Jefferson Vs Hamilton's Three Part Economic Plan

As a result of the Revolutionary War, the United States had a huge national debt of $12 million owed overseas and more than $40 million owed to Americans. George Washington chose Alexander Hamilton to be his secretary of treasury. Hamilton desired to bring more power to the federal government and less to the states. He made a three-part economic plan including a Report of Public Credit and believed the establishment of the bank would help support it. Thomas Jefferson was secretary of state and he did not agree with the plan at all. Thomas Jefferson opposed Hamilton’s proposal of the bank of the United States because it was “unconstitutional,” Jefferson thought states should charter banks that would issue money and it wouldn’t help the common

He believed the 10th amendment, “all powers not delegated to the U.S. by the Constitution, not prohibited by it to the states, are reserved to the states or to the people,” was a reason the Constitution did not give Congress the power to create a national bank. He also found the other powers of the bank that were not delegated by Constitution such as the power to lay taxes to pay the debts of the U.S. He saw this bill did not pay the debt or lay any taxes. Another is to borrow money but the bill doesn’t borrow money or ensures the ones borrowing it. Also, to regulate commerce with foreign nations such as the states and Indian tribes. To erect a bank, and to regulate commerce are two very different things, Thomas Jefferson

He believed it was convenient, not necessary. One reason was because the three existent banks, Bank of North America, Bank of New York, and the Bank of Massachusetts, would “enter into arrangements for lending their agency to the government.” Hamilton insisted that the existence of the state banks were accidental and that they might end at the will of legislatures, not including the federal government.
Part of making a national bank was to establish a government Mint. Thomas Jefferson made a system where the old currencies would be abandoned and a new financial beginning will begin. Jefferson thought that America needed to have its own identifiable currency and that it should be simple mathematically. The Philadelphia Convention and the federal constitution gave the federal government the right to mint but it did not restrict the private bank issues. Jefferson’s system on coinage was accepted by Congress in May