Such banks distributed nearly worthless currency backed by questionable security (e.g., mortgages, bonds) and were located in inaccessible areas to discourage note redemption. A nickname given to Andrew Jackson by conservatives as an insult after he allowed commons into the white house on the night of his inauguration; they created a mob, wrecking china and furniture and causing Jackson to have to sneak out for his safety. This perpetuated a series of failures by state banks, and the result was a financial panic, which many Americans, particularly those in the west, blamed on the national bank. Start studying APUSH Chapter 13 (The American Pageant). Southern opposition to this tariff and its predecessor, the Tariff of Abominations, caused the Nullification Crisis involving South Carolina. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Wildcat banks were state-chartered financial institutions that operated in the United States from the early 1800s until the American Civil War (1861 – 1865). By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. These “wildcat banks” printed their own versions of the U.S. dollar (bank notes), which were often only redeemable at intentionally remote bank locations to make them hard to exchange for traditional and federal dollar notes, or could be traded for other notes or goods at discounts to face value. This is the classic example of Wildcat Banks that were created thanks to Andrew Jackson’s personal vendetta against the Bank of the United States. 209 people like this. A bill passed by Van Buren in 1837, that divorced the government from banking altogether, and established an independent treasury, so the governemtn could lock its money in vaults in several of the larger cities. texas declared independence in 1836 and Houston forced signed treaty with Santa Ana in 1836, 7th president of the United States, 1829 - 1837. National Bank Act of 1863. It was passed as a reduced tariff to remedy the conflict created by the tariff of 1828, but it was still deemed unsatisfactory by southerners and other groups hurt by high tariff rates. "Wildcat Banks". Pet Banks and Wildcat Banks for kids: The Free Banking Era The twenty-three Pet Banks were state banks that were chosen by Jackson to be deposited with US Treasury funds. You can pay your order by cash on delivery, bank transfer, credit card, and PayPal. (AJ) , The Tariff of 1832 was a protectionist tariff in the United States. Bank of the U.S. failed, cotton prices fell, businesses went bankrupt, and there was widespread unemployment and distress. Third in electoral college votes, but Henry Clay voted for Adams because Crawford had suffered a stroke and was unfit. Jackson issued the Specie Circular to force the payment for federal lands with gold or silver. 27 terms. Tallmadge Amendment. Least amount of popular vote. Wildcat Lending is a leading private money lender in the North Texas area. ridergirl1995. APUSH Chapter 12 - War of 1812. Community See All. E. Putting Things in Order. They were known as wildcat banks for their free lending policies and their issue of paper currency (called specie) that could not be backed up by gold or silver. Service Credit Union Location (603) 868-1425. 27 terms. 1. While every effort has been made to follow citation style rules, there may be some discrepancies. A tariff put forth by Jacksonians in 1828 in order to embarrass John Quincy Adams. Whig. About See All. Such a move, he argued, created a vast conflict of interest that benefited an elite ruling class of politicians and bankers. 7 check-ins. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. 155 Main Street (2,337.41 mi) Durham, NH, NH 03824. Omissions? Many state banks collapsed as a result. Besides the 48 conterminous...…, Bank, an institution that deals in money and its substitutes and provides other money-related services....…. 13. Jefferson believed that it was unconstitutional for the federal government to establish a corporation. Updates? They didn't require collateral for loans so farmers took out loans, bought land, lost money on the land, defaulted on their loans, and then the banks started to fail. A free black man living in South Carolina who led a large slave rebellion in Charleston. Nickname given to Andrew Jackson's cabinet, which was composed entirely of friends of allies that many believed to have snuck in through the kitchen door. WILDCAT BANKS. Voiced the animosity that the south held for the northern states. Seminole leader who was seized while under a flag of truce, elected Vice President and became the 10th President of the United States when Harrison died 1841-1845, President responsible for annexation of Mexico after receiving mandate from Polk, opposed many parts of the Whig program for economic recovery.

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