Money Basics
Gold and silver coins that banks were supposed to keep on hand.
Specie
Government permission for a bank to legally operate is known as a _______.
Charter
People who say the government can only do what the Constitution specifically says.
Strict constructionists
Trade that crosses the ocean between North America and Europe
Transatlantic Trade
Paper money issued by a bank, promising to pay coins on demand
Bank notes
Buying or borrowing now with a promise to pay later is known as ______.
Credit
The official power or right to reject, block, or forbid a proposed law, decision, or course of action
Veto
When too much of a product is made, its price does this.
Goes down or falls
Too many notes printed means each is worth less and prices rise
Inflation
Failing to repay a loan, as many southern planters is known as a _______.
Default
Jackson's clash with Biddle over the national bank is known by this name
Bank War
American banks had to ship this metal to Britain and China to pay their debts.
Silver