After the Second National Bank was dissolved by President Andrew Jackson, the money was primarily given to state banks. Jackson's administration withdrew federal funds from the Second Bank and redistributed them among various state-chartered banks, known as "pet banks." This move was one of the factors that contributed to the economic instability and eventual recession that followed. So, the correct answer is: It was given to state banks.
What happened to the money in the Second National Bank after the bank was dissolved by President Jackson?
It was lost in a recession.
It was returned to its owners.
It was given to state banks.
It was given to common people.
1 answer