The main difference between the ways in which the Communist Party of China and the Democratic and Republican parties in the United States set economic and social policies for their nations is that in China there is a one-party system in which the Communist Party exercises absolute control over the entire political field of the nation, without opposition of any kind; while, on the contrary, in the United States, political power is balanced between the two majority parties, which make decisions together through political consensus in Congress.
By today's standards this period in the US wasn't very democratic, since minorities and women and poor people could not vote. It became less equal because of wealth disparities.
They disagreed about it because Madison and Jefferson thought that the plan would only benefit the wealthy. They also thought that it would be unconstitutional. The bank was not around for much longer.
