Compare the arguments of Jefferson and Hamilton for and against the constitutionality of the Bank of the United States
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The argument between Hamilton and Jefferson over the Constituitionality of the bank gave way to political parties in America. Hamilton the Federalist and Jefferson a Democratic-Republican (not to be confused with the modern two party system today) or Anti-Federalist as labeled by the Federalists. The argument was rooted in the interpretation of the Constitution. Hamilton, a loose constructionist believed that Article I Section 8 Clause 18...'that Congress had the power to do whatever was proper and necessary to carry out the 17 delegated powers. Commonly referred to as 'the elastic clause', Hamilton's understanding of the delegated power 'to coin money' when interpreted along with Art. I Sec.8 Cl. 18 meant the creation of 'A BANK'. Jefferson, the strict constructionist thought it very dangerous for the new nation to 'read into' the document that which was not specifically written. Hamilton ultimately got his bank but only after a compromise was reached during a private dinner between Jefferson and Hamilton at Jefferson's Maiden Lane apartment in N.Y.C. The compromise; Jefferson would get Hamilton the votes needed to ensure the banks' creation anf Hamilton would push for the re-location of the U.S. Capitol, in the south closer to Jefferson's Virginia. After all was said and done, the bank became a reality and the Capitol is closer to Virginia.
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