ipl-logo

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

Show More
Related

Alexander Hamilton And Thomas Jefferson: First National Bank Of The United States

333 Words | 2 Pages

Both Alexander Hamilton and Thomas Jefferson had different opinions on how the First National Bank of The United States should be set up and if it goes by what is stated in the Constitution, which led to an argument between federalist and antifederalist in 1791. Federalist, Alexander Hamilton, was a strong believer in the development of a strong central government and broad a interpretation of the Constitution. On the other hand anti-federalist, Thomas Jefferson, was convinced that the government should have to undergo a strict interpretation of the Constitution and that the government shouldn't interfere, more than needed to, in the lives of the American people. Hamilton recommended that the government should in fact make the Bank of the

Read More

The Controversy Between Hamilton And Jefferson Regarding The Bank Of The United States

369 Words | 2 Pages

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

Read More

Discuss Hamilton's Economic Plan And Why Were His Economic Policies So Controversial?

668 Words | 3 Pages

Hamilton decided that all the debts should be paid at face value, in hopes of taking them from the States and putting them in a new National Bank. Hamilton’s fellow workmates, Madison and Jefferson, did not believe Hamilton had the right to create a National Bank. Hamilton, then stated that his Bank would be covered by the "Necessary and Proper" Clause. This was a very loose interpretation of the Constitution, was supported by Federalists. Being Democratic Republicans, Jefferson and Madison agreed with a strict interpretation of this clause for a weak government.

Read More

How Did Hamilton Believe In Debt

165 Words | 1 Pages

After the Revolutionary War, most states went into debt because the finance of the Revolutionary War pushed out the taxes three or four times the level to help wage the war. Most American demanded the relief of high taxes and heavy debt. Alexander Hamilton "instituted a plan to get the brand new nation off on the right foot financially." Hamilton believed in debt because in order to establish credit you must have the ability to borrow in the future. Hamilton also wanted to establish a national bank to unify and stabilize currency called the Bank of the United State.

Read More

The Great National Bank Debate Between Thomas Jefferson And Alexander Hamilton

1512 Words | 7 Pages

The Great National Bank Debate was an argument between Thomas Jefferson and Alexander Hamilton about if a national bank should be established for the U.S. This would be decided by George Washington. Alexander Hamilton thought the national bank would be great for U.S. trade and it would give a central place for financial actions. This bank would be the biggest financial corporation, bigger than any other nation (Hill) But, Thomas Jefferson thought the opposite and believed that a national bank would only cause problems for the future of the U.S. Washington should approve Thomas Jefferson's proposal of no national bank because it would give the U.S too strong of a central government, would benefit and grow the upper class and financially corrupt

Read More

What Is Alexander Hamilton Necessary?

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.”

Read More

How Did Hamilton Influence Political Parties

297 Words | 2 Pages

Hamilton interpreted the Constitution more loosely and thought a bank was necessary, however Jefferson was against this since the Constitution didn’t give Congress the power to create a Bank. The main three differences between Hamilton and Jefferson were on what should drive the country, government power and the interpretation

Read More

To What Extent Was The Embargo Act Of 2003 Apush Dbq

1372 Words | 6 Pages

In the 1800’s, Thomas Jefferson campaigned on the ethics of the Republican belief of a weak central government, and to ensure these beliefs are kept one must rely on the principles of lower taxes, justice, and a lack of strongly enforced governmental restrictions. However, Thomas Jefferson failed to follow the very principles he promised to emanate as he created a government trading restriction known as the Embargo Acts, increased taxes due to the Louisiana Purchase, and followed John Adams ideology in the Alien and Sedition act and tried to have Samuel Chase impeached and removed from office on false charges due to his anti-Jefferson mindset. Thus, Thomas Jefferson failed to keep the philosophy of the Republican party and contradicted his

Read More

Summary Of Hamilton's Blessing

1403 Words | 6 Pages

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.

Read More

How Did The Two Party System Start

669 Words | 3 Pages

The Two Party System: How it was developed and the impact on the U.S. today A two-party system is where two major political parties dominate voting in nearly all elections at every level of government. Under this system, one of the two parties typically holds a majority in the legislature and is usually referred to as the majority party while the other is the minority party. The current majority party in the USA is the Republican Party and the minority party is the Democratic Party. How did the two party system start? Alexander Hamilton and Thomas Jefferson were the first to initially be part of the development of political parties.

Read More

Accomplishments Of President John Marshall

852 Words | 4 Pages

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.

Read More

Alexander Hamilton: Founding Father

1041 Words | 5 Pages

Hamilton would be the first Secretary of the Treasury, and proposed the First National Bank (Ulin, 2004). During his time as treasurer he worked tirelessly to erase the national debt brought upon by the Revolutionary War, and the United States’ need to borrow money from other nations to aid in its victory. One of his solutions to the debt problem was the implementation of a national tax program, and the proposition to create different methods of taxation. He also helped in the much needed establishment of credit with other nations, and founded the United States Mint (Green,

Read More

Alexander Hamilton: The Most Important Figure In American History

876 Words | 4 Pages

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.

Read More

How Did The Articles Of Confederation Fail

482 Words | 2 Pages

Some of the issues that the United States had to deal with under the Articles of Confederation were: there was an inability to raise funds, the need for unanimity to make necessary changes, and the lack of authority over internal trade; thus, causing the Articles of Confederation to fail miserably in meeting the needs of the new nation. To begin with, the inability to raise funds was a primary weakness of the Articles of Confederation. As it stands, the Articles stipulated that Congress could not levy taxes. This was an unfortunate challenge for a new nation who was in debt as a result of the war.

Read More

Similarities Between Jefferson And Hamilton

1449 Words | 6 Pages

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.

Read More

More about Hamilton Pros And Cons

Related Topics

Open Document