First National Bank Pros And Cons

The historical debate regarding the establishment of the United States’ first national bank was a truly significant one. Hamilton, serving as the Secretary of the Treasury during Washington’s presidency, instituted the first national bank as a key component of his financial plan. He believed that a bank would serve the beneficial purpose of creating a stable and healthy economy and at the same time, greatly decreasing the amount of national debt the U.S carried. On the opposing end, there was the Secretary of State, Thomas Jefferson, who represented the Jeffersonian-Republicans. This political group opposed the idea of a national bank due to their strict interpretation of the Constitution. This heated debate led many to question whether the first national bank was Constitutional or not. Taking into account this period of opposition and the actions that ultimately resolved such issues, …show more content…
During the 1800s, the United States struggled to establish laws that adhered to both the Federalist and the Jeffersonian-Republicans’ views, however, they eventually resolved their issues using methods that the newly designated Secretary of Treasury, Taylor Krammen, could implement in today’s modern society for the good of the country. Soon after the Constitution was established, Hamilton implemented the first national bank of the United States. Although Hamilton believed this was a great way for the United States’ economy to grow and stabilize, as well as lower the national debt, immediate controversial views bursted from the seams of the Jeffersonian-Republicans led by Thomas Jefferson. The debate was majorly fueled by the opposing types of interpreting the U.S Constitution. The Federalists supported a loose