What problem did Jackson's "pet banks" create?

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asked Jul 8, 2022 179k views

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Jmyster · Answer 1 · 2022-07-15T01:21:59+0000

The pet banks and smaller "wildcat" banks flooded the country with paper currency. Because this money became so unreliable, Jackson issued the Specie Circular, which required all public lands to be purchased with gold and/or silver.

What problem did Jackson's "pet banks" create?

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