1. Jefferson believed that a national bank would lead to the concentration of power and wealth in the hands of a few individuals. He saw it as a tool that would benefit the financial elite and investors, rather than the common people. Jefferson feared that a national bank would undermine the principle of equal opportunity and economic justice.
2. Jefferson also opposed the national bank on constitutional grounds. He believed that the establishment of a national bank exceeded the powers granted to the federal government by the Constitution. Jefferson, an advocate for strict constructionism, believed that the government should only exercise powers explicitly stated in the Constitution, and since establishing a national bank was not specifically mentioned, he opposed it. He argued that such a bank would give too much power to the federal government, encroaching upon the rights and powers reserved for the states.
5. Provide two reasons why Jefferson was opposed to the establishment of a national bank.
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1. Jefferson believed a national bank would concentrate power and wealth in the hands of a few, benefiting the elite and not the common people.
2. Jefferson opposed the national bank on constitutional grounds, arguing it exceeded the powers granted to the federal government and encroached upon states' rights.
2. Jefferson opposed the national bank on constitutional grounds, arguing it exceeded the powers granted to the federal government and encroached upon states' rights.
1 answer