The Democratic-Republicans primarily rejected the Federalists’ plan to develop a national bank because they believed that the bank would benefit manufacturers at the expense of small farmers. They were concerned that a national bank would centralize financial power and favor the interests of urban elites and business owners, which they felt was contrary to the interests of agrarian society and rural farmers. Additionally, they believed that the bank would concentrate too much power in the federal government, undermining the principles of states' rights and individual liberties that they championed.
Why might the Democratic Republican Party have rejected the Federalists’ plan to develop a national bank? (1 point) Responses The Democratic Republicans believed that the bank would benefit manufacturers at the expense of small farmers. The Democratic Republicans believed that the bank would benefit manufacturers at the expense of small farmers. The Democratic Republicans believed that the bank would weaken the federal government. The Democratic Republicans believed that the bank would weaken the federal government. The Democratic Republicans believed that the bank would help finance wars. The Democratic Republicans believed that the bank would help finance wars. The Democratic Republicans believed that the bank would be bad for cities and manufacturing.
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