Ledbetter Vs Hamilton

The creation of the first national bank in the United States was of utmost importance in setting precedence for how much power the constitution actually grants the government. The debate over whether to create a national bank raised many questions over the constitution that hadn’t been tested before. It also raised questions about what the government can do when the constitution has no written clause on a certain subject. In looking at the arguments from Alexander Hamilton, James Madison, and Thomas Jefferson regarding a national bank, people can find out more about how some of the leading founders of the Constitution wanted to see the United States government run.

At this time the government was funding its debt through private banks such as the Bank of North America and the Bank of New York. Not satisfied with the structure of American banking, Hamilton reported to Congress the need to establish a National Bank in December of 1790. The Senate created a committee to study Hamilton’s proposal. On the committee were men who shared Hamilton’s ideas in fiscal matters, and that of a strong federal government. One of the members, General Schuyler, was Hamilton’s father in law. It was of no surprise that a bill arose out of the committee supporting Hamilton’s plan to incorporate a Bank of the United States.

During George Washington’s presidency of our new nation, there was a large disagreement between his Secretary of Treasury, Alexander Hamilton and his Secretary of State, Thomas Jefferson on several economic and political challenges.To get the nation out of extreme debt, Hamilton came up with a financial plan that included the creation of a national bank. This national bank would be a safe place to deposit government funds, a source of loans for the government and businesses, and the creation of a national mint. However, Jefferson was strongly opposed to the idea of a national bank, he believed it was strictly against the Constitution and would give the federal government too much power. Hamilton argued that Article I Section 8 of the Constitution

Fixing financial policies is very important. A national bank would establish financial policies. This bank is chartered under the Federal government. Hamilton believed in the need for banks to fix financial problems such as providing credit to people and to stimulate the economy. The Federalist party funding the old revolutionary wars debt and the state's debt. “The Senate passed it handily on January 20, 1791, and the House followed in early February” (pbs.org). This shows that hamilton's bank plan easily went through congress and it was passed. After all this information lets

Hamilton wanted us to start to push our own goods. Industrialization was essential in his views. (Farless) He believed that a strong government would provide a good business that would allow industries to grow. He established a National Bank and funded the National Debt so that the United States would have a national credit that would standardize a national currency. Hamilton argued that the bank would provide stability to the specie-starved American economy by making loans to merchants, handling government funds, and issuing bills of credit; much as the

Alexander Hamilton was one of the most influential figures to shape American finances. He made his contribution through the The Hamiltonian Economic Program. The goal of his plan is to improve the American economy through three steps. The first is to pay off the nation’s national debt in order for states to focus on business. This way maximum profit can be achieved. The second step is to place tariffs on imported goods to gain money. Lastly is to create a national bank in order to regulate money flow and currency. However, Thomas Jefferson strongly disagreed with Alexander Hamilton’s views which was evidently seen in the political parties, the Democratic Republicans and the Federalists. One of the main differences between the two is regarding the type of government America would have. Hamilton favored a strong federal government while Jefferson favored a small local government.

I, Thomas Jefferson, am against the bill for the adoption of a national bank designed along the lines of the Bank of England. The U.S. bank would prevent the improvement of state banks as a result of its exceptional powers and benefits. I think states ought to sanction banks that could issue cash. A national bank would be much more help to rich representatives in urban communities than to agriculturists in the nation. The national bank would be controlled by affluent investors and would assist those with privileged class turn out to be more rich and effective. The joining of a bank and the forces accepted by this bill have not, as I would like to think, been designated for the United States by the Constitution. I trust that the Constitution

Hamilton had a good point when he said, “Men often oppose a thing merely because they have had no agency in planning it or because it may have been planned by those whom they dislike”. (document F) He was referring to Jefferson not being open to change in the government because he simply was not fond of Hamilton. The proposal for a classic government form was actually a great idea but sadly the people who did not like Hamilton could not see past it. Quite a few federalist leaders had great ideas for the founding ideas of the new country yet were looked over for simply how people viewed them.

Due to the weak powers and poor economic state resulting from the Articles of Confederation, Hamilton took the opportunity, under the new Constitution, to fix these issues. As a result, many controversial, yet positively-resulting actions were taken. For one, an excise tax was placed on domestic goods in order to alleviate the troubles emitting from the federal debt. Furthermore, he established a national bank in order to further expand and unify the country, putting them all under a controllable banking system rather than having several different systems, each with their very own currency. Prior to the ratification of the Constitution, the country was rather divided and the federal government had no control over fixing such problems in their country. As a result, especially during this point that he now has the power to mend the drawbacks of their old system, he saw “federal debt” as a sort of commonality between the states. Now that they’re all under a stronger government, they were forced to deal with this issue together. This created a sense of united between the nation and, overall, was an immense motivator of bringing the country together for the good of its future

Hamilton expressed dissatisfaction with both of the plans brought forward to the convention. The Virginia plan, which was a proposal to completely abandon the Articles of Confederation, and replace it with a bicameral national legislature, an executive branch selected by the legislature, a judiciary, and a council of revision with the power veto, and the New Jersey plan, which suggested to keep the Articles of Confederation, but revise it to give Congress the power to tax, regulate commerce, and choose plural executive and members of a supreme court. Hamilton felt both these plans lacked a strong central government. He was specifically displeased with the New Jersey plan “being fully convinced” Madison writes “that no amendment of the Confederation, leaving the States in possession of their Sovereignty could possibly answer the purpose.” pg 18-19. He feared that either of these plans would leave the newly founded country weakened and “…would ultimately destroy the confederation…” pg 20. Finally, though Hamilton would given the federal government more power, he supported what was to be and is now the Constitution of the United States of America and he became one of its leading supporters during the ratification process. Though Jefferson was unable to join the convention due to his duties in France as

This also helped to stabilize the economy of America. Although Thomas Jefferson opposed the bank, he opposed it because he thought it gave too much power to the national government. He also believed that the constitution did not have the power to do this. This helped stabilize the government because it allows states to form their own banks and charter

One of Jefferson’s and Hamilton’s first disagreements began with the idea of a National Bank. Hamilton suggested that the government should create the Bank of the United States Jefferson protested because this was not allowed by the Constitution. Hamilton opposed the view of Jefferson and stated that the Constitution’s writers could not have predicted the need of a bank for the United States. Hamilton said that the right to create the Bank of the United States was stated in the “elastic” or the “necessary and proper” clause in which the Constitution gave the government the power to pass laws that were necessary for the welfare of the nation. “This dilemma revisits the ever lasting dispute between the “strict constructionists” (Jefferson) who believed in the strict interpretation of the Constitution by not going an inch beyond its clearly expressed provisions, and the “loose constructionists” (Hamilton) who wished to reason out all sorts of implications from what it said”. Just a few years later, under President Jefferson, the federal government of the United States

He wanted to raise voting qualifications and believed that common people often acted foolish. Supporting a government modeled on the British system, he also supported a strong central government that was only loosely based on the constitution. He wanted to increase the number of federal employees, and also to sometimes restrict individual liberties, such as freedom of speech. When it came to economics, Alexander Hamilton founded a national bank and wanted to use the national debt to establish credit. Another thing he wanted was to have a balanced economy of trade, agriculture, finance, and manufacturing, and thought giving aid to the government to help with that was a positive idea. Involving foreign policy, Hamilton believed in supporting their parent country, Britain, rather than helping out

One of these brilliant ideas was that the federal government should be strong. A strong federal government would be able to handle rebellions or attacks from another country. If the federal government was weak, the citizens could become rowdy. A great example of this was Shay’s Rebellion, which the government wasn’t able to handle. The citizens might also lose faith in the country if the federal government was weak. Hamilton also believed that the rich, educated, and well-born should rule. If the uneducated ruled, problems would happen in the country. Some problems would include losing land to other countries, losing the country’s money, and losing wars against other countries. Hamilton believed that the country should have a balanced economy of agriculture, trade, manufacturing, and finance. A country cannot solely rely on agriculture for the economy; it won’t provide enough money for the federal government. Having a balanced economy is excellent for the country because there would be multiple sources of income for the federal government. Another one of Hamilton’s brilliant ideas for the country is to establish a national bank. This is a great way to organize the country’s money; it is easier for the country to handle certain amounts of money at a certain point of time. These ideas along with others are much better than Jefferson’s

After the United States created the bill of rights they turned their attention on their financial issue. George Washington put Alexander Hamilton as the treasury secretary, he came up with an economic structure for the United States. Hamilton had a loose interpretation on the Constitution when he was developing his plan. He believed that a strong central government important to encourage commerce and industry. The states had an enormous debt after gaining their freedom from Britain and Hamilton wanted the government to adopt their debt, this would give the state more confidence in their government. Hamilton not only wanted to adopt the state's debt but also the confederations as well. He thought having a national debt would bring unity among