17.)Which of the following best describes a consequence that Specie Circular had in the United States?
A.)It caused the Tariffs of 1828 and 1832 to be passed.
B.)It caused widespread panic and started a depression.***
C.)It caused an increase in the use and printing of paper money.
D.)It caused people to vote against John Quincy Adams in the 1828 election.
B?
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r u sure
Yes, B.) It caused widespread panic and started a depression is the correct answer. The Specie Circular, issued by President Andrew Jackson in 1836, required payment for government land to be made in gold or silver, rather than paper money. This led to a significant reduction in the amount of paper money in circulation and caused widespread panic and economic depression.
Correct, option B is the best description of a consequence of the Specie Circular in the United States. To arrive at this answer, first, it helps to know what the Specie Circular was. The Specie Circular was an executive order issued by President Andrew Jackson in 1836. It required payment for government land to be made in gold or silver coins, rather than paper money or credit.
The consequence described in option B states that the Specie Circular caused widespread panic and started a depression. To verify if this is true, you can look for historical evidence or sources that confirm this consequence.
In fact, the Specie Circular did contribute to a financial crisis and economic depression known as the Panic of 1837. This crisis was characterized by bank failures, a decline in economic activity, and high unemployment rates. The requirement of gold and silver payment for land meant that there was a sudden and significant contraction of paper money, which led to a decrease in available credit and a decrease in the money supply. This, in turn, had a negative impact on businesses, financial institutions, and individuals, ultimately resulting in widespread panic and the start of the depression.
Therefore, option B is the correct answer as it accurately describes a consequence of the Specie Circular in the United States.