Answered

In 1836, President Andrew Jackson's "specie circular"
Select one:
a. resulted in a severe financial panic.
O b. was defeated by Congress.
c. was of considerable political benefit to Martin Van Buren.
O d. required foreigners doing business in the United States to pay their debts in hard currency.
e. caused a significant rise in prices, especially the price of land.

Verified Answer :

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Final answer:

The Specie Circular was an executive order requiring payment in gold or silver for government land, contributing to financial crises.


Explanation:

The Specie Circular was an executive order issued by President Andrew Jackson in 1836, requiring payment for government land to be made in gold or silver (hard currency) rather than paper money. This policy contributed to the Panic of 1837 as it restricted the use of paper money, leading to a contraction in credit and a financial crisis. The Specie Circular was a key factor in the economic challenges faced by President Martin Van Buren, who had to navigate a severe economic depression during his presidency.


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