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	Specie Circular - Wikipedia, the free encyclopedia
		The Specie Circular (Coinage Act) was an executive order issued by U.S. President Andrew Jackson in 1836 and carried out by President Martin Van Buren.
		Specie was already short in the East because the British government restricted the transfer of specie to the United States, which caused the Panic of 1837.
		This shortage in specie led to a fall in cotton prices, for cotton was used as collateral in most American loans, which required specie.
	en.wikipedia.org /wiki/Specie_Circular (254 words)

	Panic of 1837 - Wikipedia, the free encyclopedia
		Causes include the economic policies of President Andrew Jackson, including the Specie Circular and the withdrawal of government funds from the Second Bank of the United States.
		Meanwhile, the compromise Tariff of 1833 was reducing the Federal government's income, which thus depended more heavily on excise taxes, while at the same time Andrew Jackson's administration worked to pay off the national debt, which was at long last accomplished in 1835.
		Jackson and his Secretary of the Treasury, Levi Woodbury issued the Specie Circular, commanding that as of August 15, 1836, the U.S. Treasury cease to accept banknotes, accepting only gold and silver coin (specie) as payment for public lands.
	en.wikipedia.org /wiki/Panic_of_1837 (1096 words)

	The Jacksonian Economy
		One was the Specie Circular of August, 1836, requiring that land purchases from the federal government, which had soared to high levels during the boom, be paid for in specie rather than bank money, as had been customary before the Specie Circular went into effect.
		Although Temin allowed that the Specie Circular and surplus distribution might have produced banking strains, he did not envision that they were as severe as Rousseau's data indicate.
		Be that as it may, having rejected the Specie Circular and surplus distribution as causes of the 1837 panic, Temin needed another explanation.
	www.eh.net /bookreviews/library/sylla.shtml (2953 words)

	1838/02/22A
		This measure, though it lessened to an extent Bank profits, was intended to place those institutions on safe foundation, and to give to the public additional guaranty against failures arising from the excessive and ill-advised issues to which the idea of large dividends too often stimulate those interested therein to resort.
		Banks can only be compelled to provide themselves with an amount of specie adequate to their own safety and that of the public, but by prohibiting them from issuing bills of small denominations.
		The resumption of specie payments was all that was needed to place us on our legs again, and do away with these shin plasters.
	www.coinlibrary.com /news/18380222A.htm (2318 words)

	Independent Treasury System. The Columbia Encyclopedia, Sixth Edition. 2001-05 (Site not responding. Last check: 2007-10-21)
		Those banks, however, used the funds as a basis for speculation, which was already rampant and was soon to be further increased by the distribution of the federal surplus among the states.
		The situation was brought to a head by Jackson’s issue of the Specie Circular (1836), which led to a drain on the “pet banks” and their collapse in the Panic of 1837.
		In periods of depression and panic, when banks suspended specie payments and hard money was hoarded, the government’s insistence on being paid in specie tended to aggravate economic difficulties by limiting the amount of specie available for private credit.
	www.bartleby.com /65/in/IndepenTS.html (718 words)

	Andrew Jackson and the Bankwar
		The Bank had insisted that state banks make payments in specie, or gold and silver bank notes, and the state banks soon began to overextend their credit by issuing specie which exceeded its worth in gold and silver that the banks had in their vaults
		The "Specie Circular" was a decree that only gold and silver could be accepted in purchasing public lands
		Jackson went forth with the "Specie Circular" and on July 11, 1836, Taney issued the decree
	odur.let.rug.nl /~usa/E/bankwar/bankwar11.htm (483 words)

	Lalor, Cyclopaedia of Political Science, V.2, Entry 174, INDEPENDENT TREASURY: Library of Economics and Liberty
		July 11, 1836, the secretary of the treasury issued his "specie circular," ordering government agents to receive only gold and silver in payment for public lands.
		His message at the opening of the session declared that the national bank and the state bank systems had both had a fair trial and both had failed, and that the people were now anxious to entirely separate the fiscal concerns of the government from all banking corporations.
		The specie circular still controlled the agents of the government, and a two-thirds majority was not available in congress to over-ride the veto which it was known would be laid upon any paper money legislation.
	www.econlib.org /library/ypdbooks/lalor/llCy565.html (1749 words)

	The History Box \| The Panic Of 1837
		But with Federal funds distributed widely in "pet banks" and surplus revenues distributed among the states, the control exercised by the Bank of the United States is replaced by financial anarchy: the number of banks and the number of bank notes increase.
		In response to the President's Specie Circular issued in 1836, the local banks are faced with a critical situation, and call in their loans.
		The general and almost simultaneous suspension of specie payments by the banks in May last rendered the performance of this duty imperative in respect to those which had been selected under the act, and made it at the same time impracticable to employ the requisite number of others upon the prescribed conditions.
	thehistorybox.com /ny_city/panics/panics_article5a.htm (629 words)

	Search Results for circular - Encyclopædia Britannica
		Circular stone building roofed with a conical construction of dry...
		Monet's giant paintings of water lilies are on display in a circular room at the Orangerie in Paris.
		Discusses the law of gravitation and explains the circular and elliptical motion of planets and satellites.
	www.britannica.com /search?query=circular&submit=Find&source=MWTEXT (471 words)

	The U.S. Presidents and The Money Issue (Site not responding. Last check: 2007-10-21)
		Jackson vetoed a bill rechartering the Second Bank of the United States, and signed the Specie Circular of 1836, which required gold payment of federal debt obligations.
		Specie payment was finally resumed in 1879 under Republican Rutherford Hayes (1877-1881), but greenbacks could be redeemed in silver, along with gold, as a result of the Bland-Allison Act.
		The Specie Circular's author, U.S. Senator Thomas Hart Benton of Missouri, was nicknamed "Old Bullion" for his pro-gold views.
	www.libertyhaven.com /theoreticalorphilosophicalissues/economichistory/presimoney.html (2548 words)

	Stan Rubenstein / The Panic of 1837
		In order to limit the speculative fever Andrew Jackson, in opposition to the prevailing sentiment, issued the Specie Circular, which ordered land offices to accept only gold or silver in payment of public lands.
		Many state banks did not have specie backing and this caused a decline in borrowers, a drop in land sales to one quarter of the previous year, numerous defaulted payments and a financial crisis.
		Urban real estate values increased at such an abnormally high velocity that a Hartford speculator tells of making 75 percent annually on an investment of $1,000 in Michigan where the boom was in high gear.
	www.cooperativeindividualism.org /rubenstein_stan_indian_land_ownership.html (437 words)

	MSN Encarta - Printer-friendly - Andrew Jackson
		These banks began to overextend credit by issuing notes far in excess of the gold and silver, or specie, that they actually had in their vaults.
		Following the lead of the pet banks, so-called wildcat (financially unsound) banks, especially in the West, issued notes of their own that were backed by insufficient specie reserves.
		Since the federal government accepted paper money for the Western land it was selling, the Treasury was filled with bank notes of doubtful value.
	encarta.msn.com /text_761569591___44/Andrew_Jackson.html (911 words)

	The Panic of 1837 (Site not responding. Last check: 2007-10-21)
		He saw the immediate necessity of arresting this condition of things, and he had no other way to do it than to issue an order that nothing but gold and silver should be received for the public lands.
		According to an invariable law, a redundancy of paper had driven the precious metals out of the country, and the banks had not the specie wherewith to redeem their bills, which were fast being presented to obtain land-office money.
		And people found out, as is always the case where there is a redundancy of paper money, that they had been extravagant, had bought things they did not need, and had run in debt for a larger amount than they were able to pay.
	www.adena.com /adena/usa/hs/hs01.htm (550 words)

	Federal Reserve Bank of Minneapolis Quarterly Review: The Suffolk Bank and the Panic of 1837 [].... @ HighBeam ... (Site not responding. Last check: 2007-10-21)*
		During such panics, banks suspended payments; that is, they refused to pay specie (gold or silver) at par for their outstanding notes or deposits.
		And the general public is unlikely to deposit specie, since the public is concerned about the liquidity of bank liabilities.
		Because a bank will not redeem its notes for specie, its notes will be returned by other banks only to the extent that those banks have the same correspondent bank or think the issuing bank holds some of their notes.
	www.highbeam.com /library/doc0.asp?DOCID=1G1:63737056&refid=holomed_1 (5588 words)

	Attack on Second Bank, fiscal policies bring 'Hard Times' 1/16/06
		Hoping to halt the inflation and speculation in public lands, Jackson and his Treasury secretary, Levi Woodbury, issued the Specie Circular on July 11, 1836.
		The circular simply stated that as of Aug. 15, 1836, banks and others who received public money were required to accept only gold and silver coins in payment for public lands.
		The circular set into motion a panic, and the public began hoarding specie.
	www.coinworld.com /news/011606/BW_0116.asp (2201 words)

	Van Buren's Administration - History of the United States
		Seeing that in receiving such an unsound currency in exchange for the national domain the government was likely to be defrauded out of millions, President Jackson had issued an order called the Specie Circular, by which the land agents were directed henceforth to receive nothing but coin in payment for the lands.
		The former request was refused and the latter complied with; but not until the executive was driven by the distresses of the country.
		Van Buren and his firends that the surplus money of the country would drift into the independent treasury and lodge there; and that by this means the speculative mania would be effectually checked; for extensive speculations could not be carried on without an abundant currency.
	www.usgennet.org /usa/ca/state1/ridpath/vanburen1911.html (1158 words)

	[No title] (Site not responding. Last check: 2007-10-21)
		At that time, the central government was not expected to assist individual members of society.
		In Van Buren's message to the special session he stated, "Those who look to the action of this government for specific aid to the citizen to relieve embarrassments arising from losses by revulsion in commerce and credit, lose sight of the ends for which it was created, and the powers with which it is clothed.
		It was not intended to confer special favors on individuals.
	www.kusd.edu /schools/lance/platinum/banaszynski/civil_war_2002/time_line_links_2002/1837_depression_of.html (445 words)

	Glossary, Chapter 10
		A share of the proceeds from the sale of any farm paid by tenant farmers to landlords and land companies under the old system of land tenure in New York.
		As part of his crusade to replace all bank notes with hard money, Andrew Jackson in 1836 issued the Specie Circular, which prohibited payment for public lands in anything but gold or silver.
		This term refers to Andrew Jackson's theory that public offices should be rotated among party supporters in order to help the nation achieve its republican ideals.
	occawlonline.pearsoned.com /bookbind/pubbooks/martin_awl/medialib/glossary/gloss_10.html (370 words)

	Hokanson's United States History The Age of Jackson (Site not responding. Last check: 2007-10-21)
		At the end of Jackson's term as President he wrote the "Specie Circular," which stated that only people who settled the land could pay for it with paper money.
		Events in 1837 that had their roots in the Jackson years were the financial panic and depression.
		In 1836, the "Specie Circular," pushed by Jackson, had terrible effects on the economy.
	www.svjhs.lcsd2.org /nhokanson/socialstudies/history/11.html (952 words)

	The Papers of Daniel Webster (Site not responding. Last check: 2007-10-21)
		The Specie Circular, in less than a year of operation, had drained gold and silver from the eastern commercial centers to the west, where much of it went into hiding.
		In the first, he spoke at large on the specie circular, on the necessity of convertible paper for currency, and other topics.
		It is not a species of exchequer-notes ; it is a mere government paper, circulating without interest, receivable for the dues of government, and with no certain provisions for its redemption ; and that is what the old Continental money was.
	yamaguchy.netfirms.com /benton/webster_370928.html (16956 words)

	HarpWeek \| American Political Prints 1766-1876 \| Medium Image
		Clay shows the president haunted by the ghost of Commerce, which is seated at the far right end of a table which he shares with a southern planter (far left) and a New York City Tammany Democrat.
		Commerce has been strangled by the Specie Circular, an extremely unpopular order issued by the Jackson administration in December 1836, requiring collectors of public revenues to accept only gold or silver (i.e., "specie") in payment for public lands.
		The ghost displays a sheaf of papers, including one marked "Repeal of the Specie Circular," and notices of bank failures in New Orleans, Philadelphia, and New York.
	loc.harpweek.com /LCPoliticalCartoons/IndexDisplayCartoonMedium.asp?SourceIndex=Topics&IndexText=Irish-Americans&UniqueID=34&Year=1837 (161 words)

	The Wonderful World of Coins, Numismatic Advertising, Journal of Antiques & Collectibles June Issue 2003
		In 1837, the government issued the “Specie Circular,” an executive order that stated that the government would no longer accept paper money issued by the thousands of the new “wild cat” banks on payment or debt revenue.
		The “Specie Circular” also stated that only silver or gold coins (which are called specie) would be acceptable in payment of taxes or for public lands.
		As a result, there was a run on the banks as people tried to cash in their paper bank notes for silver and gold.
	www.journalofantiques.com /June03/coinsjune03.htm (1094 words)

	Jackson and Money
		Jackson responded by issuing the Specie Circular in 1836.
		This measure required the use of specie in all payments for government lands, a move that infuriated many Westerners.
		The Specie Circular was cited as a major cause of the Panic of 1837.
	www.u-s-history.com /pages/h334.html (285 words)

	specie - OneLook Dictionary Search
		Specie, specie : AllWords.com Multi-Lingual Dictionary [home, info]
		Phrases that include specie: price specie flow mechanism, in specie, in specie specie, specie circular, specie flow mechanism, more...
		Words similar to specie: coinage, mintage, coin, metal money, more...
	www.onelook.com /cgi-bin/cgiwrap/bware/dofind.cgi?word=specie&matchtype=exact&type=type_a (234 words)

	Chronology On The History Of Slavery And Racism 1830 To The End
		As a result of Governor Floyd's address, a special committee was formed by the speaker of the House of Delegates to discuss the revolt of the past summer and present the house with possible solutions to the problem.
		Although public-land sales were reduced in the West, the circular taxed the inadequate resources of the state "pet" banks, drained specie from the East, led to hoarding, and weakened public confidence in the state banks.
		After Jackson defended the circular in his annual message in December 1836, and recommended that land sales be limited to actual settlers, Congress passed a measure that rescinded the Specie Circular, but it was pocket-vetoed by Jackson.
	www.innercity.org /holt/chron_1830_end.html (17543 words)

	Economics of the 1830s: an Overview
		Industrialization and urbanization also brought about a dramatic shift towards a nonagricultural economy: in 1820, 79% of the American population were involved in agriculture, while in 1850, only 55% remained in that sector (Great Republic, 1:316).
		There was some degree of specialization of labor: women oversaw the domestic chores; men handled the farm work and the skilled crafts; children and elderly performed tasks which matched their strength and abilities.
		On July 11, 1836, President Jackson issued the "Specie Circular," which ordered all land offices to accept only specie (hard money) for land after December 15, 1836.
	www.connerprairie.org /historyonline/economy.html (2691 words)

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