VOICE TWO:
Critics argued that a national bank would give too much power to a few rich men in the north. It would take control of state banks, on which southern farmers and small businessmen depended. It would increase the use of paper money, instead of gold and silver.
James Madison led the opposition against Hamilton's plan in Congress.
Madison believed the United States should not put all its wealth in one place. So, he proposed a system of many smaller banks in different parts of the country. He also argued that the idea of a central bank was unconstitutional.
VOICE ONE:
No one knew more about the American Constitution than James Madison. He was given credit for most of the ideas in it. Everyone respected his explanation of its wording.
Madison noted that the Constitution gives Congress a number of powers, which are stated. Congress has no powers beyond this. For example, he said, Congress has the power to borrow money. But it is permitted to borrow money only to re-pay debts, to defend the country, and to provide for the general good of the people.
Madison rejected the idea that the right to create a central bank came from the power to provide for the general good of the people. He said such an idea twisted the meaning and purpose of the Constitution. That, he said, was most dangerous.
VOICE TWO:
Madison's argument was powerful. Yet, once again, Hamilton won more Congressional support. He got enough votes to approve his proposal to establish a national bank. Still, President Washington had to sign the bill into law. He worried about the possibility that the bill was not constitutional.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25