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The Specie Circular is a United States presidential executive order issued by President Andrew Jackson in 1836 pursuant to the Coinage Act of 1834. It required payment for government land to be in gold and silver (specie).
Secondly, the Deposit and Distribution Act of 1836 placed federal revenues in various local banks, derisively termed "pet banks", across the country. Many of the banks were located in the West. The effect of both policies was to transfer specie away from the nation's main commercial centers on the East Coast.
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Deposit Act of 1836. views 2,474,917 updated. DEPOSIT ACT OF 1836 provided for the distribution of approximately $30 million of the $35 million U.S. Treasury surplus (from tariff proceeds and public land sales), to state banks on the basis of each state's representation in Congress.
It reapportioned constituencies to address the unequal distribution of seats and expanded franchise by broadening and standardising the property qualifications to vote. Only qualifying men were able to vote ; the Act introduced the first explicit statutory bar to women voting by defining a voter as a male person.
- An Act to amend the representation of the people in England and Wales
- 2 & 3 Will. 4. c. 45
- 7 June 1832
- Lord Grey, Prime Minister
The Depression of 1837-1844. In June of 1836 Congress passed the Distribution Act which called for the distribution of the accumulated treasury surplus be distributed to the states on January 1 of 1837. The surplus was to be transferred to state banks which were to make payment to the State governments in specie (gold and silver).
Jul 1, 2014 · The Deposit and Distribution Act of 1836 placed federal revenues in various banks across the nation. Causes of the Panic of 1837: Martin Van Buren and the chain of events. The Panic of 1837 gripped the country just 5 weeks after Martin Van Buren was made president - he got the blame for the panic and given the nickname 'Martin Van Ruin'.
SEC. I3. And be is further enacted, That the money which shall be in the Treasury of the United States, on . . . [January I, I837] . . . reserving the sum of five millions of dollars, shall be deposited with such of the several States, in proportion to their respective representation in the Senate and House of Representatives of the United ...
