Problem
A. Hamilton says that even though the United States lacks abundant specie, they do have an abundance of another "species of Capital."
a. Of what does he speak?
b. How can this asset be converted to capital?
B. Hamilton claims that the United States must undertake a program of industrial development, whether the public supports it, or not. Why?
C. What does Jefferson say that the national bank will do?
D. In Jefferson's opinion, what are the powers of the federal government?
E. Jefferson details several of the powers of the federal government, expressed explicitly in the Constitution, and then proceeds to argue that the bank bill does not conform to the expressed powers of the federal government as listed in the Constitution.
a. What powers does he discuss?
b. What explanation does he offer?
F. Jefferson answers critics who claim that Constitution's "elastic clause" (i.e., "necessary and proper" clause [Article I, Section 8]) authorizes Congress to take such measures as the bank bill. Explain his argument against the justification based upon the elastic clause.
G. Jefferson's opposition to Hamilton's interpretation of the elastic clause was partly based on the fear that federal government might one day interfere with the enslaved labor system.
a. Following the logic Jefferson uses to argue against Hamilton's proposal, how could acceptance of Hamilton's argument for the necessity and constitutionality of his financial program lay the groundwork for such a challenge to slavery?