The Pet Banks in Jacksonian Politics and Finance, 1833–1841

In September 1833, Andrew Jackson issued an executive order ending deposit of Federal funds in the Bank of the United States, which had been the government depository since 1817. The culmination of Jackson's long struggle with the Bank and its friends in Congress, this measure closed a chapter in the political history of the era. To the conservative Jacksonians, “victory over the Bank of the United States was a consummation” that freed the state banks and business enterprise from the control of a powerful and despised institution. To the radical, hard-money faction of the Democratic party, however, “removal of the deposits” (as the order was popularly termed) was merely a first step toward more fundamental reform—elimination of the monetary disturbances that they attributed to reliance on bank paper for the currency of the country. Because of this divergence of views, partisan and factional disputes over Jacksonian financial policy did not cease with victory over the Bank. Central to the continuing debate was the relationship of die Treasury Department to the group of state-chartered banks, usually called the “pet banks,” in which Federal funds were deposited after September 1833. My purpose here is to review Treasury operations in die period 1833–1841, to suggest the political role of die pet banks and the economic impact of financial policy in die administrations of Jackson and Van Buren

Currency · Economic history · Economics · Financial system · Monetary economics · Order (exchange · Political science · Politics · State (computer science · Treasury · Victory · American Constitutional Law and Politics · Economic Theory and Policy · Economic, financial, and policy analysis · Finance · Law

• The Specie Circular and Sales of Public Lands

  Open Access•Richard H Timberlake•The Journal of Economic History•1965

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• Jacksonian Ideology, Currency Control and Central Banking

  Open Access•Larry Schweikart•Historian•1988

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• Old Hickory's Nephew

  John M Belohlavek, Mark R Cheathem•The Journal of Southern History•2008

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• Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837

  Open Access•Peter L Rousseau•The Journal of Economic History•2002

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• The Commercial Bank of Lake Erie, 1831–1843

  Open Access•Harry N Scheiber•The Business History Review•1966

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• The Myth of Class in Jacksonian America

  Open Access•William E Gienapp•Journal of Policy History•1994

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• Secretary Taney and the Baltimore Pets

  Open Access•Frank Otto Gatell•The Business History Review•1965

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• Robert John Walker a Politician from Jackson to Lincoln

  James P Shenton•Robert John Walker•1961

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• Erastus Corning

  Wheaton J Lane, Irene D Neu•The Mississippi Valley Historical…•1961

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• Jacksonian Democracy in Mississippi

  James P Shenton, Edwin A Miles et al.•The Mississippi Valley Historical…•1961

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• Andrew Jackson and North Carolina Politics

  Elizabeth Gregory Mcpherson, William S Hoffmann•The Mississippi Valley Historical…•1959

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• James K. Polk, Jacksonian, 1795-1843

  Norman A Graebner, Charles Sellers et al.•The Mississippi Valley Historical…•1957

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• The Molding of American Banking

  George L Anderson, Fritz Redlich•The Mississippi Valley Historical…•1947

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• Old Bullion Benton

  Nannie M Tilley, William Nisbet Chambers•The Journal of Southern History•1957

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• Arkansas and the Money Crisis of 1836-1837

  Ted R Worley•The Journal of Southern History•1949

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• Andrew Jackson and North Carolina Politics

  Charles Sellers, Charles Grier Sellers et al.•The Journal of Southern History•1959

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• The Coinage Legislation of 1834

  Paul M O'Leary•Journal of Political Economy•1937

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• The Specie Circular and Distribution of the Surplus

  Richard H Timberlake, Richard H Timberlake Richard H Timberlake•Journal of Political Economy•1960

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• The Locofocos

  Open Access•Carl N Degler•The Journal of Economic History•1956

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• Sources of Monetary Disturbances in the United States, 1834–1845

  Open Access•George Macesich•The Journal of Economic History•1960

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• The House of Baring in American Trade and Finance

  R G Hawtrey, Ralph W Hidy•The Economic Journal•1953

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• The Molding of American Banking

  N S B Gras, Fritz Redlich•The Economic History Review•1948

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