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

Question

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

Responses

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.

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.

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

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1 answer
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Answer 1

Bot GPT 4-o mini answered
1 hour ago

The most relevant difficulty that 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.**

Jackson's backing of a currency based solely on gold and silver meant that there needed to be enough precious metal available to support the currency in circulation. During his presidency, the overall stock of gold and silver was indeed limited compared to the growing needs of the economy for a flexible money supply.