Dictionary.net

A treasury circular drafted by Senator Benton and issued at President Jackson's orders, July 11, 1836, which directed that nothing but gold and silver should be received in payment for the public lands. This was Jackson's last financial exploit. The circular was issued quite in opposition to the sentiment or will of Congress. The next Congress passed a bill to rescind this specie circular, but Jackson killed it by a pocket veto. The circular created much indignation throughout the country, and contributed greatly to the financial crash of 1837.