5. Provide two reasons why Jefferson was opposed to the establishment of a national bank.

Answer 1

Thomas Jefferson opposed the establishment of a national bank for several reasons:

1. Constitutional Concerns: Jefferson believed that the Constitution did not grant the federal government the authority to create a national bank. He advocated for a strict interpretation of the Constitution, arguing that powers not specifically delegated to the federal government were reserved for the states. He felt that creating a national bank would overstep the boundaries of federal power.

2. Favoring Agrarian Interests: Jefferson championed an agrarian economy and was wary of centralized financial power favoring industrialists and urban elites. He believed a national bank would cater primarily to commercial interests and undermine the interests of farmers and rural communities. Jefferson advocated for a decentralized economic system that prioritized agricultural interests over those of banking and commerce.

These positions reflected his larger vision of a nation composed primarily of independent farmers rather than one dominated by financial institutions.