T H E R E T R O B O R O | |
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RETRO EVOLUTION | |
The breakdown of the rules of descent | |
Soon after his appointment by President George Washington as | |
Treasury Secretary, Alexander Hamilton proposed that the federal | |
government establish a national bank. His proposal was vehemently | |
opposed by Thomas Jefferson and James Madison on Constitutional | |
grounds. Washington asked Jefferson to put his objections in | |
writing, which he did in the following report. His report has | |
relevance to today because of his explanations of the two "general | |
phrases" in Article I, Section 8 of the Constitution listing the | |
enumerated powers of Congress, as well as to how such a central bank | |
must trespass on powers reserved to the States, and so "break down | |
the most ancient and fundamental laws" which constitute the pillars | |
of the free System of English Laws upholding State government. | |
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