State banks used by Andrew Jackson for new revenue deposits in an attempt to destroy the national bank were known as what?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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The term that you are looking for here is “pet banks.”  This is a term that is typically used to refer to the banks that Andrew Jackson and Roger Taney used as repositories for federal funds that were taken out of the Bank of the United States.  By taking these funds out of the Bank of the United States and putting them in the pet banks, Jackson hoped to destroy the Bank of the United States.

Jackson believed that the Bank of the United States was an institution that was run by elites for their own benefit.  He believed that the Bank of the United States hurt the common people and helped the elites.  Because of this, he wanted to destroy it.  One of the means he chose for this was taking federal deposits out of the bank.

Jackson wanted to withdraw the money badly enough that he ousted his Secretary of the Treasury, Louis McLane.  He did so because McLane opposed removing the money.  Jackson then appointed Roger Taney as Secretary of the Treasury since Taney was willing to remover the money from the Bank of the United States.  Jackson and Taney put the money in 23 state banks.  They came to be called “pet banks” because the idea was that Jackson chose them because they were run by political allies of his.

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