| Term | Definition |
|---|
| "Bank of North America" | -Founded by franklin, jefferson, hamilton. - there were some investors and depositors, so it was not a complete failure. -legality was still disputed. |
| Why Congress wanted to establish a national bank | 1) would provide for nationwide paper currency. 2) Provide for source of funds in war. |
| Hamilton | Wanted a national bank |
| People did not want a bank because | - views on national wealth based on productivity. -Agrarians were not in favor. Afraid that bank would create financiers who would co opt government. - madison afraid that if established in Philly, capital would not be where he wanted it to be. |
| Madison in opposition to bank in Congress | - Thought it was unconstitutional. |
| Madison rejected.... | Necesary and proper clause as reason to build bank. |
| Is national government sovereign? | many people regarded fed. gov't as something that assisted but not an authority. when they meant loyalty to nation, they meant loyalty to the state they lived in. |
| Three questions | 1) U.S. really one single nation? 2) What does necessary and proper clause mean? 3) May States tax the national government? |
| Madison says | Congress can not do anything that is not specified in text. It does not say anything about having a Bank |
| Hamilton says | There is power to regulate interstate commerce, to coin money, to pay debts, and a Bank is kind of incidental to these tasks. |
| Issue | If Congress can charter a bank, then Congress can do other things that are no listed in the Constitution, (slaves), great fear for Southern States, and those that feared concentration of power in general. |
| The Case | bank of U.S. doesn't pay tax, refuses to buy tax stamp. Maryland says bank is not fed. gov't b/c law creating bank is unconstitutional, therefore they must tax. |
| The opinion | Marshall rules that Government has power to do this. law is unconsitutional. |
Combine with other sets
Share on Facebook
Share on MySpace