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Compare And Contrast The Democrats And The Federalists

524 Words3 Pages

The federalists believed in a national bank while the democratic republicans thought the better solution was many state banks. The federalists party was lead by Alexander Hamilton and the republicans by Thomas jefferson. These were the first political parties in the new country.
The federalists wanted to have a national bank runned by the government. Hamilton came up with the idea of a national bank he believed this would allow the government to deposit money that was raised from taxes into the bank. Hamilton proposed that the United States should create a national bank in order to take care of Revolutionary War debt, create a single national currency, and stimulate the economy. They also believed this to be useful for providing loans for government and businesses. Jefferson interpretation the constitution in a way that meant congress couldn't set up a national bank or it would be unconstitutional, However Hamilton pointed out that the necessary and proper clause, part of Article I of the Constitution, allowed for …show more content…

Hamilton and Jefferson debated many times over what was meant by “necessary and proper.” The democratic- republic didn't like the idea of national banks so they came up with the idea of state banks. Jefferson thought that to much control and power given to the government will lead to tyranny. Jefferson once said "I am not a friend to a very energetic government." this means he didn't want the government to contain so much power for instance, a bank that would control all of nation's money. Jefferson believed that each state would have there own bank. This would allow the states to have more control over currency. They would allow people to deposit their own money, the bank would also create their own currency. Hamilton found a problem in this

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After the Revolutionary War, most states went into debt because the finance of the Revolutionary War pushed out the taxes three or four times the level to help wage the war. Most American demanded the relief of high taxes and heavy debt. Alexander Hamilton "instituted a plan to get the brand new nation off on the right foot financially." Hamilton believed in debt because in order to establish credit you must have the ability to borrow in the future. Hamilton also wanted to establish a national bank to unify and stabilize currency called the Bank of the United State.

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