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Essay text:
Hamilton suggested that the government should create the
Bank of the United States, which would be a public-private partnership with
both government and private investors. The Bank of the United States was to
handle the government's banking needs. Jefferson protested because this was
not allowed by the Constitution. Hamilton opposed the view of Jefferson and
stated that the Constitution's writers could not have predicted the need of
a bank for the United States. Hamilton said that the right to create the Bank
of the United States was stated in the "elastic" or the "necessary and
proper" clause in which the Constitution gave the government the power to
pass laws that were necessary for the welfare of the nation...
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