USA HISTORY

Detailed explanation-1: -Hamilton argued that a national bank is “a political machine, of the greatest importance to the state.” He asserted that a national bank would facilitate the payment of taxes, revenue for which the federal government was desperate.

Detailed explanation-2: -Thomas Jefferson believed this national bank was unconstitutional. In contrast to Hamilton, Jefferson believed that states should charter their own banks and that a national bank unfairly favored wealthy businessmen in urban areas over farmers in the country.

Detailed explanation-3: -Thomas Jefferson was afraid that a national bank would create a financial monopoly that might undermine state banks and adopt policies that favored financiers and merchants, who tended to be creditors, over plantation owners and family farmers, who tended to be debtors.

Detailed explanation-4: -The supporters of a central bank were those involved in industrial and commercial ventures. They wanted a strong currency and central control of the economy. The opponents, principally agrarians, were distrustful of the federal government.