Disagreement between Hamilton and Jefferson over the bank?

how pay national debt , establishment of banks. hamilton foresaw need of lending money while jefferson thought not idea. in late 18th century, republic of united states facing financial problems dividing politicians happening today. there large national debt had paid, numerous state debts well, no national bank, , strong dependence on other nations (russia , china).

of domestic portion of debt circulating in certificates issued bonds or pay soldiers war. hamilton thought money should paid whoever held certificate, madison disagreed. belief original holders of certificates should receive payment them. hamilton's plan directed towards debts of individual states. wanted national tax take effect pay off combined state debts.

next issue creation of national bank. capital bank supplied jointly private investors , government. bank's notes rest heavily on national debt, because investors paying stock government bonds. purpose of utilize national debt make advantage. notes issued bank in need, also, , business , new commercial , industrial enterprise. in addition working central exchange, national bank handle government finances. this, again, objected madison said constitution didn't give government power this. elastic clause used on hamilton's behalf, , part of plan passed.

last part of hamilton's plan protective tariff. believed effective way motivate american people use best of resources, reduce foreign debt, , reduce reliance on foreign nations. hamilton's plan addressed problems of national debt, state debts, absence of national bank, , reliance on other nations. there heated arguments on these points, , 1 of hamilton's proposed solutions failed come effect.

1 of many issues united states still hasn't learned history , continues make same repetitive errors. history repeating itself.

hope have helped you.

regards , bradsnanny
warren

in way did disagreement between hamilton , jefferson on bank reflect 2 fundamentally different views of union of states? how did tension affect growing economy of united states?

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