In Jefferson’s opinion on the constitutionality of a National B-ank was questionable because: (Jefferson, 1791)They are not among the powers specially listed in the constitution; for these are A power to levy taxes for the function of paying debts of the United States; but according to Jefferson no debt could be paid by paid by this legislation and neither any tax could be levied. He also questions the legislation does not borrow any money: “But this bill neither borrows money nor ensures the borrowing it. . .” (Jefferson, 1791; 262)
according to Jefferson regulating commerce was not the job of a b-ank and that creating a b-ank would not serve this purpose. To “regulate commerce with foreign nations, and among the States with the Indian tribes.” (Jefferson, 1791; 262-263)
The constitutionality was further questioned by Jefferson because he did not favor the idea of taxing people this though would lead to a creation of an aristocracy instead of a democracy. In addition he questioned: “to make all laws necessary and proper for carrying into execution the enumerated powers.” (Jefferson, 1791; 264)Commenting a b-ank was really not needed or necessary therefore the constitution did not authorize a National B-ank. He further thought that the Constitution was very clear that “all powers not delegated to the United States, by the Constitution, nor prohibited by it to the States, are reserved to the States or to the people.” (Jefferson, 1791; 265)Therefore according to him anything going beyond the strictest interpretation and application of the constitution would lead the Congress to exercise corruption power not hampered by anything. In his opinion the existence of a b-ank, and the influence implicitly implied by this bill, were not, given to the United States, by the Constitution.