Compare And Contrast Political Parties

The original political parties differed on views of national banks and state banks. Democratic Republicans and Federalists had differing views on many subjects in the american government. The newly formed U.S, government was in major financial trouble due to the fact that The united states had just gone through the Revolutionary War. The war put the nation in deep debt to other countries that they needed to pay off. A major facet of the government that they disagreed on was how to run the nation's economy. The Revolutionary war was the reason the nation was in debt. The states that supported the Democratic-Republicans were mainly southern states who had already paid off their debts. The two political parties differed in opinion on whether to make paying off national debts and whether to make a national or state bank for the United States. Thomas Jefferson the founder of the Democratic-Republican party made it one of his main concerns was to take care of the nation's debts and the states debts. While the Federalist didn’t think that it was as important as other things that the government needed like industrialization of the …show more content…
Since the Federalist used the constitution in a loose interpretation of the the constitution they thought a national bank was allowed due to their interpretation. The Democratic Republicans had an extremely strict interpretation of the constitution so they believed that putting a national bank in effect would be unconstitutional and illegal. When a law regarding national banks was presented to George Washington he asked Thomas Jefferson if it was legal who said a national bank was illegal, but Alexander Hamilton said it was legal. In the end Washington's decision was that the national bank was legal and he put the national bank in effect. The bank was made with a twenty year charter and the charter ended in 1811, but five years later the second bank of the United states was