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