New ratio, old charter

The 1834 mint ratio is already in force. The Second Bank’s charter runs one more year. The Specie Circular is 1836.

Classic Head half eagle, 1834. The type is that year’s change in the gold coin, not a new law of 1835.Public domain.

Congress changed the gold content of the eagle in 1834. That ratio, toward roughly 16 to 1, is the law this year. It is not a new statute.

The Second Bank’s federal charter expires in 1836. The Specie Circular, requiring gold and silver for public land, is also 1836. Neither has happened yet.

Jackson and the Bank →