I'm not sure why the fevered speculation in State banks after Jackson dissolved the Central Bank wouldn't have played a factor.
A case could be made that depression could very well have been avoided or at least mitigated had Jackson not dissolved the Bank in favor of his "agricultural republic".
Well, the case has been attempted, and has failed. There was no “fevered speculation” in state banks-—and by the way, almost all of the state banks wrote petitions SUPPORTING the re-chartering of the BUS, suggesting they hardly wanted it gone so there could be “fevered speculation.” Far from there being “inflation” after 1833, there was deflation. Temin proved this, so did Timberlake, so did my research in Southern Banks from 1804-1836. You are thinking about the “free banking” speculation of the later 1840s, which Hugh Rockoff and Rolnick and Webber proved was entirely the result of extremely badly written state laws, and that once the laws were fixed, the free banks proved very healthy. There was no more banking weakness at all until after the Civil War. As Calomiris and I showed in 1990 on our article on the Panic of 1857, the Panic of 57 was ENTIRELY the result of the instability caused by the Dred Scott decision and had nothing to do with bank weaknesses.