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Compare And Contrast Whig And Federalists

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I believe that the Federalist/National Republican/Whig parties are the most beneficial for our nation. They believed in a very strong central government, protecting our freedom, and focusing on infrastructure, and these beliefs helped us make strides in becoming a stable nation. Although they primarily focused on having only the wealthy and elite citizens be in positions of power, many of their politics, such as the National Road, benefited our country in the long run; the Democratic-Republican party claimed to advise the common people, yet led to the opposite through economic crisis, especially when they got rid of our National Bank. The Federalist/National Republican/Whig parties played an essential role in shaping our early nation by fostering …show more content…

The National Bank also helped fund infrastructure projects, facilitating more westward expansion and significant economic growth. Using this National Bank, we could put out a 15-year bond and purchase Louisiana Territory. Under Thomas Jefferson’s rule, they expired the National Bank in 1811, before the bond reached its end, and now they have little funds for the bond and no funds for the military. The Jeffersonian-Republicans expired the National Bank because they believed that it gave the government too much power and that it was taking away the rights of the states. To Thomas Jefferson, this went against his belief in a less involved government and autonomy for the common people and their states. If the Jeffersonian-Republicans maintained the National Bank that the Federalists created, they would not have to create a second National Bank to pay off their 15-year bond (Troubles 1). I believe that if we had not expired the Federalist’s National Bank, we would not have had to create a second bank, and therefore, we would not have gone into the Trade War, the creation of Western Catipillar banks, and the eventual panic of

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He promoted assumption of the states debt, which in turn, chained the states to the federal government and shifted the attachment of wealthy creditors. Though despite southern states protest, that it was unfair that some states received a free pass, since many of them had already paid their debt off, Hamilton’s plan was still approved. Hamilton went on to propose and create the Bank of the United Sates, The federal government ended up owning one-fifth of the bank, allowing them to control large sums of money, with little room for opposition on how and where it went. Despite Jefferson argument that there was no authorization in the constitution for such an economic octopus, Hamilton argued that the bank was not only necessary but also proper. This is turn evolved the theory of loose construction by invoking the elastic clause of the constitution- a model for enormous federal

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652 Words | 3 Pages

The institution would be funded by the federal government. Since the Bank of the United States would own millions of new U.S. bonds, its strength and federal government would correlate. Because of the guarantee of the National Bank and Government, the funds deposited into the bank would remain same value while in circulation. In addition, he suggests that America should develop its own industries such as textile mills for economic support. Contrary, Jefferson disagreed with Hamilton’s ideas and decided that Americans should not completely rely on Textile Mills and manufactures as it would force people to move from the countryside and into the inner

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636 Words | 3 Pages

All these measures have strengthened the power of the federal government at the expense of states. Jefferson and his political allies opposed these reforms. Francophile Jefferson feared that the Bank of the United States would represent too much English influence and he maintained that the Constitution did not give Congress the power to establish a bank. He does not believe that the promotion of manufactured goods is as important as the support of the agrarian base already established. Jefferson judged "those who work in the land" the "chosen people of God. . .

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171 Words | 1 Pages

Even before the Constitution there was serious debate about a national bank being constitutional. For Thomas Jefferson, James Madison and Alexander Hamilton they had different interpretations of if a national bank is included in the constitution. Hamilton believed the national bank would be the governments chiefs fiscal agent, making it simple to collect taxes, and make payments on loans it would provide national currency, and a source of capital for financing. In contrast Jefferson felt strongly that the bank would conflict with state laws, and Madison argued that the bank proposal was unconstitutional. Other imposing factors included that the American national bank would create corruption.

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157 Words | 1 Pages

The Bank of the United States was a necessity that our nation could not do without because it created a national currency, created new money through borrowing, and expanded the national economy. The bank would be the capstone of Alexander Hamilton 's financial plan. His plan was for the states debts and federal debts all be assumed by the federal government under the impression that it would bring the states closer to the national government. The willingness of the American people to repay their debts drew the attention of foreign investors. While the first part of Hamilton 's financial plan was successful, many people were still opposed to the idea.

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However, the Louisiana Purchase created an additional 15 million dollars to the US National Debt, and this debt was one that the United States could not afford. To fix the problem of the National Debt, Jefferson, who had previously said in Document C that “The incorporation of a bank, and the powers assumed by this bill, have not, in my opinion, been delegated to the United States, by the Constitution”, used Alexander Hamilton’s idea of using the National Bank to pay of the debt. Jefferson, going against the very opinion he stated of the National Bank not being Constitutional, used the National Bank to pay off most of the debt, which went against Republican belief on the lessening of taxes the people and also the prevention of a creation of a National Bank. In Document J, Jefferson asks permission from congress to send an expedition group to explore the Louisiana territory that he bought extra-constitutionally. Congress now had no choice but to deal with a matter that they had no decision in prior to it.

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Thomas Jefferson believed that creating a national bank gave too much power to the federal government and was extremely unconstitutional, while Alexander Hamilton stated the “Elastic Clause” and classifying the bank as necessary and proper for the people of our nation. In the Battle of the

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The creation of the first bank in the United States prompted a political debate which started in 1791, and went on in the following years. Hamilton’s plan foresaw a bank provided with special powers and privileges, which gave birth to a wide opposition. Although Hamilton 's idea continues to exist in today’s economic environment, at that time his proposal was met with widespread resistance from individuals such as James Madison and Thomas Jefferson, who considered the creation of a federal bank as unconstitutional. Following to a broad interpretation of the Constitution, Hamilton argued that in order to have an effective bank, Congress should be provided with all the powers required. Jefferson disagreed with Hamilton, and claimed that the establishment of such a bank was not consistent with the powers that the Constitution granted to Congress.

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The problems America faced were whether or not to establish a national bank or state banks, whether to focus on an agricultural economy or an industrial economy, and finally, how to deal with state debt. On his cabinet, Washington had the best federalist, Alexander Hamilton, and democratic-republican, Thomas Jefferson. In 1791, whether or not to install a national bank was a topic. Thomas Jefferson believed in the strict interpretation of the Constitution and argued that instilling a national bank was unconstitutional. The power to choose should have belonged to the state governments (Doc C).

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636 Words | 3 Pages

Part of Hamilton’s Plan was to create a national bank for the United States. It was modeled after the Bank Of England. The objective of the bank was to collect taxes, hold government funds, and make loans to the government and borrowers. However, as Thomas Jefferson and James Madison has strictly interpreted the Constitution, it did not allow or give power to congress or the federal government to create a national bank.

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Hamilton 's monetary course of action for the nation included working up a national bank like that in England to keep up open credit; cementing the states ' commitments under the focal government; and initiating guarded tolls and government enrichments to empower American makes. These measures fortified the administration 's vitality to the hindrance of the states. Jefferson and his political accomplices limited these progressions. Francophile Jefferson expected that the Bank of the United States addressed an inordinate measure of English effect, and he battled that the Constitution did not give Congress the capacity to set up a bank. He didn 't assume that propelling produces was as basic as supporting the authoritatively settled agrarian base.

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Alexander Hamilton wanted to create a national bank to pool all of the country’s debt together. This would be beneficial because the bank would be able to collect taxes, create one currency, and make loans. This grew into a problem because a national bank was not mentioned in the Constitution. Thomas Jefferson especially opposed the National Bank, and made a statement that declared “It [gave it] the sole exclusive right of banking under the National authority … [was] against the laws of monopoly … to [grant it] a power to make laws [superior] to laws of states … [is wrong]” (Document 2). It started to become controversial because many people interpreted the Constitution differently.

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331 Words | 2 Pages

The two parties were the Republicans and the Federalists. The Republicans hoped government took a lesser approach to everyday life. Its individualistic perspective includes living in moderation, be tough, don’t spend more than you have to, and be honest. These lofty goals and ambitions were reasonable in the late 1700’s, early 1800’s, however, now most

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961 Words | 4 Pages

The need for a national bank was very much so necessary. Hamilton also convinced president Washington to sign the bank bill by his lengthy report that stated: “This criterion is the end, to which the measure relates as a mean. If the end be clearly comprehended withan any specified powers, collecting taxes and regulating the currency, and if the measure have an obvious relation to that end, and is not forbidden by any particular provision of the constitution, it may safely be deemed to come with the compass of national authority.”

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Jefferson and the Democratic-Republicans were strict constructionists who believed that if the Constitution didn’t allow something, it was forbidden. Hamilton and the Federalists were loose constructionists who believed that if the Constitution didn’t forbid it, it was allowed. He explained his loose constructionist views in “Hamilton’s Opinion as to the Constitutionality of the Bank of the United States,” saying, “If the end is clearly found within any of the specific powers, and if the law has an obvious relation to the end, and it is not forbidden by any particular provision of the Constitution, it may safely be deemed to come within the compass of the national authority.” The National Bank held money for the nation, funded the government, and put private and public money together for a capital pool. Hamilton liked the National Bank because it loaned money to

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