Which of the following difficulties would Andrew Jackson have faced in implementing his preferred currency of gold and silver coin?

Question

Which of the following difficulties would Andrew Jackson have faced in implementing his preferred currency of gold and silver coin?

1. U.S. gold and silver mines were too numerous under Jackson's presidency and would contribute to an uncontrollable money supply.
2. The First National Bank only printed 20 percent of the country's currency, limiting the money supply.
3. National banks were only capable of loaning 10 percent of their reserves, limiting the money supply.
4. The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.

Answer 1

Option 4. The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply would be the difficulty that Andrew Jackson would have faced in implementing his preferred currency of gold and silver coin. There was a limited supply of these metals, which would make it difficult to provide enough currency to meet the growing needs of the country's expanding economy.