HIstory Mu Essay Example | Topics and Well Written Essays - 1000 words

HIstory Mu - Essay Example Many critics however argue that there was a power war between Hamilton and Jefferson. Jefferson was fighting for the rights of the general farmer on taking loans from the bank while Hamilton view was that the establishment of a National Bank would specifically benefit the business class and the government (Banning). Theory In February 1791, the bank bill was signed into law by Washington after reviewing Hamilton’s opinions on the constitutionality of the National Bank. Hamilton, who was a key contributor into signing of the Bank Bill into law, presented his opinions to president washing on public funding systems which were later incorporated into the Bank law (Hefner 52-59). According to a letter written by Jefferson to Washington, Jefferson presents his arguments on the formation of a national Bank and is opposed to the public funding system proposed by Hamilton. Before the Bank bill was signed into law by Washington, Jefferson had been among the first legislators to oppose t he bill. In a letter to Washington in 1791, Jefferson tries to discuss each clause in the national Bank bill and the effects it was going to have to the economy`. In 1791, Jefferson wrote a series of letters to Washington criticizing the Bank Bill which was about to be signed into law by the president. ... According to his letter to Washington in 1791, Jefferson argues that the constitution does give the give the government of united states the powers to incorporate a bank. He further argues that the powers of the bank bill were not delegated to United States by the constitution. He argues that not all powers are delegated to United States by the constitution but rather some institutions formed under the constitution should be given the powers to operate independent from the influence of the government. Jefferson, who was the head of the Department of State, was neutral during the initial stages of preparing for the formation of a National Bank. This position of being neutral did not last since the after the issue of formation of a nation bank sprout, Jefferson developed an interest to offer his opinion, which was a direct opposite of Hamilton proposals. According to his letters to Washington in 1790, Jefferson views American economy as one driven by agriculture with limited Industrial isation and manufacturing. The bank bill was created in the view that the banks would be essential for operations of United States since they would aid in the collection of revenues, dispensing debts payments, giving out loans and being used as saving point by the federal government. The constitution of the United States however, denied the government to form such an institution, which formed the basis of Jefferson’s arguments in his letters to Washington. Jefferson in his letter dated march 1790, argues that, if the government was to form a bank, it would be disobeying the constitution and that would make it worse that the government guided by the articles of confederation. Jefferson was one of the cabinet members consulted by President