Bank of the United States...
The Bank of the United States was first brought up by Alexander Hamilton. Hamilton had three goals for his three measures:
1) Establish financial order
2) Establish credit- in U.S and overseas
3) To fix the issue of fiat currency
Along with Hamiltons goals, there were other conditions:
1) The Bank had to be a private company
2) After the 21 year charter it would be up to Congress whether it would be renewed or denied
3) Foreigners would be allowed to be Bank of the U.S. stockholders, but not be allowed to vote
4) The Secretary of Treasury can access the conditions of the bank once a week, remove government deposits, and inspect the books.
1) Establish financial order
2) Establish credit- in U.S and overseas
3) To fix the issue of fiat currency
Along with Hamiltons goals, there were other conditions:
1) The Bank had to be a private company
2) After the 21 year charter it would be up to Congress whether it would be renewed or denied
3) Foreigners would be allowed to be Bank of the U.S. stockholders, but not be allowed to vote
4) The Secretary of Treasury can access the conditions of the bank once a week, remove government deposits, and inspect the books.
Hamilton v. Jefferson...
Secretary of Treasury, Alexander Hamilton and Secretary of State, Thomas Jefferson both had very different views on the Bank of the United States. Jefferson saw the Bank as a way to help businesses in the north rather than agricultural farmers in the south. He also saw it as a violation of the Constitution and to traditional property laws. Hamilton was all for the Bank because he believed it would bring order to the economy.
McCulloch v. Maryland...
McCulloch v. Maryland was the Supreme Court case that was decided on March 6, 1819. Chief Justice Marshall decided that Congress had the power to create the 2nd Bank of the United States. Chief Justice Marshall had 4 main arguements:
1) The first Bank was made under the constitution so therefore the second Bank is Constitutional
2) The people of the U.S. ratified the Constitution and so the people were soverign, not the states
3) The Constitution does not have the power to make a central bank but it does not say that Congress cannot make that decision
4) The Nessecary and Proper Clause, it stated that Congress could seek out an objective as long as it is within its power and is related to the Constitution
The Video below explains the 1st Bank of the United States:
1) The first Bank was made under the constitution so therefore the second Bank is Constitutional
2) The people of the U.S. ratified the Constitution and so the people were soverign, not the states
3) The Constitution does not have the power to make a central bank but it does not say that Congress cannot make that decision
4) The Nessecary and Proper Clause, it stated that Congress could seek out an objective as long as it is within its power and is related to the Constitution
The Video below explains the 1st Bank of the United States: