Which of the following difficulties would Andrew Jackson have faced in implementing his preferred currency of gold and silver coin?(1 point)

Question

Responses

U.S. gold and silver mines were too numerous under Jackson's presidency and would contribute to an uncontrollable money supply.
U.S. gold and silver mines were too numerous under Jackson's presidency and would contribute to an uncontrollable 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.

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 First National Bank only printed 20 percent of the country's currency, limiting the money supply.

Answer 1

The correct response regarding the difficulty 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, while he favored a hard currency backed by gold and silver, the total available stock of these metals was indeed limited, which would have posed a challenge in establishing a sufficient money supply based on his preferred system. This limitation could hinder economic growth and create deflationary pressures, as there would not be enough currency in circulation to support a growing economy.