USA HISTORY

Detailed explanation-1: -One of the most important of Alexander Hamilton’s many contributions to the emerging American economy was his successful advocacy for the creation of a national bank.

Detailed explanation-2: -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.

Detailed explanation-3: -Hamilton believed that Article I Section 8 of the Constitution, permitting the Congress to make laws that are necessary and proper for the government, empowered lawmakers to create a national bank.

Detailed explanation-4: -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-5: -Alexander Hamilton conceived of the First Bank of the United States as a way to standardize American currency and cope with national Revolutionary War debt.