HAMILTON VERSUS JEFFERSON

1. HAMILTON VERSUS JEFFERSON

2. Hamilton Favored a loose interpretation of the Constitution’s elastic clause about making all “necessary and proper” laws; Congress could act whenever it was “proper”. Jefferson Favored a strict interpretation of the Constitution’s elastic clause; Congress should act only when “necessary”. Views on Strict versus loose interpretation of the Constitution

3. Hamilton Wanted Congress to charter one, sell some if its stock to individuals; this would be good for investors in the bank. Jefferson A national bank is not “necessary,” so it is not authorized under the Constitution; such a bank would benefit commercial classes, not the farmers Jefferson favored. Views on the National Bank

4. Hamilton Fund it at par via new bonds; pay security holders in full; benefits well-to-do security holders and commercial interests. Jefferson Initially, opposed; ordinary citizens had loaded the government money and then had to sell the securities at a deep discount to speculators - wanted these people at least partially repaid. Accepted Hamilton’s plan in exchange for the move of the Capitol. Views on paying the national debt from the war

5. Hamilton Stressed manufacturing, commerce, finance. Jefferson Wanted a simple agrarian economy. Views on the American economy

6. Hamilton Admired both; liked the orderliness of the British government and financial systems. Jefferson Disliked both; thought British society was decadent, the government corrupt and anti-republican. Views on British society and government

7. Hamilton Abhorred the violence and social disruptions of the French Revolution. Jefferson Admired France’s republican revolution. Views on France’s Revolution

8. Hamilton Favored a strong central government. Jefferson Favored state’s rights. Views on the central government