Proposed by Alexander Hamilton as the basis of his economic plan. He proposed a powerful private institution, in which the government was the major stockholder. This would be a way to collect and amass the various taxes collected. It would also provide a strong and stable national currency. Jefferson vehemently opposed the bank; he thought it was un-constitutional. nevertheless, it was created. This issue brought about the issue of implied powers. It also helped start political parties, this being one of the major issues of the day.

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