Why did Andrew Jackson do the Specie Circular?
The principal reason for Jackson’s implementation of the Specie Circular was high inflation. This action led to high inflation. The government did not want to accept currency that was quickly declining in value for federal land. The Specie Circular was partly responsible for the Panic of 1837.
Why was the Specie Circular bad?
The “Specie Circular” was a decree that only gold and silver could be accepted in purchasing public lands[96]. Many in Jackson’s Cabinet objected because they saw a danger in it. The danger was that Congress may have seen it as a further abuse of executive power by Jackson and may have tried to supersede it[97].
What were the causes of the Panic of 1837 quizlet?
It required payment for public lands be in gold and silver specie or certain sound money. Thus, much paper money was instantly devalued. This executive order contributed to the Panic of 1837.It would lead to an economic down fall known as the Panic of 1837.
What was the political effect of the Panic of 1837?
The Panic of 1837 was influenced by the economic policies of President Jackson. During his term, Jackson created the Specie Circular by executive order and refused to renew the charter of Second Bank of the United States, leading government funds to be withdrawn from the bank.
How did the Panic of 1837 help the Whig Party quizlet?
The Panic of 1837 led to a general economic depression. The Whigs gained significant public support after the Panic of 1837, and they became increasingly well organized. William Henry Harrison. At the first first national Whig convention, he was voted as the Whig candidate for president in 1840.
What caused the severe economic depression of the Panic of 1837 quizlet?
The Panic of 1837 was worst psychologically than economically. It was caused by inflated currency due to gold from California, the demands of the Crimean War,and the speculation in land and railroads. The Panic caused businesses to fail and rose unemployment and poverty.
What triggered the panic of 1837 quizlet Chapter 10?
It was a decree which stated that all public lands must be purchase with gold or silver money, because the BUS was collapsing and the paper money floating around was almost worthless. This decree caused a run on the banks for gold and silver and, in turn, ignited the Panic of 1837.
What was Van Buren’s response to the panic?
This financial crisis would become known as the Panic of 1837. Many Americans went unemployed and others began to go hungry. Van Buren responded by following a course of action consistent with his Jacksonian belief in the limited powers of the federal government and a suspicion of paper money and easy credit.
What was the so called kitchen cabinet and what was one reason why it proved significant quizlet?
What was the so-called “kitchen cabinet,” and what was one reason why it proved significant? withdrawing its federal deposits. a change in the policies of the Bank of England regarding loans, which led to a decline in the demand for U.S. cotton.
What was Jackson’s lowest moment as president?
Terms in this set (20)
- According to the textbook, Jackson’s lowest moment as president came during the.
- The tribe associated with the Trail of Tears was the.
- Much of Jackson’s first term in office reflected the leanings of:
- The Indian Removal Act of 1830 affected the natives in this area the worst.
What was Jackson’s national curse?
When he ran for president the first time, in 1824, Jackson called the debt a “national curse.” He vowed to “pay the national debt, to prevent a monied aristocracy from growing up around our administration that must bend to its views, and ultimately destroy the liberty of our country.”
How did Jackson choose federal officials?
How did the first presidents choose federal officials? Jackson fired thousands of office holders and handed out their jobs to their own friends and supporters Jackson believed that any person of normal intelligence was qualified to hold any government post so he paid no attention to choosing the best person for a job.