History of the United States I / Unit 10 USH1 1384 short lesson, about 20 seconds
Pet Banks
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The idea
In eighteen thirty-three the president removed the federal deposits from the national bank and placed them in state banks.
In practice
Institutions his opponents called pet banks, chosen for political loyalty.
Where people slip
Biddle retaliated by restricting loans and reducing the money supply, which turned a political fight into a credit contraction.
Your place on the trail
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