16. What effect did pet banks & wildcat banks have on the country’s economy?
Pet banks and wildcat banks had en effect on the country’s economy. Without a central bank in control, the pet banks and smaller “wildcat” banks flooded the country with paper money. Hardship was acute and widespread; American banks collapsed by the hundreds, including some “pet banks,” which carried down with them several millions in govternment funds; commodity prices drooped, sales of public lands fell off, and customs…
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