Pet Banks was the name applied to certain American State banks selected by the US Treasury Department as places of deposit for Federal funds withdrawn from the Bank of the United States. This practice was in vogue during the period between 1833 and 1836. The banks were chosen, it was said, not because of fitness, but on the principle of the accepted system of granting bank charters, namely, of party fidelity. This gave rise to competition among the Democratic banks and a wholesale granting of charters, which was followed by speculation and inflation of the currency. Research Pet Banks
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Abbreviations
Research Pet Banks
