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Article: Pet Banks

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PET BANKS

PET BANKS. An attempt by President Andrew Jackson to eliminate the Bank of the United States resulted in the rise of seven "pet banks, " state banks that received deposits of federal money on 1 October 1833. Use of the pet banks contributed to a national financial panic that year. By the end of 1836, there were ninety-one of these "pet banks, " so called by those opposing Jackson's fiscal policy. These banks issued notes far ...

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