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Hard money policies support a specie standard, usuallygold orsilver, typically implemented withrepresentative money.
In 1836, when PresidentAndrew Jackson's veto of the recharter of theSecond Bank of the United States took effect, he issued theSpecie Circular, anexecutive order that all public lands had to be purchased with hard money.
In the US, hard money is sometimes referred to as Bentonian, after SenatorThomas Hart Benton, who was an advocate for the hard money policies ofAndrew 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, theSpecie Circular.[1]
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