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Alexander Hamilton's 1791 plan for the First Bank of the United States was popular with Northern merchants and their State Senators and Congressmen, but very unpopular with people in the South. Both James Madison and Thomas Jefferson opposed the bank and the US Mint, as well, because they believed those interests should continue to be held by private banks.

Then-Secretary of State Thomas Jefferson also believed chartering a national bank would be unconstitutional because there was no mention of those powers in the Constitution; its creation also allegedly violated property laws.

Despite objections, Congress passed a bill allowing the bank to be chartered, and George Washington reluctantly signed the bill into law. When the bank's charter expired in 1811, Congress failed to renew it by a vote of 65-64, which undoubtedly pleased President James Madison.

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14y ago

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