Why was Hamilton’s plan to create a national bank controversial?
What will be an ideal response?
Answer: The ideal answer should include:
1. Hamilton proposed that the government charter a national bank, arguing that a growing financial community required a central bank to facilitate complex commercial transactions.
2. The bank would be a private institution, funded in part by the federal government, owning
millions of dollars in U.S. bonds.
3. Critics suspected that banks might represent the interest of the wealthy over average citizens.
4. The Constitution said nothing about chartering financial corporations, although Hamilton claimed the creation of a national bank was allowed under the implied powers clause in Section 8 of the Constitution.
5. Critics worried that if Hamilton and his supporters were allowed to stretch the law on this
occasion, they would not be held back in the future, and popular liberties would be at the mercy of whoever held office.
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