This term paper analyzes Jefferson’s stance on constitutionality of a National b-ank. According to this paper what Jefferson was suggesting was not practical and his narrow reading of the constitution if implemented would not have been beneficial in the long run.
- Summary of Jefferson’s opinion
- Criticism of Jefferson’s Stance
- Alex Tocqueville and Jefferson
Reaction Paper/ Economics
The argument over the constitutionality of the National B-ank of the United States led to the conventional interpretations of rigid and flexible interpretation of the Constitution by Jefferson and Hamilton. Jefferson doubted the constitutionality of the B-ank of the United States.
The foundation of Jefferson’s philosophy directly clashed with his fellow freedom fighter Alexander Hamilton. Hamilton secured support with Washington during the War for Independence and turn out to be one of Washington’s friends. The major matter separating the two was the constitutionality of a National Bnk. Hamilton made a case for a well-structured national b-ank could pay off the country’s various debts and give creditors a special pledge in the victory of the country. Jefferson worried a national b-ank would take money from the unfortunate and put it in the hands of the rich. Jefferson was apprehensive that dishonest politicians could get admission to press on their own personal wealth. Despite Jefferson’s worries, Washington supported the establishment of a National B-ank in Philadelphia.
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