When Alexander Hamilton was appointed Secretary of Treasury he was given the daunting task of improving the American economy. Hamilton organized a study of the new nation's finances and delivered a report on manufacturing to the Congress in December of 1791. In his report Hamilton outlined his goals for the Treasury Department.
Hamilton called for Congress to approve of three measures:
1. The creation of a National Bank of the United States.
2. To have the National Government take on all the debts from the 13 states from the American Revolution and pay them off.
3. Place a tariff on imported goods from Europe to protect and encourage manufacturing in the United States.
Hamilton's Plan was well received by many Congressmen and Senators from the North. Many Southerners felt that his plan favored the Northern states, and would hurt the interests of Southern planters and farmers.
Thomas Jefferson believed that Hamilton's Plan was unconstitutional and encouraged President Washington to not approve of the plan. Jefferson believed that the creation of the National Bank would increase the power of the National Government at the expense of the states. Since the Constitution does not mention anything about a National Bank, Jefferson believed that the Bank should not be created. Jefferson's strict interpretation of the Constitution was at odds with Hamilton's loose interpretation of the Constitution.
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