Question
Which of the following difficulties would Andrew Jackson have faced in implementing his preferred currency of gold and silver coin?(1 point)
Responses
National banks were only capable of loaning 10 percent of their reserves, limiting the money supply.
National banks were only capable of loaning 10 percent of their reserves, limiting the money supply.
The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.
The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.
The First National Bank only printed 20 percent of the country's currency, limiting the money supply.
The First National Bank only printed 20 percent of the country's currency, limiting the money supply.
U.S. gold and silver mines were too numerous under Jackson's presidency and would contribute to an uncontrollable money supply.
Responses
National banks were only capable of loaning 10 percent of their reserves, limiting the money supply.
National banks were only capable of loaning 10 percent of their reserves, limiting the money supply.
The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.
The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.
The First National Bank only printed 20 percent of the country's currency, limiting the money supply.
The First National Bank only printed 20 percent of the country's currency, limiting the money supply.
U.S. gold and silver mines were too numerous under Jackson's presidency and would contribute to an uncontrollable money supply.
Answers
GPT-4o mini
The most accurate response regarding the difficulties Andrew Jackson would have faced in implementing his preferred currency of gold and silver coin is:
**The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.**
During Jackson's presidency, there were indeed concerns about the limited amount of gold and silver available, which would have made it challenging to base the entire currency system solely on these metals. This limitation could hinder the ability to support the economy effectively with sufficient money supply.
**The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.**
During Jackson's presidency, there were indeed concerns about the limited amount of gold and silver available, which would have made it challenging to base the entire currency system solely on these metals. This limitation could hinder the ability to support the economy effectively with sufficient money supply.