On the Constitutionality of a National Bank

What it is

This is a report written by Alexander Hamilton in February 1791, while serving as Secretary of the Treasury, addressing whether a national bank was constitutional. The draft and copies are held by the Library of Congress.

Why it matters

Hamilton wrote this opinion to answer doubts, including those raised by Thomas Jefferson, about whether the federal government had the power to create a national bank. He argued for a doctrine of 'implied powers,' saying the Constitution's necessary-and-proper clause allowed Congress to do more than what was explicitly listed. This document reveals the deep disagreement between Hamilton and Jefferson over how much power the federal government should have.

Look closer

• Why might Hamilton and Jefferson have disagreed so strongly about how to read the Constitution?
• What does the phrase 'implied powers' mean, and why might it matter for later arguments about government power?
• Looking at the handwritten notes on the cover sheet, what do they suggest about how this document was studied and preserved?