What happened to the money in the Second National Bank?
Following President Andrew Jackson's famous political war against the Second Bank of the United States and his veto of its recharter bill, federal deposits were systematically withdrawn from the institution and transferred to state-chartered banks known pejoratively as pet banks. Deprived of its federal backing and central banking authority, the Second Bank operated for a time under a state charter in Pennsylvania before ultimately collapsing under mounting debts and economic depressions. Ordinary depositors and noteholders faced prolonged liquidation proceedings, though most noteholders eventually recovered funds as the bank wound down its remaining assets.
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