Hamilton's Economic Plan: National Bank
Storyboard-Text
- "Hamilton's line of reasoning also motivated his proposal for a national bank that both the federal government and wealthy private investors would fund."
- "Hamilton hoped to tie wealthy investors to the nations welfare. The "Bank of the United States" would issue paper money and handle tax receipts and other government funds."
- "Hamilton's proposals aroused a storm of controversy. Opponents of a national bank, including James Madison, claimed that the bank would forge an unhealthy alliance between the government and wealthy business interests. Madison also argued that since the Constitution made no provision for a national bank, Congress had no right to authorize it."
- "This argument began the debate between those who favored a "strict" interpretation of the Constitution, one in in which the federal government has very limited powers and a "loose" interpretation, which favors greater federal powers.
- The latter group appealed to the so-called elastic clause of the Constitution (Article I, Section 8, Clause 18). This clause gives Congress the authority to do whatever is "necessary and proper" to carry out its specific enumerated powers, such and regulating commerce.
- "In the end, however, Hamilton convinced Washington and a majority in Congress to accept his views, and the federal government established the Bank of the United States."
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