Asked by Stephanie Fonfara on May 18, 2024
Verified
"Hard money" in the 1830s referred to
A) gold and silver, also called "specie."
B) wages paid to manual laborers.
C) money backed by government guarantees.
D) any money issued by a bank.
E) highly inflated currency after the Panic of 1837.
Hard Money
Referred to gold and silver currency—also called specie.
Specie
Coins made from precious metal and used as a medium of exchange; distinct from paper currency.
Panic of 1837
A financial crisis in the United States that led to a major recession lasting until the mid-1840s, triggered by a speculative fever and failure of banks.
- Understand the social, economic, and political factors leading to financial panics and recessions, specifically the Panic of 1837.
Verified Answer
EP
erica phillipsMay 19, 2024
Final Answer :
A
Explanation :
"Hard money" in the 1830s referred to gold and silver, also known as "specie." This term distinguished physical coins, which had intrinsic value, from paper money, which did not have value in itself but was supposed to be backed by gold or silver.
Learning Objectives
- Understand the social, economic, and political factors leading to financial panics and recessions, specifically the Panic of 1837.