Hamilton's next objective was to create a Bank of the United States, modeled after the Bank of England. A national bank would collect taxes, hold government funds, and make loans to the government and borrowers. One criticism directed against the bank was "unrepublican"--it would encourage speculation and corruption. The bank was also opposed on constitutional grounds. Adopting a position known as "strict constructionism," Thomas Jefferson and James Madison charged that a national bank was unconstitutional since the Constitution did not specifically give Congress the power to create a bank.
Hamilton responded to the charge that a bank was unconstitutional by formulating the doctrine of "implied powers." He argued that Congress had the power to create a bank because the Constitution granted the federal government authority to do anything "necessary and proper" to carry out its constitutional functions (in this case its fiscal duties).
In 1791, Congress passed a bill creating a national bank for a term of 20 years, leaving the question of the bank's constitutionality up to President Washington. The president reluctantly decided to sign the measure out of a conviction that a bank was necessary for the nation's financial well-being.
What was the most important cash crop in the south in the 1800s
A.corn
Answer:
Federalists and Democratic Republicans
Explanation:
The Federalists were formed by a national coalition of bankers and business owners in support of fiscal policies developed by Alexander Hamilton. They appealed to businesses and conservatives who favoured industries like banking, manufacturing and national over state government. They fostered relationships with Britain and opposed revolutionary France.
Democratic republicans party believed in republicanism, political equality and expansionism. The party was created to the opposition of the federalists policies created by Hamilton and became more popular under Washington on the debates of the Jay Treaty.
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❖ The correct answer is D. intervening in Latin American countries that could not pay their debt to European creditors.
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