response to increased land speculation, Jackson issued the Specie Circular, an executive order that required buyers of government lands to pay in "specie" (gold or silver coins).

Panic of 1837

financial panic of 1837financial crisis of 18371837
Many at the time (and historians subsequently) blamed the Specie Circular for the rise in prices and the following Panic of 1837.
Because of the peculiar factors (Specie Circular) of international trade at the time, abundant amounts of silver were coming into the United States from Mexico and China.

Thomas Hart Benton (politician)

Thomas Hart BentonThomas H. BentonSenator Thomas Hart Benton
Some, like Thomas Hart Benton, supported the use of sound money.
He supported Jackson during the Bank War and proposed a land payment law that inspired Jackson's Specie Circular executive order.

Martin Van Buren

Van BurenPresident Martin Van BurenPresident Van Buren
Because the order was one of Jackson's last acts in office, most of its consequences occurred during and were attributed to the Presidency of Martin van Buren.
Whig leaders in Congress blamed the Democrats, along with Andrew Jackson's economic policies, specifically his 1836 Specie Circular.

James K. Polk

James PolkJames Knox PolkPolk
In the United States House of Representatives, John Bell even challenged his own party member, James K. Polk, for his position as Speaker of the House of Representatives over the issue.
Van Buren and Polk faced pressure to rescind the Specie Circular, Jackson's 1836 order that payment for government lands be in gold and silver.

Locofocos

LocofocoLoco-FocosLoco-foco
The Locofoco wing of the party also agreed with Benton.

Executive order

executive ordersExecutive order (United States)Presidential Executive Order
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act.

President of the United States

PresidentU.S. PresidentUnited States President
The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act.

Indian removal

removalremovedremove
The Specie Circular was a reaction to the growing concerns about excessive speculations of land after the Indian removal, which was mostly done with soft currency.

Coin

coinsspecieexergue
While government law already demanded that land purchases be completed with specie or paper notes from specie-backed banks, a large portion of buyers used paper money from state banks not backed by hard money.

United States Secretary of the Treasury

Secretary of the TreasuryTreasury SecretaryU.S. Secretary of the Treasury
On July 11, 1836, Jackson ordered Secretary of the Treasury Levi Woodbury to issue the Specie Circular under federal law whereby the government refused to take anything but gold and silver specie for sales of public lands of over 320 acres after August 15, 1836.

Levi Woodbury

the Supreme Court JusticeU.S. Senator Levi Woodbury
On July 11, 1836, Jackson ordered Secretary of the Treasury Levi Woodbury to issue the Specie Circular under federal law whereby the government refused to take anything but gold and silver specie for sales of public lands of over 320 acres after August 15, 1836.

Nicholas Biddle (banker)

Nicholas Biddle
Others, like Nicholas Biddle, believed that Jackson's defeat of the Second Bank of the United States was directly responsible for the irresponsible creation of paper money by the state banks which had precipitated this crisis.

Second Bank of the United States

Bank of the United Statesnational bankUnited States Bank
Others, like Nicholas Biddle, believed that Jackson's defeat of the Second Bank of the United States was directly responsible for the irresponsible creation of paper money by the state banks which had precipitated this crisis.

Hard currency

sound moneyhard currencieshard money
Some, like Thomas Hart Benton, supported the use of sound money. The Specie Circular was a reaction to the growing concerns about excessive speculations of land after the Indian removal, which was mostly done with soft currency.

Nathaniel P. Tallmadge

Nathaniel TallmadgeNathaniel Pitcher Tallmadge
Senators Nathaniel P. Tallmadge and William C. Rives supported the other side of the party, in favor of paper money.

William Cabell Rives

William C. RivesWilliam RivesWilliam Cabell
Senators Nathaniel P. Tallmadge and William C. Rives supported the other side of the party, in favor of paper money.

United States House of Representatives

U.S. RepresentativeU.S. House of RepresentativesUnited States Representative
In the United States House of Representatives, John Bell even challenged his own party member, James K. Polk, for his position as Speaker of the House of Representatives over the issue.

John Bell (Tennessee politician)

John BellBellJohn C. Bell
In the United States House of Representatives, John Bell even challenged his own party member, James K. Polk, for his position as Speaker of the House of Representatives over the issue.

Speaker of the United States House of Representatives

Speaker of the HouseSpeaker of the House of RepresentativesSpeaker
In the United States House of Representatives, John Bell even challenged his own party member, James K. Polk, for his position as Speaker of the House of Representatives over the issue.

Specie Payment Resumption Act

Resumption Actresumption of specie paymentsResumption Act of 1875
* Specie Payment Resumption Act (1875)

New Orleans Mint

New OrleansNew Orleans, LouisianaMint
In 1836 Jackson had issued an executive order called the Specie Circular which demanded that all land transactions in the United States be conducted in cash.

Millard Fillmore

FillmorePresident FillmorePresident Millard Fillmore
Van Buren, faced with the economic Panic of 1837, caused in part by lack of confidence in private banknote issues after Jackson had instructed the government to accept only gold or silver, called a special session of Congress.