Consequences
Because the order was one of Jackson's last acts in office, most of its consequences occurred during and were attributed to the Presidency of Martin van Buren. The devaluation of paper currency only increased with Jackson's proclamation. This sent inflation and prices upwards. Many at the time blamed the Specie Circular for the rise in prices and the following Panic of 1837. Cries of "rescind the circular!" went up and former President Jackson sent word to Van Buren asking him not to rescind the act. Jackson believed that it had to be given enough time to work. Lobbying efforts, especially by bankers, increased in Washington in an attempt to revoke the Specie Circular. Others, like Nicholas Biddle, believed that Jackson's defeat of the Second Bank of the United States was directly responsible for the irresponsible creation of paper money by the state banks which had precipitated this crisis.
Read more about this topic: Specie Circular
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