Hamilton's Financial Plan · US History

Thomas Jefferson’s primary objection to the National Bank was based on the belief that:

The bank would be too small and undercapitalized to serve the nation's finances
The Constitution did not explicitly grant Congress the power to create a bank
The bank's charter would eventually move the capital away from the South
Paper money was inherently evil and should be banned

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Correct answer: The Constitution did not explicitly grant Congress the power to create a bank

Jefferson was a strict constructionist who believed the federal government only possessed powers specifically enumerated in the Constitution. Since a bank was not mentioned, he argued that the power to create one belonged to the states under the Tenth Amendment.

Difficulty: Medium Question 8 of 20

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Thomas Jefferson’s primary objection to the National Bank was based on the belief that:

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