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JeffersoninHisOwnWordsReadtheseexcerptsfromSecretaryofStateThomasJeffersonsOpinionontheConstitutionalityofa
NationalBank.Asyoureadthedocument,underlinethemainideasinthetextandtrytounderstandJeffersonspositiononcreatinga
nationalbank.BesuretokeeptrackofJeffersonsargumentsanddescribeyourownthoughtsasyoufillinthechartbelow.
ThebillforestablishingaNationalBankundertakesamongother
things...
7.togivethemthesoleandexclusiverightofbankingunderthe
nationalauthority;andsofarisagainstthelawsofMonopoly.
8.Tocommunicatetothemapowertomakelawsparamounttothe
lawsoftheStates:forsotheymustbeconstrued,toprotectthe
institutionfromthecontroloftheStatelegislatures; and so,probably,
theywillbeconstrued.
IconsiderthefoundationoftheConstitutionaslaidonthisground:
ThatallpowersnotdelegatedtotheUnitedStates,bytheConstitution,
norprohibitedbyittotheStates,arereservedtotheStatesortothe
people.[XIIthamendment.]Totakeasinglestepbeyondtheboundaries
thusspeciallydrawnaroundthepowersofCongress,istotakepossession
ofaboundlessfieldofpower,nolongersusceptibleofanydefinition.
Theincorporationofabank,andthepowersassumedbythisbill,have
not,inmyopinion,beendelegatedtotheUnitedStates,bythe
Constitution.
I.Theyarenotamongthepowersspeciallyenumerated:fortheseare:
1stApowertolaytaxesforthepurposeofpayingthedebtsoftheUnited
States;butnodebtispaidbythisbill,noranytaxlaid.Wereitabillto
raisemoney,itsoriginationintheSenatewouldcondemnitbythe
Constitution...
3.Toregulatecommercewithforeignnations,andamongtheStates,
andwiththeIndiantribes.Toerectabank,andtoregulatecommerce,
areverydifferentacts...

KeyIdeas

2013 The Gilder Lehrman Institute of American History

www.gilderlehrman.org

Itwouldreducethewholeinstrumenttoasinglephrase,thatofinstituting
aCongresswithpowertodowhateverwouldbeforthegoodoftheUnited
States;and,astheywouldbethesolejudgesofthegoodorevil,itwouldbe
alsoapowertodowhatevereviltheyplease.
...Itisknownthattheverypowernowproposedasameanswasrejected
asanendbytheConventionwhichformedtheConstitution.Apropositionwas
madetothemtoauthorizeCongresstoopencanals,andanamendatoryoneto
empowerthemtoincorporate.Butthewholewasrejected,andoneofthe
reasonsforrejectionurgedindebatewas,thatthentheywouldhaveapower
toerectabank,whichwouldrenderthegreatcities,wheretherewere
prejudicesandjealousiesonthesubject,adversetothereceptionofthe
Constitution...
Itmaybesaidthatabankwhosebillswouldhaveacurrencyalloverthe
States,wouldbemoreconvenientthanonewhosecurrencyislimitedtoa
singleState.Soitwouldbestillmoreconvenientthatthereshouldbeabank,
whosebillsshouldhaveacurrencyallovertheworld.Butitdoesnotfollow
fromthissuperiorconveniency,thatthereexistsanywhereapowertoestablish
suchabank;orthattheworldmaynotgoonverywellwithoutit...
ThenegativeofthePresidentistheshieldprovidedbytheconstitutionto
protectagainsttheinvasionsofthelegislature:1.TherightoftheExecutive.2.
OftheJudiciary.3.OftheStatesandStatelegislatures.Thepresentisthecase
ofarightremainingexclusivelywiththeStates,andconsequentlyoneofthose
intendedbytheConstitutiontobeplacedunderitsprotection.
Itmustbeadded,however,thatunlessthePresidentsmindonaviewof
everythingwhichisurgedforandagainstthisbill,istolerablyclearthatitis
unauthorisedbytheConstitution;iftheproandtheconhangsoevenasto
balancehisjudgment,ajustrespectforthewisdomofthelegislaturewould
naturallydecidethebalanceinfavoroftheiropinion.Itischieflyforcases
wheretheyareclearlymisledbyerror,ambition,orinterest,thatthe
ConstitutionhasplacedacheckinthenegativeofthePresident.

KeyIdeas

2013 The Gilder Lehrman Institute of American History

www.gilderlehrman.org

SignificantQuotesandInterpretations

Vocabulary&Meanings
Example- establish

- create, found, set up, build

QuestionsIstillhave

IthinkJeffersonmeant

IthinkJeffersonmeant

IthinkJeffersonmeant

IthinkthatJeffersonsOpinionontheConstitutionalityofaNationalBankwas
__________________________(convincing/questionable),because...

2013 The Gilder Lehrman Institute of American History

www.gilderlehrman.org