Hard money policies support a specie standard, usually gold or silver , typically implemented with representative money .

In 1836, when President Andrew Jackson 's veto of the recharter of the Second Bank of the United States took effect, he issued the Specie Circular , an executive order that all public lands had to be purchased with hard money.

Bentonian currency [ edit ]

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 . ^[1]

See also [ edit ]

• Gold standard
• Silver standard
• Bimetallic standard
• Bullion coin
• Digital gold currency
• Fractional reserve banking
• Free banking
• Hard money (disambiguation)
• Libertarianism
• Bitcoin

References [ edit ]

Further reading [ edit ]

• How Gold Coins Circulated in 19th Century America David Ginsburg
• North, Douglas C. (1966). The Economic Growth of the United States 1790?1860 . New York, London: W. W. Norton & Company. ISBN   978-0-393-00346-8 .

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