Relevancy: Biddle, Veto, Pet Banks, and specie circular

Not many people graduate from Princeton at the age of fifteen; however, Nicholas Biddle accomplished this unthinkable feat. Biddle, who studied law at Princeton, played an instrumental role in the Banks of the United States. He reorganized the second bank of the United States, and prepared a "commercial digest" of trade regulations and laws of the different nations in the world. After years passed, The "Bank War" began when seventh President Andrew Jackson began criticizing the Bank. Biddle, at the urging of Bank supporters, upped the ante when he applied for the Bank's re-charter. In the end, President Jackson decided to veto the bill and to re-charter the bank. Specie circulation was the payment for the purchase of public lands made solely in gold or silver. In an effort to curb excessive land speculation, Jackson directed “pet” banks, which were created for deposits that were intended for the state bank, and other receivers of public money to accept only specie as payment for government-owned land after Aug. 15, 1836.


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