Why did James Madison object to Hamiltons plan for a national bank?

Answer 1

Madison opposed the establishment of a national bank because of his and Jefferson's beliefs that the ability to control commerce did not constitute a right to create a bank.

As you know, Jefferson and Madison were Democratic-Republicans, who were set up by Jefferson to strictly follow the Constitution, i.e. if its not spelled out, it falls under the rights of the people & the state rather then the Federal Government.

The creation of National Banks was not in the Bill of Rights, which led Jefferson and Madison to believe that, under the 10th Amendment, the right was retained by the people and the states. However, the Constitution promises the Federal Government the ability to control commerce. This led to the major counter-argument from the Federalists.

So, part of the reason Madison opposed the Bank was because of Jefferson and Madison's beliefs that the ability to control commerce did not constitute a right to create a bank. However, it is evident through on of Jefferson's famous quotes that this was not the only reason:

"I sincerely believe that banking establishments are more dangerous than standing armies." -Thomas Jefferson

It only makes sense to me that Madison agreed to and carried on this ideal stated by Jefferson. The exact reasons Jefferson believed this are broad, and I wouldn't know where to start or end.

Who was right? That argument is still a valid one (look up opposition to the Federal Reserve). I can tell you who won though; up until Jackson's presidency, the Bank of the United States continued to issue notes.

Answer 2

James Madison argued that Congress could not establish a bank because it was not among the federal government's enumerated powers, or powers specifically mentioned in the Constitution.