- Congress passes the Surplus Revenue Act
June 23, 1836 Washington City, District of Columbia Economy
With the expansion of the United States in the 1830s came an inevitable influx of money from purchases of public land. According to a Treasury Department report issued on February 1, 1836, the surplus amounted to about 30,000,000. In 1833 Congress had passed a bill to distribute the surplus among the states, with the support of Andrew Jackson. But in 1836 the fate of the surplus became a point of...
- President Andrew Jackson issues the Specie Circular
July 11, 1836 Washington City, District of Columbia Economy
In 1832, President Andrew Jackson refused to re-charter the Bank of the United States, opting instead to deposit government funds in select state or pet' banks. The state banks, facing little regulation, freely loaned paper money to virtually anyone who asked for it. A flurry of land speculation and inflation followed. To curtail these alarming trends, Jackson issued the Species Circular on...