This website uses cookies to ensure you have the best experience. Learn more

Open Interpretation To The Constitution Leads To First National Bank

1345 words - 6 pages

Open Interpretation to the Constitution Leads to First National Bank

A National Bank is an essential part of this nation's economy. We know that it can further strengthen the ties between Americans and the federal government. The National Bank has allowed America to grow its economy, unit as country, and improve trade between the colonies. But when the first National Bank plan entered into Congress there was much controversy over it. Two men, Alexander Hamilton and Thomas Jefferson, held two very different and opposing views on the Bank plan. This led to much controversy over the plan and how they believed it would impact the nation. At the root of the controversy was wether or not ...view middle of the document...

” (Elkins) Hamilton wanted to put in place a Bank to show the strengths of America’s industry and economy by providing “a large, stable, but flexible national money supply for the financing of ordinary business and general economic development.”
(McDonald) Hamilton also wanted a National Bank to unite a nation rather than have separate confederacy of states. Although the support in Congress behind the Bank had an advantage, the opposing side was strong as well. Thomas Jefferson questioned if the plan was constitutional. Jefferson believed that Congress did not have the power to incorporate a bank based on a strict reading of the Constitution. Through despite the objections the Bank plan passed through Congress. Jefferson then in turn had to relay on President Washington's veto power.
Once the plan reached the Presidents desk Jefferson submitted his report in opposition to the plan in hopes to persuade Washington. Jefferson believed the creation of the bank could not be based off of the elastic clause. Jefferson stated that “The incorporation of a bank, and the powers assumed by this bill, have not, in my opinion, been delegated to the United States, by the Constitution.” (Avalon Project - Jefferson) Jefferson argues against the creation of a National Bank on the grounds that it is not one of the delegated powers given to Congress under the Constitution. Jefferson stated that “To give [the bank] the sole and exclusive right of banking under the national authority; and so far is against the laws of Monopoly.” (Avalon Project - Jefferson) he rejects Hamilton’s claims by stating the the ratified Constitution created a federal government and that it is limited in its political in financial power. His last argument was that the he believed that the Bank would violate the common law of states. “To communicate to them a power to make laws paramount to the laws of the States; for so they must be construed, to protect the institution from the control of the State legislatures, and so, probably, they will be construed.” (Avalon Project - Jefferson) Jefferson strongly believed in states rights and he was attempting to prove that the Bank plan was destroy them. But despite Jeffersons best efforts Hamilton had the upper hand of being able to review his opposition prior to making his case to Washington. In Hamilton’s submitted opinion on the bank plan he proved that the plan was constitutional. He also proved how a bank would strengthen the government. He stated that “A bank has a direct relation to the power of borrowing money, because it is an usual, and in sudden emergencies an essential, instrument in the obtaining of loans to government.” (Avalon Project - Hamilton) Hamilton also rejected Jefferson’s narrow interpretation of the “necessary and proper” clause and proceeded to prove through his plan how the relationship between the Bank and Congress would work and was constitutional. Despite Jeffersons tough opposition the National Bank plan was...

Other Papers Like Open Interpretation to the Constitution Leads to First National Bank

The Netherlands Leads Global Efforts to Improve Textile Industry

756 words - 4 pages The Netherlands leads global efforts to improve textile industry The Netherlands is joining forces with Bangladesh to chair a group of donor countries, companies and civil society organisations that will tackle abuses in Bangladesh’s textile industry. LiliannePloumen, Minister for Foreign Trade and Development Cooperation, is also making 9 million euros available to help improve the appalling conditions suffered by the country’s textile workers

Final Project- to Open or Not to Open That Is the Question

1180 words - 5 pages Problem #1: To Open or Not to Open – That is the Question! While vacationing in Thailand, Steve and Linda fell in love with Thai food. Their hometown does not have a Thai restaurant, so Steve and Linda planned to open one. Linda is a chef and Steve would quit his job to run the “business” side of the restaurant. Steve found an empty restaurant for lease with seven tables that would seat four each. The restaurant would serve dinner only

Visit to Bank

4812 words - 20 pages -line through website www.denabank.com. No other means/mode of IV. V. for their record. applications will be accepted. Application link from website will remain open from 07.12.2010 to 03.01.2011 Before applying for the post, the candidate should ensure that he/she fulfills the eligibility and other norms mentioned in this advertisement. Bank would be free to reject any application at any stage of the recruitment process, if the candidate is found

Speech To The Republican National Convention

968 words - 4 pages SPEECH TO THE REPUBLICAN NATIONAL CONVENTION ARNOLD SCHWARZENEGGER By Klara, 3.d Arnold Schwarzenegger is a very well-known man. He is known for the huge amount of films he have starred in, his professional bodybuilding and then Governor of California. In his speech from August 31, 2004, he was talking about America as a strong and independent country. He was supporting the current president, George W. Bush and the Republican Party very

An Interpretation of the American Dream in Homeless to Harvard

555 words - 3 pages 教 育 创 新 管 理 An Interpretation of the American Dream in Homeless to Harvard 湖北工程学院新技术学院 魏 远 Abstract:As the leading figure of western countries, America has her special values. As an ideal of pursuing happiness and perfection, the American Dream becomes the motivation of them in their lives. Homeless to Harvard is a inspirational film which is based on Liz Murray’s autobiography Breaking Night. This movie tells a story about an ordinary girl

One Bad Decision Leads to Another

1238 words - 5 pages do things that lead to negative results. David disobeys his mother, therefore he is always getting yelled at. The old lady keeps swallowing animal to eat the previous one that eventually leads to her death. No, David! has few words, but with the illustrations, it is easy to follow the story line. There are about three to four words for every two pages. The words are black and look like they were written with a pen. They are sharp lines

Transformation To Open Market Operation

941 words - 4 pages Transformations to Open Market Operations Doing business internationally is not the same as doing business at home. There are new skills to learn and new knowledge to acquire about the country that the company will be going into. The company will need to learn about the different laws and regulations, the different customer buying habits, and change the marketing strategies and materials to appeal to the new country the company is entering

Open Letter to Bio Mom

641 words - 3 pages you love them. When we talk about why they can't go home, the first thing we always say is "it's not because she doesn't love you. She loves you so much. Drugs can make your brain not work right sometimes, but it doesn't change what's in your heart. she loves you, but it was just too hard to do the homework the judge gave." When we first met, one of your questions for me was if we were open to keeping in touch and letting you see and talk to

Five Factores That Leads .to the Collapse of the Second Republic

867 words - 4 pages The first elections under the 1979 constitution were held on schedule in July and August 1979, and the FMG handed over power to a new civilian government under President Shehu Shagari on October 1, 1979. Nigeria's Second Republic was born amid great expectations. Oil prices were high and revenues were on the increase. It appeared that unlimited development was possible. Unfortunately, the euphoria was short-lived, and the Second Republic did not

The Contrast Between Imaginary, Appearances and Reality That Leads to Confusion and Pain in Hamlet

1759 words - 8 pages The Contrast between Imaginary, Appearances and Reality that Leads to Confusion and Pain in Hamlet The Tragedy of Hamlet, Prince of Denmark is a tragedy written by William Shakespeare at the beginning of the seventeenth century (1600/1601). It depicts very precisely reality and his victims, but also the naive ideals of the main character, Hamlet, who ends being completely destroyed for he dared to open his soul to spirituality and revenge

North America Leads the Market of Billboard and Outdoor Advertising Due to Growing Digitization

686 words - 3 pages A billboard is a large outdoor advertising structure generally found in high-traffic areas such as alongside busy roads or highways. It presents huge advertisements to passing drivers and pedestrians. Billboards are highly visible in the top designated market areas showing large distinctive visuals with ostensibly witty slogans. These advertisements are designed to catch a person’s attention very quickly and create a memorable impression in the

Related Essays

Emotional Intelligence At First National Bank

646 words - 3 pages Emotional intelligence at First National Bank When First national Bank is in crisis, it needs a resolute and bold leadership to recognise, isolate and deal with the crisis (Topping, 2002). Leadership now needs very distinct behavior from the leadership custom we are used to. It needs managers who can talk to the collective fantasy of their persons, co-opt them to become involved a business trip. It furthermore needs assuring motivators that

The Qur'an: Open To Modernist Interpretation?

3507 words - 15 pages interpretation of the Qur'an has been, until recent years, the sole province of Muslims, who by definition, take their unquestioned premises with regard to the divinity and appearance of the Qur'an as point of departure. However, with the rising tide of European scholars investing interest in the Qur'an, new and fresher perspectives of the Qur'an have been brought to the fore, perspectives which are only objective in the sense that the scholars are

Attention Leads To Confidence In The Chrysanthemums

1082 words - 5 pages Women, always have and always will love receiving attention; especially when that attention is from a male because girls just like feeling special above all else. In The Chrysanthemums by John Steinbeck, Elisa Allen likes this recognition as well. However, her husband Henry is selfish and too occupied to deal with Elisa and this makes her feel unimportant. Later on, when the man on the wagon arrives at the ranch Elisa and her chrysanthemums

Personal Responsibility Leads To Success Essay

579 words - 3 pages Personal Responsibility Leads To Success Personal responsibility means to me is being accountable for your actions, family, college education and carreer goals. It is your responsibility to achieve the success that you want in life. If you do not take the responsibility for yourself you will never be successful in anything you plan to achieve. In order to be successful in life you have to have person responsibility. This responsibility can