Why did Jefferson oppose Hamilton’s plan for creating a national bank? Select all that apply
There are several reasons why Jefferson opposed Hamilton's plan for creating a national bank. Some of the key reasons are:
1. Constitutionality: Jefferson believed that the creation of a national bank was unconstitutional. He argued that the Constitution did not explicitly grant the federal government the power to establish such an institution.
2. States' Rights: Jefferson was a strong advocate for states' rights. He believed that the creation of a national bank would undermine the sovereignty of the individual states by consolidating power in the hands of the federal government.
3. Agrarian vs. Industrial Economy: Jefferson favored an agrarian society and believed that the national bank would promote the interests of industrial and commercial elites. He feared that it would disproportionately benefit wealthy merchants and urban centers at the expense of rural farmers.
4. Corruption and Concentration of Power: Jefferson was concerned about the potential for corruption and the concentration of economic and political power that could result from the establishment of a national bank. He argued that it would serve the interests of a privileged few rather than the common people.
5. Debt and Speculation: Jefferson was also critical of Hamilton's financial plans, which included assumption of state debts and the funding and assumption of revolutionary war debts. He believed that these policies would benefit speculators and wealthy elites at the expense of average citizens.
Overall, Jefferson's opposition to Hamilton's national bank was grounded in constitutional concerns, a belief in states' rights, a preference for an agrarian economy, and concerns about corruption and concentration of power.