Question

Why was Secretary of State Thomas Jefferson opposed to the creation of a national bank?

Answer 1

He felt that the Constitution did not authorize the government to create a bank.

Answer 2

Jefferson and Madison opposed the national bank because they felt it was unconstitutional and because they felt that the centralization of financial power would weaken the monetary system of the United States. They argued that a national bank would aid Northern businesses but hinder agrarian interests in the South.