The exercise of state jurisdiction over the existence of the Bank of North America suggested possible embarrassments, which could not escape the discernment of Hamilton, whose policy, as it was also that of the Federal party, was to strengthen the powers of the government in every vital branch of administration.
* * * * * In his comprehensive plan of government Hamilton included a financial institution to develop the national resources, strengthen the public credit, aid the Treasury Department in its administration, and provide a secure and sound circulating medium for the people.

On December 13, 1790, he sent in to Congress a report on the subject of a national bank.
The Republican party, then in the minority, opposed the plan as unconstitutional, on the ground that the power of creating banks or any corporate body had not been expressly delegated to Congress, and was therefore not possessed by it.

Washington's cabinet was divided; Jefferson opposing the measure as not within the implied powers, because it was an expediency and not a paramount necessity.

Later he used stronger language, and denounced the institution as "one of the most deadly hostility existing against the principles and form of our Constitution," nor did he ever abandon these views.

There is the authority of Mr.Gallatin for saying that Jefferson "died a decided enemy to our banking system generally, and specially to a bank of the United States." But Hamilton's views prevailed.