Question

Hamilton's Report on National Bank + Debate on Constitutionality.

a) Presented to Congress in 1790.

b) Proposed the creation of a national bank.

c) Led to debates on the constitutionality of such a bank.

d) Contributed to the formation of political parties.

Answer 1

Hamilton's Report on a National Bank, presented in 1790, proposed the creation of a national bank to stabilize the U.S. financial system, which led to significant constitutional debates that played a pivotal role in the formation of the nation's first political parties.

Step-by-step explanation:

Presented to Congress in 1790, Hamilton's proposal for a national bank was a groundbreaking solution to the nascent United States' financial disorganization. With the nation inundated with various state bank notes and no cohesive economic strategy, the Report on a National Bank aimed to unify and stabilize the financial system. It proposed a Bank of the United States that would control national finance, manage government revenue from land sales, provide loans, and issue bank notes as currency.

The debate over the constitutionality of this national bank was significant. Figures like James Madison and Thomas Jefferson advocated for a strict construction of the Constitution, doubting the government's power to create such a bank. Hamilton countered with the implied powers doctrine, asserting that the government could take actions not explicitly outlined in the Constitution if they were necessary and proper for executing its expressed powers.