USA HISTORY

Detailed explanation-1: -The Bank War was the political struggle that ensued over the fate of the Second Bank of the United States during the presidency of Andrew Jackson. In 1832, Jackson vetoed a bill to recharter the Bank, and began a campaign that would eventually lead to its destruction.

Detailed explanation-2: -PET BANKS. 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. Use of the pet banks contributed to a national financial panic that year.

Detailed explanation-3: -Bank War, in U.S. history, the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States, over the continued existence of the only national banking institution in the nation during the second quarter of the 19th century.

Detailed explanation-4: -On September 10, 1833, Jackson removed all federal funds from the Second Bank of the U.S., redistributing them to various state banks, which were popularly known as “pet banks.” In addition, he announced that deposits to the bank would not be accepted after October 1.