Question

Unlike Hamilton, why was Thomas Jefferson against the bill that established the First National Bank?

Answer 1

Thomas Jefferson feared that a national bank would establish a financial monopoly that may threaten state banks and adopt policies that favoured financiers and merchants, who typically act as creditors, over plantation owners and small-scale farmers, who typically act as debtors.

Who was Thomas Jefferson?

American statesman, lawyer, builder, philosopher, and Founding Father Thomas Jefferson presided over the country as the third president from 1801 to 1809. Prior to that, he served as George Washington's first secretary of state and John Adams' second vice president. The fundamental and universal ideals of self-government that Jefferson outlined in the Declaration of Independence will always be praised for serving as the foundation of the American national ideology.

Hence, Unlike Hamilton Thomas Jefferson feared that a national bank would establish a financial monopoly that may threaten state banks and adopt policies that favored financiers and merchants, who typically act as creditors, over plantation owners and small-scale farmers, who typically act as debtors.

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