The National Bank Debate
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Transcript of The National Bank Debate
![Page 1: The National Bank Debate](https://reader035.fdocuments.us/reader035/viewer/2022062304/568138fa550346895da0b064/html5/thumbnails/1.jpg)
The National Bank The National Bank DebateDebate
A PowerPoint by Elise Stevens Wilson
Part I
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The U.S. ConstitutionArticle I Section 8
• Enumerated Powers: Those powers given to U.S. government expressly listed in the Constitution.
• General Powers: Those powers given to the U.S. government to serve the general welfare of the people. These powers are not specific.– General Welfare Clause: Allows Congress to
enact laws that it sees fit to support the common good.
– Necessary and Proper Clause: Allows Congress to enact laws that are necessary to carry out its enumerated powers.
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Problems in 1791
• Revolutionary War Debt – Many states owed money after the Revolutionary War
• Common Currency – Before and during the Revolutionary War each state had its own system of currency. There was no uniformity in America.
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Problems Continued
• As a new country America needed to develop its economy. Should America focus on agriculture, which it had in the past, or should it develop its trade and manufacturing?
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Federalists Republicans • Alexander Hamilton• Strong federal government• All the states’ debt should be
absorbed by the national government, and it will pay off the debt.
• Since the states are now one country there should be one currency, and it should be paper. It makes life easier since gold and silver are hard to come by.
• Necessary and proper means whatever the government needs to do to solve problems.
• Some powers are not prohibited in the government, but are implied powers.
• Thomas Jefferson• Small, local government• Not all the states have the
same amount of debt and it is unfair to have states will little debt pay other state’s debt.
• People don’t trust that paper can be valuable and used instead of gold and silver.
• Necessary and proper means whatever is absolutely necessary.
The first 2 parties Develop
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Some people thought that a bank would help in solving the problems in 1791. Based on your knowledge of the Constitution, does Congress have the right to create this bank?
Why or why not?
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The National Bank The National Bank DebateDebate
A PowerPoint by Elise Stevens Wilson
Part II
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Jefferson
• Jefferson did not see the need for the bank.• He also worried that if Congress created a
bank, then they were abusing power and would do so in the future.
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Hamilton
• Having a bank would aid the government in paying off the debt, coining money, and collecting taxes.
• The ability to charter a bank is an implied power. The Constitution does not prohibit its creation and it would help Congress carry out its duties.
• The bank will also allow people to borrow money to start businesses which helps the economy.
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Washington’s Decision
• Ultimately Washington agreed with Hamilton and the first national bank was chartered for 20 years.
• Many spirited entrepreneurs took advantage of the loans from the bank and America’s economy grew.
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Do you agree?
• Do you believe Jefferson or Hamilton was correct in interpreting the Constitution with respect to the bank?
• What do you think life would be like without banks?
• Do you generally think Congress has too much power or not enough?
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Pictures Bibliography • http://www.swordfoxdesign.co.nz/library/branding/1791-diamonds.jpg• http://www.archives.gov/historical-docs/document.html?
doc=3&title.raw=Constitution%20of%20the%20United%20States• ://mises.org/images4/12penceMass.jpg• http://people.cohums.ohio-state.edu/childs1/387%20Syllabus%20Wi
%2009_files/image006.jpg• http://www.ushistory.org/tour/first-bank.htm• http://davidavery.files.wordpress.com/2009/02/thomas-jefferson-picture.
jpg• http://wigwags.files.wordpress.com/2009/02/ahamilton.jpg• http://blogs.geniocity.com/friedman/wp-content/uploads/2010/02/
George-Washington.jpg