The Second Bank started in 1816, as a replacement to the First Bank of the United States, and the charter had expired in 1811. In 1832, Jackson had vetoed a bill that asked for an early renewal of the Second Bank’s charter, the renewal was still possible when the charter expired in 1836. So to prevent that from happening, he decided to get rid of the bank’s economic power. Jackson said that, starting October 1, 1833, federal funds wouldn’t be deposited in the Bank of the US. So, he began putting them in many state banks; by the end of 1833, 23 “pet banks” had been
The Second Bank started in 1816, as a replacement to the First Bank of the United States, and the charter had expired in 1811. In 1832, Jackson had vetoed a bill that asked for an early renewal of the Second Bank’s charter, the renewal was still possible when the charter expired in 1836. So to prevent that from happening, he decided to get rid of the bank’s economic power. Jackson said that, starting October 1, 1833, federal funds wouldn’t be deposited in the Bank of the US. So, he began putting them in many state banks; by the end of 1833, 23 “pet banks” had been