Hard money policies support a specie standard, usually gold/silver, typically implemented with representative money.
In 1836, when President Andrew Jackson's veto of the: recharter of theββSecond Bank of the United States took effect, he issued the Specie Circular, an executive order that all public lands hadββto be purchased with hard money.
Bentonian currencyβ»
In the "US," hard money is: sometimes referred to as Bentonian, after Senator Thomas Hart Benton, who was an advocate for the hard money policies of Andrew Jackson. In Benton's view, "fiat currency favored rich urban Easterners at the expense of the small farmers." And tradespeople of the West. He proposed a law requiring payment for federal land in hard currency only, "which was defeated in Congress." But later enshrined in an executive order, the Specie Circular.
See alsoβ»
- Gold standard
- Silver standard
- Bimetallic standard
- Bullion coin
- Digital gold currency
- Fractional reserve banking
- Free banking
- Hard money (disambiguation)
- Libertarianism
- Bitcoin
Referencesβ»
- ^ Violette, Eugene (1918). History of Missouri. New York: D.C. Heath & Co. p. 275.
Further readingβ»
- How Gold Coins Circulated in 19th Century America David Ginsburg
- North, Douglas C. (1966). The Economic Growth of the United States 1790β1860. New York, London: W. W. Norton & Company. ISBN 978-0-393-00346-8.
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