Did the constitution authorize congress to establish a national bank?

Answer 1

The Constitution did not say anything about a National Bank. In 1791, when the idea for a National Bank was proposed by Alexander Hamilton, Jefferson argued and said, "

I consider the foundation of the Constitution as laid on this ground: That " all powers not delegated to the United States, by the Constitution, nor prohibited by it to the States, are reserved to the States or to the people." [XIIth amendment.] To take a single step beyond the boundaries thus specially drawn around the powers of Congress, is to take possession of a boundless field of power, no longer susceptible of any definition. The incorporation of a bank, and the powers assumed by this bill, have not, in my opinion, been delegated to the United States, by the Constitution."

Answer 2

The Constitution authorizes Congress, "To borrow money on the credit of the United States;" and "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;" Additionally, the Constitution allows Congress to, "To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof." At the time of its establishment, there was a sitting House Banking and Currency Committee. The bill creating the FED originated in the House. It's fairly safe to say that Congress had the right to establish the FED. If they didn't, it's also fairly safe to say that the Supreme Court would have found its establishment unconstitutional by now. Now, ask the question about how well advised Congress was in outsourcing their financial responsibilities to another entity over which they exercise little or no oversight.

Answer 3

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Answer 4

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