Fill in the Blanks:
The ____________ political party was led by ________________
and believed in a ____________________.
The ____________ political party was led by ________________
and believed in a ____________________.
Directions:
- Get out your notes (#4), and open up to the chart you used to
write your paragraphs.
- Exchange papers with someone NOT SITTING NEXT TO YOU!
- Go through and make sure the paragraphs you have from the
other person have EVERYTHING on that chart!
- For each thing not mentioned, put a “-1” on the top of the
paper and make a list of the detail missing!!!
Reasons:
• Hamilton thought a national bank was
needed to manage national debt and
interest payments
• Issue bank notes to promote trade,
investment, and stimulate economic growth
The Arguments:
Southern Opposition:
• The stock holders would mostly be
Northern merchants
• Congress did not have the authority
(enumerated power) to create such a bank
Results:
• Hamilton: was necessary to collect
taxes, regulate trade, provide defense
• Congress passed the Bank Bill under the
Elastic Clause (“necessary and proper”)
• Jefferson: “necessary” mean
absolutely necessary, not just
convenient
• Washington signed the Bill into Law in
1791 (with a 20 year charter)
• LOOSE INTERPRETATION!!!!!!
Strict:
Loose:
• Limited the power of the
Federal Government
• Gave the Federal Government more
power
• The Fed. Government does not
have a power or the authority to
do anything unless it is EXPRESSLY
WRITTEN in the Constitution
• The Fed. Government has powers
that are implied in the Constitution,
but that are NOT EXPRESSLY WRITTEN
• Did not like the “necessary and
proper” clause because they felt it
would be abused
• JEFFERSON “necessary does not
mean convenient”
• Loved using the “necessary and
proper” clause
• HAMILTON “it is clearly within the
provision which authorizes the making
of all needful rules concerning the
property of the United States”