#1239 Original Argument

Listening to America

Society & Culture, History

4.6 • 1.1K Ratings

🗓️ 20 June 2017

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

"The question then became: Is a national bank constitutional? Did the Founding Fathers contemplate a national bank?"

— Thomas Jefferson, as portrayed by Clay S. Jenkinson

This week, we discuss the argument between Alexander Hamilton and Jefferson over the creation of a national bank of the United States. Hamilton believed a central banking system was essential to America's standing in the world. Jefferson disagreed, arguing that to take a single step beyond the powers of the constitution is to enter a field of boundless abuse. We speak with Jefferson about President Washington's support of Hamilton's plan, a decision with ramifications that affect Americans to this day.

Find this episode, along with further recommended reading, on the blog.

Thomas Jefferson is interpreted by Clay S. Jenkinson.

Transcript

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0:00.0	Good day Thomas Jefferson, our podcast listeners.
0:03.0	Good to speak with you again.
0:05.0	Hey ho, everyone.
0:06.0	This edition is one close to our hearts because...
0:09.0	Yeah, I hope it's not too dry.
0:11.0	I don't think so.
0:12.0	It's about the... You know, the dry part is the National Bank of the United States, but the interesting
0:15.5	part is that Hamilton and Jefferson were asked by the great George Washington, the first president,
0:20.8	to write a memo each, along with two others, about whether a national
0:25.4	bank was constitutional, whether the US Constitution authorized Congress creating a national
0:31.8	Bank of the United States.
0:32.8	And Jefferson famously said, no.
0:35.7	He's a strict constructionist.
0:37.2	It's not enumerated in the Constitution.
0:39.4	And Hamilton said, yes.
0:41.8	We can court, the United States can, the government can create corporations.
0:46.4	There's nothing wrong with that.
0:47.8	And Hamilton said, you want to be a pitiful fourth-ranked nation that can only do what,
0:52.2	you know, a bunch of guys who met in Philadelphia say it can do,
0:54.4	or do you want to be a great nation that's going to have to make some adjustments
0:58.6	and you don't want every time that you want an adjustment to have to go to the
1:02.2	process of a constitutional amendment or a new constitutional convention.
	...

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