What did specie circular result in?

The Specie Circular, issued by President Andrew Jackson in 1836, mandated that payment for public land be made in gold or silver rather than paper money. This policy aimed to curb rampant land speculation and inflation fueled by banknotes. However, it contributed to a financial panic in 1837, as it led to a sharp decline in land sales and a liquidity crisis, ultimately worsening the economic downturn and triggering a recession.