Jackson cited four reasons for vetoing the recharter, each degrading the Second Bank of the United States in claims of it holding an exorbitant amount of power.
[2] These reasons for vetoing the recharter were centered around Jackson's belief in his role as the representative of the common man.
[7] The institution of these pet banks led to a huge increase in land speculation, mainly due to the managers' inability to effectively handle and control the nation's money.
Because this money became so unreliable, Jackson issued the Specie Circular, which required all public lands to be purchased with gold and/or silver.
Eventually, the way that all of the government's funds were spread throughout the country because of pet banks made it so that it was near impossible to mobilize the remaining money in the specie reserves, which were the reserves of gold and silver created by the Specie Circular.