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

369 Words2 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

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