• The Bank War: – Nicholas Biddle: • President of the BUS – 1832 veto: • Jackson vetoes the re-charter of the BUS (BUS would expire in 1836) – Removal of Bank Deposits: • Jackson removed all government deposits from the BUS and placed in state “pet” banks Jackson stated “The bank….is trying to kill me, but I will kill it.” He eventually declared war on it by giving deposits from the Bank of the US to “pet banks.” Basically, Jackson ordered that federal money cease to be deposited in the National Bank and instead be placed in 23 different state banks. Mr. Van Buren had no thought of receding from the policy of the specie circular; on the contrary, he had himself, amidst the very signs of acute and increasing distress, issued a similar order with regard to the transactions of the Post Office. Jackson did not sign off on the rechartering of the bank, so he began moving money out in the hopes that the bank would disappear with out its renewal. The death of the bank left "pet banks" (Jackson's bitches) to hold federal funds, stuff got confusing, and paper money lost its value, since each bank had different currency. Answer Save. "Pet" banks is a pejorative term for state banks selected by the U.S. Department of Treasury to receive surplus government funds in 1833. Key Terms: corrupt bargain; spoils system; Tariff of Abominations; Nullifcation Crisis ... pet banks; Specie Circular; panic of 1837; Alamo; Goliad; San Jacinto, Battle of; corrupt bargain. A brief review of everything important about the Bank War that you need to know to succeed in APUSH. Jackson vetoed the bill on July 10, 1832. John Q Adams Sec of State William Crawford Sec of Treasury Henry Clay Kentucky Andrew Jackson Tennessee . ! [print questions] Answers? Bank War. Study APUSH 9.2 ㅡ 12.2 Flashcards at ProProfs - This is my personal flashcard. Anonymous. Circular and pet banks I sort of got us in the Panic of 1837. Jackson had Secretary of the Treasury Roger B. Taney withdraw the government’s gold from the Second Bank and deposit it in state “pet” banks. Who won the election of 1828? a) Limited Government. Quick Links. The fathers didn't think vetoing was such a great idea, because you would most likey be hurting people instead of helping them. I had to deal with the Tariff of Abominations and the Nullification Crisis against John C. Calhoun. Thanks for watching! True to founder TJ's beliefs, loved states' rights, made up of lower classes (mostly farmers), mostly people of West & South. Cram.com makes it easy to get the grade you want! Cram.com makes it easy to get the grade you want! Andrew Jackson and the Bank War: The War and the Removal of Deposits to the 'Pet Banks' 45. The Bank War was the name given to the campaign begun by President Andrew Jackson in 1833 to destroy the Second Bank of the United States, after his reelection The “bank war” escalated into an all-out political battle. In the satirical bank note mocking pro-Jackson pet banks, list at least three distinct visual symbols that identify the worthless note with Jackson and his policies. Democratic Party: Formed by Jackson in opposition to the Bank of the United States. b) John C. Calhoun. Among other functions, the private bank issued paper money, completed commercial transactions, and collected government tax revenues as well as lent money to the government. Examples: Bonus bill veto, Jackson’s end of Second BUS, pet banks, Tariff of Abominations . 1607 -1754 3. Favorite Answer. He also thought everything should be for the people. Answer: Jacob will soon be asking another question: "Do you want fries with that?" 43.!Election!of!1832/Jackson/Clay! The opposition were unable to obtain get enough votes to pass it over his veto. Wildcat bank, unsound bank chartered under state law during the period of uncontrolled state banking (1816–63) in the United States.Such banks distributed nearly worthless currency backed by questionable security (e.g., mortgages, bonds) and were located in inaccessible areas to discourage note redemption. APUSH PRESIDENTS REVIEW ANTEBELLUM PERIOD . Study Flashcards On APUSH Unit 3 Test at Cram.com. The Hickory leaf, a donkey, and "Cunning Reuben." APUSH American History I - U3-25: King Andrew Question Preview (ID: 53863) Socailstudiesgames.us Or Socialstudiesgame.net. Play games to get them! Nullification Crisis: - Andrew Jackson – Tariffs ... Second Bank of the U.S.: - Nicholas Biddle - Control over economy - Politics - Wall Street - Hard Money people like Jackson - Election of 1832 - Henry Clay - Jackson’s Dilemma - Pet Banks - Panic of 1837 - Land Speculation - Distribution Bill - Specie Circular - Locofocos . 1890 -1945 8. The banks started to create and issue their own bank notes. A brief review of everything important about the Bank War that you need to know to succeed in APUSH. The bank, which was jointly owned by the federal government and private stockholders, was a nationwide commercial bank which served as the bank for the federal government and operated as a regular commercial bank acting in competition with state banks. Jackson passed Specie Circular: required all public lands to be purchased with metallic money. Which of the following should NOT be associated with the Compact Theory? 8 years ago. Term for the apparent deal made between John Quincy Adams and Henry Clay to have the election be decided by the HoR, which would be in Adams' favor. Jackson vs. Bank & Biddle; Jackson begins taking out funds and putting them into pet banks, successfully "killing" the bank; leads to fluctuation in economy and eventual panic; Jackson believed the Bank of US had too much power and was too rich. What was the historical significance of pet banks? The bank war, therefore, became one of the issues of the election of 1832. c) John Quincy Adams. Relevance. Key Terms: "Self-Reliance" rendezvous ecological imperialism Ancient Order of Hibernians Molly Maguires Tammany Hall Know-Nothing party The Bank of the United States was a central bank proposed by Alexander Hamilton and established in 1791. 1800 -1848 5. d) Henry Clay. Martin van Buren (1837-1841): I was a Democrat, but thanks to Jackson I suffered from the Panic of 1837 and depression. Georgia, Bank War, Pet Banks, Panic of 1837, Election of 1836, Martin Van Buren, Second Party System (Whigs vs. Democrats), Texas Independence, Lonestar Republic, Election of 1840 Textbooks: Kennedy- American Pageant Chapter 13 Brinkley- American History Chapter 9 Henretta- America’s History Chapter 10 CLICK BELOW TO WATCH THE VIDEO IN HD With the death of the national bank came the death of economic stability in America and lasted for five grueling years. 1 Answer. When Jackson put the deposits in pet banks, it destabilized the financial system and ultimately led to a recession and the Panic of 1837. They were also named "Wildcat Banks". 3. "pet" banks. Quickly memorize the terms, phrases and much more. deposits to be removed from the First Bank and be distributed to state banks (pet banks) force bill Jackson's theory to use the navy and military … Pet Banks were the banks created by Andrew Jackson within the states. Use of the pet banks contributed to a national financial panic that year. A bill was passed by Congress re-chartering the bank. Question: What is the historical significance of the fact that Jacob expects other people to do his homework for him so he can cheat and not learn anything? Example Definition/Description Significance to the Thesis . Quickly memorize the terms, phrases and much more. The pet banks had gone down with the rest, and it was necessary that the government should secure its revenues. Jackson ordered fed. Bank of the United States: North's main spokesperson: Daniel Webster: The common man's party. 1491 -1607 2. 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. Jackson’s opponents in the Senate passed a resolution censuring the president for acting independently of Congress, although Jackson ultimately won out. a) Andrew Jackson. PET BANKS. Please do not come. PET BANKS. Connecting with the Past, Election of 1832, Henry Clay!, Nicholas Biddle, Pet Banks, Review, The Bank War, US History Leave a reply. Jackson put theses funds in multiple pet banks, which caused smaller “wildcat” banks to form. 41.!!King!Andrew!Jackson!I!(seepolitical!cartoon!p.!373)!! APUSH. 1844 -1877 6. 1824-1840 American Pageant (Kennedy)Chapter 13 American History (Brinkley) Chapter 9 America’s History (Henretta) Chapter 10 AGE OF JACKSON Election of 1824 will formally put an end to the Era of Good Feelings Candidates of 1824: All four claimed to be Republicans! 1945 -1980 9. This led to the economic Panic of 1837 5. APUSH Periods 1. Ultimately, those who advocated for the bank were right in the end. 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