Plan for a National Bank

Definition

Alexander Hamilton's proposal to create a centralized national bank in the United States. The bank would serve as a financial institution for the federal government, manage public funds, issue currency, and promote economic stability.

Related terms

Federalist Party: A political party led by Alexander Hamilton that supported his plan for a national bank and favored a strong central government.

Strict Constructionism: The belief that the federal government should only exercise powers explicitly granted to it in the Constitution. Those who adhered to this principle often opposed Hamilton's plan for a national bank.

Implied Powers: Powers not explicitly stated in the Constitution but necessary for carrying out specific functions of the federal government. The debate over whether creating a national bank fell under implied powers was central to discussions surrounding Hamilton's plan.