Does the Constitution allow Congress to create a national bank?
Alexander Hamilton and Thomas Jefferson
February 1791. The bank bill has passed Congress, and President Washington has asked his cabinet whether he should sign it.
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Alexander Hamilton
Alexander HamiltonThe orphaned immigrant who built the US financial system1755/1757–1804Secretary of the Treasury, who proposed the bank, writing his answer to Jefferson for the President.
Their position, as they argued it
Yes: the power to make all laws 'necessary and proper' covers the means of carrying out the government's powers, and a bank is such a means for its finances.
Thomas Jefferson
Thomas JeffersonPresident who wrote of liberty while enslaving hundreds1743–1826Secretary of State, who has just advised the President that the bill is unconstitutional.
Their position, as they argued it
No: the Constitution gives Congress no power to create a corporation, and 'necessary' means indispensable, not merely convenient.
Where this is documented
Hamilton's and Jefferson's opinions to Washington on the constitutionality of the bank (February 1791)
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