The Great National Bank Debate Between Thomas Jefferson And Alexander Hamilton

1512 Words7 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 …show more content…

This included the idea of a single currency and having that throughout the U.S. as a way to make things simpler and more efficient (Digital History). This was something Jefferson did agree with saying “It may be said that a bank, whose bills would have a currency all over the states, would be more convenient than one whose currency is limited to a single state (Thomas Jefferson-University of Virginia Press).'' The only problem that Jefferson had with this was that banks would also control people's loans and control their credit. Jefferson thought this would only cause financial corruption throughout the U.S. He felt this would only undermine the state banks that were in order and create a “financial monopoly” only benefiting foreign interests and the wealthy. And, if the National Bank was ever to go into debt after paying off the U.S’s debt then taxes/prices would go up. Which they were legally able to do under the Constitution. As mentioned above rules for this bank were not set and are strict so things like this were legally able to take place. Jefferson angrily said “The power to create corporations had to be explicitly authorized and was not something that could be created by “implication” from the text of the Constitution (Bill of Rights Institute).” Financial corruption as Jefferson implied would only not benefit the people in the U.S. And, would be caused by the U.S. ability to take the money and spend, give out huge loans to wealthy businesses, and the ability to tax and raise

Open Document