Definitions for pet banks
pet banks

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1. Pet banks

   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 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.

How to pronounce pet banks?

1. 

   Alex

   US English

   

   Daniel

   British

   

   Karen

   Australian

   

   Veena

   Indian

How to say pet banks in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of pet banks in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of pet banks in Pythagorean Numerology is: 7

Images & Illustrations of pet banks