HAMILTON VERSUS JEFFERSON

1
HAMILTON VERSUS JEFFERSON
The Origins of the Two Party Political System
the Federalists and the Democratic-Republicans
2
Views on Strict versus loose interpretation of
the Constitution the Elastic Clause

• Hamilton
• Favored a loose interpretation of the
  Constitutions elastic clause about making all
  necessary and proper laws Congress could act
  whenever it was proper. Believed in the
  implied powers included in the Constitution.

• Jefferson
• Favored a strict interpretation of the
  Constitutions elastic clause Congress should
  act only when necessary. Believed in adhering
  closely to the specifically listed powers
  included in the Constitution.

3
Views on the National Bankthe BUS!

• Jefferson
• 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.

• Hamilton
• Wanted Congress to charter one, sell some if its
  stock to individuals this would be good for
  investors in the bank.

4
Views on paying the national debt from the war

• Jefferson
• Initially, opposed ordinary citizens had loaned
  the government money and then had to sell the
  securities at a deep discount to speculators -
  wanted these people at least partially repaid.
  Accepted Hamiltons plan in exchange for the move
  of the Capitol.

• Hamilton
• Fund it at par via new bonds pay security
  holders in full benefits well-to-do security
  holders and commercial interests.

5
Views on the American economy

• Hamilton
• Stressed manufacturing, commerce, finance.
  Favored the rich, merchants, wealthy planters.

• Jefferson
• Wanted a simple agrarian economy. Favored the
  yeoman farmer wanted the government to support
  the interests of the common man

6
Views on British society and government

• Jefferson
• Disliked both thought British society was
  decadent, the government corrupt and
  anti-republican.

• Hamilton
• Admired both liked the orderliness of the
  British government and financial systems.

7
Views on Frances Revolution

• Hamilton
• Abhorred the violence and social disruptions of
  the French Revolution.

• Jefferson
• Admired Frances republican revolution.
• "We are not to expect to be translated from
  despotism to liberty in a featherbed."

8
Views on the central government

• Hamilton
• Favored a strong central government.

• Jefferson
• Favored states rights.