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    #1

    pet banks

    Dear all,

    How should I understand "pet banks" underlined in the sentence below?

    Thanks in advance.

    Eartha

    So in 1832, Jackson vetoed a bill that would have extended the charter of the Bank past its 1836 expiration date. He also withdrew the federal government’s money from the Bank and deposited it in “pet banks” chartered by various states. In July 1836, Jackson delivered another financial body blow by issuing the “Specie Circular,” or Coinage Act. It decreed that the federal government would accept payment for public lands in gold or silver coin only. Jackson’s idea was to end rampant speculation and inflationary practices spurred by banks that printed notes.

  1. charliedeut's Avatar
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    #2

    Re: pet banks

    Quote Originally Posted by Eartha View Post
    Dear all,

    How should I understand "pet banks" underlined in the sentence below?

    Thanks in advance.

    Eartha

    So in 1832, Jackson vetoed a bill that would have extended the charter of the Bank past its 1836 expiration date. He also withdrew the federal government’s money from the Bank and deposited it in “pet banks” chartered by various states. In July 1836, Jackson delivered another financial body blow by issuing the “Specie Circular,” or Coinage Act. It decreed that the federal government would accept payment for public lands in gold or silver coin only. Jackson’s idea was to end rampant speculation and inflationary practices spurred by banks that printed notes.

    Hi Eartha,

    "Pet" here is meant to indicate "smaller", "local" (charetered by the states), as opposed to the federal Bank.

    Hope it helps.

    Greetings,

    Charliedeut

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