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Begin with Section A, where you will match terms and names to their descriptions. Carefully read each description and select the corresponding letter from the list provided.
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Why did Jefferson think a national bank was unconstitutional?
Necessary and Proper gives Congress right to do what is needed to carry out explicit powers. And since the power to tax is the power to destroy and an inferior cannot destroy a superior power. Marylands tax is unconstitutional. Was it constitutional for congress to create a national bank?
What did Thomas Jefferson say about banks?
Jefferson viewed both personal debt and the national debt as threats to the American experiment in self-government, presenting risks to civic responsibility, endangering government stability and hampering investment to improve individual and national prosperity.
Why did Thomas Jefferson believe that the creation of National Bank was unconstitutional?
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.
What was Jeffersons problem with the National Bank?
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.
What was the main constitutional question surrounding the National bank?
State Banks: Typically, state banks cannot issue their own currency. They function using Federal Reserve notes and other government-issued currencies. National Banks: National banks can issue currency, but it is backed by the federal government.
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