Presidents -- United States -- Biography; Washington, George, 1732-1799
The next great step in the development of the financial policy was the
establishment of the national bank, and on this there arose another
bitter contest in Congress and in the newspapers. A sharp opposition
had developed by this time, and the supporters of the Secretary of the
Treasury became on their side correspondingly ardent. In this debate
much stress was laid on the constitutional point that Congress had no
power to charter a bank. Nevertheless, the bill passed and went to the
President, with the constitutional doubts following it and pressed
home in this last resort. As has been seen from his letters written
just after the Philadelphia convention, Washington was not a blind
worshiper of the Constitution which he had helped so largely to make;
but he believed it would work, and every day confirmed his belief. He
felt, moreover, that one great element of its lasting success lay
in creating a genuine reverence for it among the people, and it was
therefore of the utmost importance that this reverence should begin
among those to whom the management of the government had been
intrusted. For this reason he exercised a jealous care in everything
touching the organic law of the Union, and he was peculiarly sensitive
to constitutional objections to any given measure. In the case of the
national bank, the objections were strongly as well as vigorously
urged, and Washington paused, before signing, to the utmost limit of
the time allowed. He turned to Jefferson and Randolph, both opposed
to the bill, and asked them for their objections to its
constitutionality. They gave him in response two able reports. These
he sent to Hamilton, who returned them with that most masterly
argument, in which he not only defended the bank charter, but
vindicated, in a manner never afterwards surpassed, the new doctrine
of the implied powers of the Constitution. With both sides thus before
him, Washington considered the question, and signed the bill.
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