Executive Order
On July 11, 1837, Jackson ordered Secretary of the Treasury Levi Woodbury to issue the Specie Circular. After August 15, the government refused to take anything but gold and silver specie in exchange for public lands. It did make a special exception to also accept certain types of Virginia scrip. The executive order did allow for legitimate settlers (non-speculators) to use paper until December.
Read more about this topic: Specie Circular
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