Presidential Approval
George Washington initially declared that he was hesitant to sign the "bank bill" into law. Washington asked for a written opinion from all his cabinet members—most particularly from Hamilton. Attorney General Edmund Randolph from Virginia felt that the bill was unconstitutional. Jefferson, also from Virginia, agreed that Hamilton's proposal was against both the spirit and letter of the Constitution. Hamilton, who, unlike his fellow cabinet members, hailed from New York, quickly responded to those who claimed incorporation of the bank unconstitutional. While Hamilton's rebuttals were many and varied, chief among them were these two:
- What the government could do for a person (incorporate), it could not refuse to do for an "artificial person", a business. And the Bank of the United States, being privately owned and not a government agency, was a business. "Thus...unquestionably incident to sovereign power to erect corporations to that of the United States, in relation to the objects entrusted to the management of the government."
- Any government by its very nature was sovereign "and includes by force of the term a right to attainment of the ends...which are not precluded by restrictions & exceptions specified in the constitution...
On February 25, 1791, Washington signed the "bank bill" into law.
Read more about this topic: First Bank Of The United States
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