prices which Nash quotes Madison describes as "a fraction of the initial worth." Thus, the exercise would be of no benefit to the South.It is therefore easy to notice factional differences in relation to regional differences. The South was already worried about the survival of their institution of slavery, as from the onset of the creation of the National Government already what they viewed as Northern interests were being advocated in Congress, they and their were not then as eagerly represented in Congress as they would have liked to be.Hamilton's fiscal insight or what Norton described as ‘matters of policy', is further illustrated in his proposal for the creation of a National Bank. This bank would assist in the creation of one identifiable and controllable currency, it could lend the Government money, collect and disburse money for the Treasury. This Report faced opposition not on policy as the 1st Report but on the constitutionality of such a move by Government. The opposition was represented by James Madison and Thomas Jefferson, who both ignored the benefits of such an institution and simply questioned the constitutionality. One must note that at this point that the opposing faction who became the Republicans(Republican Party), held the philosophy of a ‘strict constructionalist interpretation' of the constitution. The constitution did not give Congress the right to create a Bank. The Federalists, those who believed in a strong National Government and the ‘broad constructionalist interpretation' of the constitution justified the Bank by use of the President's ‘implied powers' and Congress' ability to collect taxes and regulate trade, which the bank would do.The broad constructionalist view and the use of implied powers further strengthened opposition and factionalism because this ideology could be used to infringe upon the rights of the people of the United States. This meant that though the Bill of Rights...
