Jackson Issues Specie Circular Requiring Hard Money for Land Purchases, Triggering Credit Contraction
President Andrew Jackson orders Treasury Secretary Levi Woodbury to issue the Specie Circular, an executive order requiring that payment for public lands be made exclusively in gold or silver (specie) rather than paper currency, effective August 15, 1836 for purchases over 320 acres. The policy aims …
Andrew Jackson
Levi Woodbury
Martin Van Buren
U.S. Treasury Department
Land speculators
financial-manipulation
economic-policy
jackson-era
banking-system
land-speculation
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