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.

What caused the controversy over the Bank of the United States?

There were two different disagreements over this bank.

First, there was the issue of constitutionality.  Many Democratic-Republicans felt that the creation of the bank was unconstitutional.  They pointed out that the Constitution did not explicitly give Congress the power to create a national bank.  They argued for a strict construction of the Constitution while the Federalists wanted a looser construction that would find the bank constitutional.

Second, there was a conflict that came to a head much later over whether the bank was a tool of the elites.  Some people, including economic elites, felt the bank was necessary in order to create a stable climate for business in the country.  They felt the bank was needed, among other things, in order to keep a strong and sound currency.  Meanwhile, other people like Andrew Jackson felt the bank was an elite tool used for helping the elites at the expense of the masses.  Therefore, they wanted to kill the bank.