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Bank Controversy in the US

As he wrote elsewhere in his opinion, “To erect a bank, and to regulate commerce, are very different acts” (Jefferson 2).

In opposition to Jefferson’s views, men like Alexander Hamilton felt the creation of a national bank was, indeed, upheld by the constitution. He was not alone in his opinion sustaining the constitutionality of a national bank. Perhaps the staunchest advocate of a national bank was Andrew Jackson. Even though a second national bank had been chartered, from its inception it was unpopular in the newer states and territories and among poor people. Those against the bank felt it was a monopoly interest that unfairly favored the rich and powerful. Jackson had been elected mainly because of his opposition to the bank. He vetoed the bill to recharter the bank. In this veto, Jackson wrote that “our rich men have not been content with equal protection and equal benefits, but have besought to make us to make them richer by act of Congress” (Jackson 2). Furthermore, Jackson argued that many of the elements of the national bank were in opposition to the constitution. Jackson was “deeply impressed with the belief that some of the powers and privileges possessed by the existing bank are unauthorized by the Constitution, subversive of the rights of the States, and dangerous to the liberties of the people” (Jackson 1). Jackson was aware that nothing in the constitution explicitly outlined the right of the government to formulate a national bank, but he felt that there was language in it that enumerated economic powers that had to be executed and a national bank was the best means of achieving them. So, too, he felt the creation of such a bank was necessary for economic stability and prosperity in America.

Jackson won support in the McCullough v. Maryland decision written by Chief Justice of the Supreme Court, John Marshall. Marshall was often opposed to the views of Jefferson and in this case it was ...

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Bank Controversy in the US. (1969, December 31). In Retrieved 21:33, September 20, 2017, from
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