holders and the fraudulent purchasers of this paper. We should remember this first clash between Hamilton and Jefferson (there were more to come) not so much because it gave us our first national bank as because it gives us a valuable lesson in the demands of constitutional fidelity. Hamilton and Jefferson each thought that the other was clearly wrong. Government, establishment of a mint and imposition of a federal excise tax. And in preparing himself for the exercise of that responsibility he was the cause of the great debate between Hamilton and Jefferson. In the Senate, Hamilton's supporters objected to the House's alteration of the plans for the excise tax." 14 The establishment of the bank also raised early questions of constitutionality in the new government. "Alexander Hamilton's Fiscal Program 17911793". It is an established rule of construction where a phrase will bear either of two meanings, to give it that which will allow some meaning to the other parts of the Instrument, and not that which would render all others useless. This, Jefferson argued, was the true interpretation of the term necessary in the Necessary and Proper Clause: It only authorized those measures without which the federal governments enumerated powers would be nugatory, or without which they would amount to nothing.
Jefferson: The Constitutionality of a National Bank, 1791
The National Bank: An Early Lesson in Constitutional Fidelity
Like most of the Southern members of Congress, 12 Jefferson and Madison also opposed a second of the three proposals of Hamilton: establishing an official government Mint. Secretary of State Thomas Jefferson and James Madison led the opposition, which claimed that the bank was unconstitutional, and that it benefited merchants and investors at the expense of the majority of the population. This criterion of what is constitutional, and of what is not. It was included in Independence National Historical Park when the park was formed in 1956. To take a single step beyond the boundaries thus specially drawn around the powers of Congress, is to take possession of a boundless field of power, no longer susceptible of any definition.
Retrieved 13 November 2014. Vice President George Clinton broke the tie and voted against renewal.