Question

What was Thomas Jefferson's argument against the creation of a national bank?

A. It would concentrate too much power in the federal government.
B. It would promote economic inequality.
C. It would favor northern states over southern states.
D. It would lead to excessive taxation.

Answer 1

Thomas Jefferson opposed the national bank because he adhered to a strict constructionist view of the Constitution and feared it would lead to economic inequality and favoritism towards urban commercial interests over the agrarian economy.

Step-by-step explanation:

Thomas Jefferson's argument against the creation of a national bank was primarily based on the principle of strict construction when interpreting the Constitution. Jefferson, alongside Madison, feared that a national bank would concentrate too much economic power in the hands of a privileged few, which could lead to a destabilization of the republican ideals they cherished. They were particularly concerned about the bank promoting economic inequality and potentially favoring urban commercial classes over rural agrarian interests, which they believed would be detrimental to the self-sufficient yeoman farmer whom Jefferson deemed essential to the republic.