Bank Debate

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By Erin Foster

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  • "the incorporation of a bank, and the powers assumed by the bill, have not, in my opinion, been delegated to the United States, by the Constitution."- Jefferson.
  • "the proposed bank is to consist of an association of persons, for the purpose of creating a joint capital, to be employed, chiefly and essentially, in loans. So far, the object is not only lawful, but it is the mere exercise of a right which the law allows to every individual." - Hamilton.
  • "the second general phrase is, "to make all laws necessary and proper for carrying into execution the enumerated powers."But they can all be carried into execution without a bank. a bank therefore is not necessary, and consequently not authorized by this phrase. - Jefferson.
  • "accordingly, it is affirmed that it (the bank) has a relation , more or less direct, to the power of collecting taxes; to that of borrowing money: to that of regulating trade between the states...." - Hamilton.
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