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The National Bank The National Bank Debate Debate A PowerPoint by Elise Stevens Wilson Part I

The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

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Page 1: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

The National Bank The National Bank DebateDebate

A PowerPoint by Elise Stevens Wilson

Part I

Page 2: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

The U.S. ConstitutionArticle I Section 8

• Enumerated Powers: Those powers given to U.S. government expressly listed in the Constitution.

• General Powers: Those powers given to the U.S. government to serve the general welfare of the people. These powers are not specific.– General Welfare Clause: Allows Congress to

enact laws that it sees fit to support the common good.

– Necessary and Proper Clause: Allows Congress to enact laws that are necessary to carry out its enumerated powers.

Page 3: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Problems in 1791

• Revolutionary War Debt – Many states owed money after the Revolutionary War

• Common Currency – Before and during the Revolutionary War each state had its own system of currency. There was no uniformity in America.

Page 4: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Problems Continued

• As a new country America needed to develop its economy. Should America focus on agriculture, which it had in the past, or should it develop its trade and manufacturing?

Page 5: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Federalists Republicans • Alexander Hamilton• Strong federal government• All the states’ debt should be

absorbed by the national government, and it will pay off the debt.

• Since the states are now one country there should be one currency, and it should be paper. It makes life easier since gold and silver are hard to come by.

• Necessary and proper means whatever the government needs to do to solve problems.

• Some powers are not prohibited in the government, but are implied powers.

• Thomas Jefferson• Small, local government• Not all the states have the

same amount of debt and it is unfair to have states will little debt pay other state’s debt.

• People don’t trust that paper can be valuable and used instead of gold and silver.

• Necessary and proper means whatever is absolutely necessary.

The first 2 parties Develop

Page 6: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Some people thought that a bank would help in solving the problems in 1791. Based on your knowledge of the Constitution, does Congress have the right to create this bank?

Why or why not?

Page 7: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

The National Bank The National Bank DebateDebate

A PowerPoint by Elise Stevens Wilson

Part II

Page 8: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Jefferson

• Jefferson did not see the need for the bank.• He also worried that if Congress created a

bank, then they were abusing power and would do so in the future.

Page 9: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Hamilton

• Having a bank would aid the government in paying off the debt, coining money, and collecting taxes.

• The ability to charter a bank is an implied power. The Constitution does not prohibit its creation and it would help Congress carry out its duties.

• The bank will also allow people to borrow money to start businesses which helps the economy.

Page 10: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Washington’s Decision

• Ultimately Washington agreed with Hamilton and the first national bank was chartered for 20 years.

• Many spirited entrepreneurs took advantage of the loans from the bank and America’s economy grew.

Page 11: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Do you agree?

• Do you believe Jefferson or Hamilton was correct in interpreting the Constitution with respect to the bank?

• What do you think life would be like without banks?

• Do you generally think Congress has too much power or not enough?

Page 12: The National Bank Debate A PowerPoint by Elise Stevens Wilson Part I

Pictures Bibliography • http://www.swordfoxdesign.co.nz/library/branding/1791-diamonds.jpg• http://www.archives.gov/historical-docs/document.html?

doc=3&title.raw=Constitution%20of%20the%20United%20States• ://mises.org/images4/12penceMass.jpg• http://people.cohums.ohio-state.edu/childs1/387%20Syllabus%20Wi

%2009_files/image006.jpg• http://www.ushistory.org/tour/first-bank.htm• http://davidavery.files.wordpress.com/2009/02/thomas-jefferson-picture.

jpg• http://wigwags.files.wordpress.com/2009/02/ahamilton.jpg• http://blogs.geniocity.com/friedman/wp-content/uploads/2010/02/

George-Washington.jpg