Andrew Jackson's 'Pet Banks' were:
Show answer and explanation
Correct answer: State-level banks where federal funds were deposited after being removed from the National Bank
To ensure the Second Bank of the United States died before its charter expired, Jackson had his Secretary of the Treasury deposit federal revenue into various loyal state banks. These banks often engaged in reckless lending, contributing to the economic instability of the late 1830s.
Keep practicing
More Jacksonian Democracy and Populism questions
- The 'Corrupt Bargain' of 1824 refers to the alleged political deal between which two figures?
- Which of the following was a primary characteristic of Jacksonian Democracy?
- What was the fundamental goal of the 'Spoils System' as practiced by Andrew Jackson?
- The Nullification Crisis of 1832-1833 was sparked by Southern opposition to which federal policy?
- Andrew Jackson's veto of the Maysville Road Bill (1830) demonstrated his belief that:
- In the case Worcester v. Georgia (1832), the Supreme Court ruled that: