Final answer:
The act requiring gold or silver in payment for federal land was part of the hard money policies of the 19th century, including the Coinage Act of 1834/1837, and aimed to combat the economic struggles of agricultural and working-class Americans. President Andrew Jackson supported these policies, which later led to debates and acts like the Sherman Silver Purchase Act of 1890.
Step-by-step explanation:
The act in question where the government would only accept gold or silver in payment for federal land is linked to a series of historical measures during the 19th century, aiming to solidify a hard money policy. One of the most pertinent policies was the Coinage Act of 1834 and its modification in 1837, which established a gold standard for coinage and cemented specie (gold and silver) as the primary medium for all transactions involving federal land. This act was part of a broader hard money policy supported by President Andrew Jackson, who, among other things, opposed the use of paper money issued by banks and fought to ensure that all payments made to the federal government, including land purchases, were in gold or silver.
The debates and policies surrounding gold and silver coinage were deeply intertwined with the economic struggles of farmers and the working class, especially in response to deflation and tariffs. During the late 19th century, with many Americans in debt, there were calls for the return of bimetallic currency systems. For example, the Sherman Silver Purchase Act of 1890, intended to provide relief by requiring the government to purchase a large amount of silver to mint into coins, ultimately failed due to preference for gold-backed currency and its insufficient measures to bring about actual financial ease for farmers and the general populace.