The General Land Office, Established in 1812

question 46

Multiple Choice

The General Land Office, established in 1812,

• A) established a credit system for the purchase of western lands that favored small-time farmers.
• B) handled the distribution of federal lands in the West.
• C) had the power to set the price-per-acre of western lands.
• D) was charged with the responsibility of preventing speculators from buying large tracts of federal western lands.

---

Definitions:

Pension Fund

A pool of assets forming an independent legal entity that is used to generate stable growth for future pension payments.

Legal Tender

The money that is officially recognized by a government as a valid form of payment that must be accepted for debts.

Commodity Money

Money that has intrinsic value, such as gold or silver, which can serve as a medium of exchange, a unit of account, and a store of value.

Fractional Reserve Banking

A financial system where just a small portion of the deposits at a bank is supported by real cash present and accessible for withdrawal.