WORK IS DUE BYE THE END OF TOMORROW!!! What was the main action President Jackson took regarding the Second National Bank? ¾ The bank’s charter would run for 20 years and would be subject to renewal by Congress. They are summarily these. Alexander Hamilton used the Elastic Clause to create the first National Bank. ¾ The bank would be allowed to establish branch offices in other cities; its main branch would be in Philadelphia, the nation’s capital. He was the Father of the American National Banking System because of his frustration regarding the receipt of funding from the states. Another great example of the use of the … Hamilton had already founded the Bank of New York in 1784 and the national bank would serve the same purpose. Washington found Hamilton's arguments most compelling, so he signed the bill into law on February 25, 1791. Jackson extended its charter for one year, and then allowed it to dissolve. The Report to the House of representatives proposing the plan of a Bank,4 enters fully into the advantages attending institutions of this nature. Jefferson also believed that the Constitution did not give the national government the power to establish a bank. Thomas Jefferson opposed this plan. 1. Answers: 2, question: answers They showed the country that integration could be successful. George Washington named Alexander Hamilton the first Secretary of the Treasury. Alexander Hamilton was not a president, but he was a famous early U.S. leader. Jackson vetoed an extension of its charter, causing it to dissolve. The First National Bank. Creating a national bank was one part of his economic program. Why did Hamilton and the Federalists support a national bank? They thought it would help to stabilize the economy. People argued that the constitution did not grant the power to create a bank, Hamilton noted that it was required in order to carry out taxation. Hamilton disagreed on this point too. It would be funded by import/export tariffs (back when it was the conservatives who believed in such things). Alexander Hamilton (Secretary of the Treasury) wanted to use the federal government to promote economic development. Jackson pressured state banks to deposit funds in the Second National Bank. Why did Alexander Hamilton support a national bank? The new law chartered the First National Bank of the United States for 20 years. Randolph wrote two essays, one against the Bank, and one which did not take a clear position one way or the other. ! When this, too, was approved, his vision was complete. He thought states should charter banks that could issue money. Jefferson’s Objections to the Bank Thomas Jefferson objected strongly to Hamilton’s proposal for a national bank. Hamilton's economic wizardry was not yet finished. There were other reasons given, of course, and some of them were reasonably legitimate. Northern businessmen supported a national bank (and other parts of his plan), but southern planters did not. O to give more strength to the states O to pay England for war debt to make a stronger nation O to have a bank for wealthy people NEDD HELP NOW!!! Later in 1790 he proposed the creation of a federal bank.