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05-12-2019
History

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What did Jackson do with the federal funds that he ordered withdrawn from the Second National Bank of the United States?

A) He distributed the money equally among state banks.

B) He deposited the money in ”pet banks.”

C) He used the money to establish the Social Security program.

D) The money was deposited in the Bank of Congress.

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05-12-2019

Answer:

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. ... Jackson did not emerge unscathed from the scandal.

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