Hamilton and Jefferson Face off
Birth of Political Parties Federalists Democratic-republicans Led by Alexander Hamilton, John Adams Wealthy & well-educated should lead nation Strong central govt. Emphasis on commerce, manufacturing, shipping & trade Loose interpretation Favored national bank Favored protective tariff Led by Thomas Jefferson, James Madison People should have political power Strong state govts. Emphasis on agriculture Pro-French Strict interpretation Opposed national bank Opposed protective tariff
What is the most controversial? The BUS! Hamilton Jefferson Anti-BUS- Unconstitutional Some former federalists oppose, like James Madison Favored a Strict interpretation of Constitution- no provision for a national bank and Congress had no right to authorize it Pro BUS- necessary to issue paper money and handle tax receipts and other government funds Favored a Loose interpretation of Constitution- Article I “necessary and proper” (implied/elastic)
To win support for BUS Need Southern support: Federalists proposed moving capital from Philly to Potomac River Led to passage of debt assumption bill, BUS, excise tax, protective tariff and creation of the District of Columbia as the new Federal city
Who’s my buddy? And where am I?