Why did Jefferson and Madison oppose the national bank?

Answer 1

Because they were both anti-federalists and thus opposed to large federal government in general.

Answer 2

Madison challenged it as unconstitutional and Jefferson agreed. They had reviewed the Constitution and had not found anyplace where it said that Congress had the power to incorporate a bank.13 They agreed that a national bank might be convenient for government, but they did not see it as necessary. They thought that building a treasury surplus through taxation, borrowing from individuals and utilizing existing banks would be sufficient.

Answer 3

Jefferson and Madison were wise men. A central bank was a bad idea then as well as now. One must keep in mind that men are basically evil, like it or not. It is not wise to give any bank that much control over your country's money supply. They can make slaves out of you. President Lincoln said that he had two enemies, one was the confederacy, the other was the bankers, of the two, the bankers were his worst enemy. He was a wise man too. Our federal reserve is a good example. It is not federal, and it has no reserves. It has made slaves out of us.

Answer 4

At the time, the idea didn't make sense. Remember, both individuals came from an era where decentralizing government oversight was at the core of their beliefs. The need for a central bank wasn't as great then as it was later on.

Answer 5

Because they were not Freemasons?