Module 5 Option 1 National Bank Debate - 888 Words

Module 5 Option 1 National Bank Debate Imagine only one bank to handle all of our financial needs and that bank was managed by Congress. This could have been a reality today if it were not for the opposition of the first National Bank being brought into existence in 1791. There was much conflict of creating a National Bank to serve America. Thomas Jefferson and Alexander Hamilton took opposite sides on this subject. Both of them state that they had the best interests of the United States in mind. This is one of the first debates in which we see the conflicting views of the Federalists and the Democratic-Republicans of the time. Thomas Jefferson takes the peoples’ best interests into his view opposing arguments on the creation the National Bank. Who will become triumphant and what is the impact of the American people? The Idea of the National Bank The idea of the National Bank was based on the British banking system and the belief of how it supported the country during times of difficulty and provided a central point for the country to coordinate commerce with other countries. The bank would create a common currency, establish credit here and abroad, and provide a financial backbone for this country to help stimulate economic growth. Shares in the National Bank would be available for purchase to foreign countries as a way to finance the United States, although the majority of the shares would be owned by the United States itself. At least this was the view ofShow MoreRelatedInternational Business Environment6667 Words   |  27 PagesModule specification INTERNATIONAL BUSINESS ENVIRONMENT Code: PGBM04 Credits: 15 Level: Masters FBL, Business School Board: Postgraduate Business Studies Learning Hours: 150 of which 30 CONTACT hours Rationale 1. 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