1. Hamilton's critics claimed that his scheme would provide enormous profits to speculators who had bought bonds from Revolutionary War veterans for as little as 10 or 15 cents on the dollar. For six months, a bitter debate raged in Congress, until James Madison and Thomas Jefferson engineered a compromise.
2. Southerners opposed this plan because many of the Southern states had already paid off their war debts.
Alexander Hamilton was given the ask of writing the plan by George Washington. His plan consisted of creating a bank of the United States, and helping assume the states debt. Some states already paid off their debts but the plan was wealthy business men would purchase the new bonds for the states. The plan came from the north and so of course they liked the plan because it benefited everyone and not just the farmers from the south.
The south did not like this plan. They felt like it made the states too tied to the federal government which gave them too much power. This also was not liked because the states relied on the wealthy business men to keep them paid off and afloat. Not to mention the states had power issues and didn't want a plan that came from the north.
