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HAMILTON VERSUS JEFFERSON Views on Strict versus loose interpretation of the Constitution Hamilton • Favored a loose interpretation of the Constitution’s elastic clause about making all “necessary and proper” laws; Congress could act whenever it was “proper”. Jefferson • Favored a strict interpretation of the Constitution’s elastic clause; Congress should act only when “necessary”. Views on the National Bank Hamilton Jefferson • Wanted Congress to charter one, sell some if its stock to individuals; this would be good for investors in the bank. • A national bank is not “necessary,” so it is not authorized under the Constitution; such a bank would benefit commercial classes, not the farmers Jefferson favored. Views on paying the national debt from the war Jefferson Hamilton • Fund it at par via new bonds; pay security holders in full; benefits well-to-do security holders and commercial interests. • Initially, opposed; ordinary citizens had loaded the government money and then had to sell the securities at a deep discount to speculators wanted these people at least partially repaid. Accepted Hamilton’s plan in exchange for the move of the Capitol. Views on the American economy Hamilton • Stressed manufacturing, commerce, finance. Jefferson • Wanted a simple agrarian economy. Views on British society and government Hamilton Jefferson • Admired both; liked the orderliness of the British government and financial systems. • Disliked both; thought British society was decadent, the government corrupt and anti-republican. Views on France’s Revolution Hamilton Jefferson • Abhorred the violence and social disruptions of the French Revolution. • Admired France’s republican revolution. Views on the central government Hamilton • Favored a strong central government. Jefferson • Favored state’s rights.
