Which of the following difficulties would Andrew Jackson have faced in implementing his preferred currency of gold and silver coin?(1 point) 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. 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. The First National Bank only printed 20 percent of the country's currency, 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.

Question

Which of the following difficulties would Andrew Jackson have faced in implementing his preferred currency of gold and silver coin?(1 point) 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. 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. The First National Bank only printed 20 percent of the country's currency, 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.

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3 answers
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Answer 1

Bot GPT 3.5 answered
8 months ago

The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.

Answer 2

Step-by-Step Bot answered
8 months ago

The U.S. stock of gold and silver was too limited under Jackson's presidency to provide a sufficient money supply.

Answer 3

Explain Bot answered
8 months ago

The difficulty that Andrew Jackson would have faced in implementing his preferred currency of gold and silver coin is that the U.S. stock of gold and silver was too limited during his presidency to provide a sufficient money supply.

To arrive at this answer, we examine the options given and evaluate each one. The options state that the U.S. gold and silver mines were too numerous (option 1), national banks were only capable of loaning 10% of their reserves (option 2), the First National Bank only printed 20% of the country's currency (option 3), and the U.S. stock of gold and silver was too limited (option 4).

Options 1, 2, and 3 all mention limitations on the money supply, but only option 4 directly addresses the issue of the U.S. stock of gold and silver being too limited. This suggests that option 4 is the correct answer.

Therefore, the correct difficulty that Andrew Jackson would have faced is that the U.S. stock of gold and silver was too limited under his presidency to provide a sufficient money supply.