The Specie Circular is an important, yet often overlooked part of American history. The name may sound complex and complicated, but teaching students about it can be made easier with a systematic approach.
The Specie Circular was an executive order issued by President Andrew Jackson in 1836. The central premise of this policy was that the government would only accept gold or silver (specie) for land payments, rejecting the common practice of accepting banknotes. This was due to the distrust Jackson and his administration had towards paper currency and banks, particularly the Second Bank of the United States.
Explaining such an abstract event to students will require creating real-world connections. Here are some steps for effectively teaching about the Specie Circular:
**1. Show the Big Picture**: Start by placing the Specie Circular in context. It came about as part of Jackson’s war against the Second Bank of the United States and his overall skepticism about paper money and banks. Highlight other key events in this ‘Bank War’, like Jackson’s veto of the bank’s renewal charter in 1832.
**2. Break Down the Concept**: Explain that ‘specie’ refers to gold or silver coins – a system referred to as a bimetallic standard. Encourage students to think critically about how different this is from today’s monetary system, where we mostly use electronic transactions or fiat currency.
**3. Entertainment while Education**: Use a piece of popular culture like a scene from a film or TV series, or even create a classroom play around events leading up to and following the issue of Specie Circular.
**4. Make It Relevant**: Bring up present-day parallels, such as recent debates over cryptocurrencies like Bitcoin versus traditional fiat currencies. Do they see similarities between Andrew Jackson’s skepticism towards paper money and some people’s doubts about electronic currencies today?
**5. Discuss Impact**: Discuss how this policy led to a shortage of gold and silver coins, triggering a financial panic known as The Panic of 1837, which resulted in a seven-year-long economic depression. The historical impact is crucial for understanding why such laws were significant.
By breaking down complex monetary systems and making historical connections, you can make teaching about topics like the Specie Circular engaging and thought-provoking for students.
