Specie Circular
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Military career
7th President of the United States
First term
Second term
Post-presidency
Legacy
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The Specie Circular is a
History
The Specie Circular was a reaction to the growing concerns about excessive speculations of land after the
Executive order
On July 11, 1836, Jackson ordered
Consequences
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
The restrictions on credit caused by the order resulted in numerous bankruptcies and the failure of smaller banks. In the South the resulting recession drove down cotton prices well into the 1840s. Small farmers who had bought land on credit were unable to meet their loan repayments with their income from staple crops cut by a half. When they defaulted, "[t]heir land and slaves were repossessed and sold at auction, usually to already well-established slaveholders. ... Some farmers were able to keep a few acres and eke out a living as lesser yeomen. But many lost everything and fell into tenancy and sharecropping. When the cotton market finally recovered, affluent slaveholders held nearly all the South’s best land."[7]
Democratic split
The Democratic party split in two ways regarding the order. Some, like
See also
References
- ^ Kennedy, David M; Cohen, Bailey (2006). The American Pageant, 13th edition. Boston: Houghton Mifflin Company. pp. 256–265.
- ^ Wilson, Woodrow (1905). Division and Reunion. Longmans, Green. p. 91.
- ^ MacDonald, William (1916). Documentary Source Book of American History, 1606-1913. The Macmillan Company. pp. 359.
- ISBN 978-1-893122-46-8.
- ^ The Financial Register of the United States. Wirtz & Tatem. 1838. pp. 14–15.
- ^ ISBN 978-1-59558-747-3.
- ISBN 978-0-8047-0625-4.
- ISBN 978-0-8047-0625-4.
- ^ King, John Pendleton (1837). "Speech of Mr. King, of Georgia, on the bill imposing additional duties, as depositaries...delivered in the Senate of the U.S., Sept. 23, 1837". Gales & Seaton. Retrieved 31 October 2022.