What were the reasons for the controversy over the Bank of the United States between the Federalists and the Republicans?

During the Washington administration, there was a conflict between Federalists and Republicans over the proposed Bank of the United States.

The Federalists wanted the bank.  They felt that it would make a more stable climate for business.  It would do this by providing a secure and stable currency.  It would also serve as a source of loans for businesses.  Therefore, they thought the bank was necessary for the growth of the economy.

The Republicans objected on two grounds.  They thought the bank was unconstitutional because the Constitution does not say Congress can create a bank.  They also opposed the bank on political grounds.  They felt that it was a tool for the elites to use to dominate the common people.

These differences in opinion over the wisdom and constitutionality of the bank were the cause of the controversy.