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- Pet_banks abstract "Pet banks is a pejorative term for state banks selected by the U.S. Department of Treasury to receive surplus government funds in 1833. Pet banks are sometimes mistaken with wildcat banks; however, the two are distinct types of institutions that arose during the same period of time, although some pet banks were known to engage in the practices of wildcat banking. They were chosen among the big U.S. bank when President Andrew Jackson vetoed the recharter for the Second Bank of the United States, proposed by Daniel Webster and Henry Clay four years before the recharter was due. Clay intended to use the rechartering of the bank as a topic in the upcoming election of 1832. The charter for the Second Bank of the United States, which was headed by Nicholas Biddle, was for a period of twenty five years beginning January 1816, but Jackson's distrust of the national banking system (which he claimed to be unconstitutional) led to Biddle's proposal to recharter early, and the beginning of the Bank War. Jackson cited four reasons for vetoing the recharter, each degrading the Second Bank of the United States in claims of it holding an exorbitant amount of power.The term implied that the state banks were controlled by Jackson. By 1833 there were 23 "pet banks" or state banks with US Treasury funds. The term gained currency because most of the banks were chosen not because of monetary fitness but on the basis of the spoils system, which rewarded political allies of Andrew Jackson.Most pet banks eventually lost money and didn't succeed in their investments. The pet banks and smaller "wildcat" banks flooded the country with paper currency. Because this money became so unreliable, Jackson issued the Specie Circular, which required all public lands to be purchased with gold and/or silver. This contributed to the Panic of 1837 where there was a major dip in the economy due to the increased debt created by this banking system.".
- Pet_banks wikiPageID "2047749".
- Pet_banks wikiPageLength "2752".
- Pet_banks wikiPageOutDegree "12".
- Pet_banks wikiPageRevisionID "649053949".
- Pet_banks wikiPageWikiLink Andrew_Jackson.
- Pet_banks wikiPageWikiLink Bank_War.
- Pet_banks wikiPageWikiLink Category:Finance.
- Pet_banks wikiPageWikiLink Panic_of_1837.
- Pet_banks wikiPageWikiLink Pejorative.
- Pet_banks wikiPageWikiLink President_of_the_United_States.
- Pet_banks wikiPageWikiLink Second_Bank_of_the_United_States.
- Pet_banks wikiPageWikiLink Specie_Circular.
- Pet_banks wikiPageWikiLink Spoils_system.
- Pet_banks wikiPageWikiLink United_States_Department_of_the_Treasury.
- Pet_banks wikiPageWikiLink Wildcat_banking.
- Pet_banks wikiPageWikiLinkText ""pet banks"".
- Pet_banks wikiPageWikiLinkText "Pet banks".
- Pet_banks wikiPageWikiLinkText "“pet banks”".
- Pet_banks hasPhotoCollection Pet_banks.
- Pet_banks wikiPageUsesTemplate Template:Citation_needed.
- Pet_banks wikiPageUsesTemplate Template:Refimprove.
- Pet_banks wikiPageUsesTemplate Template:Reflist.
- Pet_banks wikiPageUsesTemplate Template:US-hist-stub.
- Pet_banks wikiPageUsesTemplate Template:Use_mdy_dates.
- Pet_banks subject Category:Finance.
- Pet_banks hypernym Term.
- Pet_banks type Article.
- Pet_banks type Article.
- Pet_banks comment "Pet banks is a pejorative term for state banks selected by the U.S. Department of Treasury to receive surplus government funds in 1833. Pet banks are sometimes mistaken with wildcat banks; however, the two are distinct types of institutions that arose during the same period of time, although some pet banks were known to engage in the practices of wildcat banking. They were chosen among the big U.S.".
- Pet_banks label "Pet banks".
- Pet_banks sameAs m.06hg6d.
- Pet_banks sameAs Q7171567.
- Pet_banks sameAs Q7171567.
- Pet_banks wasDerivedFrom Pet_banks?oldid=649053949.
- Pet_banks isPrimaryTopicOf Pet_banks.