Question

Why did Alexander Hamilton believe that the national bank was constitutional? A) He believed in express powers and a strict interpretation of the Constitution. B)The Constitution states that a government should have all the powers to carry out its duties, and the national bank was necessary.
C) He thought the Constitution was a weak document that couldn’t address the needs of the government.
D)The Constitution mentioned the possible need for a bank.

Answer 1

The correct answer is:

B)The Constitution states that a government should have all the powers to carry out its duties, and the national bank was necessary.

Hamilton took a broad view of the significance of the words of the constitution and held that the government had been created to solve national problems such as the national and state debts that required the establishment of a national bank.

He understood that if the creation of a national bank wasn't forbidden in the constitution, then it was permitted.  

Answer 2

The Constitution states that a government should have all the powers to carry out its duties, and the national bank was necessary.

Further Explanation:

The first bank of the United States was a national bank that was made for a period of twenty years in the year 1791. It was followed by America's first central bank which was known as Bank of North America. The establishment of a national bank was a part of a three-part expansion strategy that was related to fiscal policy and monetary power. The main reason behind its establishment was the improvement of the financial sector of the United States under the new constitution. The idea of a National bank was first introduced and proposed by Alexander Hamilton who was secretary of the treasury during that time and later went on to become the President of the United States.  

He proposed three goals which this bank will achieve. The first one was that a National bank will help in establishing financial order and secondly it will help in establishing credit in the country itself along with foreign trade and lastly a national bank will resolve the issue flat of currency.

Learn More:

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2. List 3 main differences between German and Scots-Irish immigrants.

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Answer Details:

Grade: High School

Chapter: First National Bank

Subject: History

Keywords: National Bank, United States, Bank of North America, Alexander Hamilton, Treasury, President, Monetary policy, Trade, Financial Stability, Constitution