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Hamilton Pros And Cons

856 Words4 Pages

Asia Pratka
The first President of the United States, George Washington, and the first Congress set out to create a new banking system for the United States to help its taxing and spending powers become more fluid. Could the federal government create a National Banking system? Twenty-eight years later, McCulloch v. Maryland established the constitutionality of the necessary and proper clause through the Supreme Court. However, was the Supreme Court the right venue to decide if the necessary and proper clause instituted by Congress is constitutionally liberal or expressed, or should "We the People" have the decision? Yes, the Supreme Court was the correct venue to answer this question because of the founding documents, arguments between the …show more content…

Alexander Hamilton was present at the Constitutional Convention, where he had made claims, that ultimately failed, for a National Bank to be included in the Constitution. After the United States was born, Hamilton believed that the U.S. was headed towards an industrial and commercial society. Where the housing of its money should be by the federal government. Thus, the creation of a bank would be necessary to allow for Congress to borrow and lend money with other countries. An industrial nation would need outside funds to be successful. He believed that the Congress should understand the necessary and proper clause as a tool to execute its enumerated power, such as taxing and spending. He believed this to be true because it was listed in Article One, Section Eight, where Congress' expressed powers lie. Jefferson on the other hand, believed that the U.S. was headed to an agrarian society, where a National Bank would be unnecessary for Congress to create. He interpreted the Necessary and Proper clause to allow Congress to do only what was necessary and nothing more. He believed that the Necessary and Proper clause does not give Congress the power to assume any powers that are not enumerated by the Constitution. After the deliberations over the National Bank ended, Washington agreed with Hamilton and the creation of a National Bank. The bill was signed by the President and became

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During the debate between Hamilton and Jefferson regarding the Bank of the United States, both used the elastic clause (Article 1, Section 8, clause 18) and the tenth amendment in the preamble as justification to their positions. When Alexander Hamilton presented his Report on a National Bank to Congress, he had specific proposals in his plan for his bank, which is what caused a great rift between Hamilton and Jefferson. The main proposals Hamilton had that was refuted by Jefferson were based along the lines of the worth of the bank's stock, the shares sold at a pricing of $400 per share, how the bank would be run by its elected board, and its ability to establish offices in other cities. The reasoning as to why Jefferson was so opposed to

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This included the idea of a single currency and having that throughout the U.S. as a way to make things simpler and more efficient (Digital History). This was something Jefferson did agree with saying “It may be said that a bank, whose bills would have a currency all over the states, would be more convenient than one whose currency is limited to a single state (Thomas Jefferson-University of Virginia Press).'' The only problem that Jefferson had with this was that banks would also control people's loans and control their credit. Jefferson thought this would only cause financial corruption throughout the U.S. He felt this would only undermine the state banks that were in order and create a “financial monopoly” only benefiting foreign interests and the wealthy.

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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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Alexander Hamilton, a late 18th-century politician, was a major supporter of the National Bank. The National Bank is a bank that facilitates daily transactions and collects tax revenue for the federal government. In the 1790s, there were two distinct sides to this debate: the Hamiltonians and the Jeffersonians. The Hamiltonians, in alignment with Hamilton’s beliefs, believed in a looser interpretation of the Constitution, while the Jeffersonians believed the opposite, in alignment with Thomas Jefferson’s beliefs. Ultimately, this debate ended in 1819 when the Supreme Court ruled the National Bank constitutional in the McCulloch v Maryland case.

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He successfully argued for the assumption of state debts by the federal government and the establishment of the first national bank – a private, but partially government-owned institution. He firmly established the principles of financial trading. Due to his efforts, the creditworthiness of the United States was restored. Hamilton’s accomplishments as Treasury Secretary were not achieved without a struggle. His congressional opponents tried to exhaust him by demanding detailed reports on the workings of the treasury department with incredibly short delivery dates.

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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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Hamilton wanted to create public credit with a treasury system, a national bank, a mint, and increase manufacturing which would help unify the country. On the other hand, there was Jefferson, who opposed a strong central government. He argued that the “wealthy would gain at the expense of ordinary Americans and that Hamilton’s political economy would corrupt the morality of citizens and undermine the social conditions essential to republican government”(Powerpoint). The country would opt for an approach closer to Hamilton’s views. One of the first acts was the National Banking Act.

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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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Maryland remains as one of the United States Supreme Court’s most important decisions and was the very first case in which the Court applied the Necessary and Proper Clause. By establishing the doctrine of implied powers, this decision helped eliminate the need for many amendments that attempted to expand congressional powers. It also enhanced the importance of explicit restraints on congressional powers such as those found in the Constitution and the Bill of Rights (McCulloch v. Maryland, 2014). The case of McCulloch v. Maryland presented the Court with two questions: Did Congress have the authority to incorporate a bank, and was it constitutional to impose a state tax upon such a bank? The answer to the first question, according to Chief Justice Marshall, was yes and to the second was no.

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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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