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The Second Report on the Public Credit 〔Garraty, 1999, p. 908〕 also referred to as The Report on a National Bank 〔Malone, 1960, p. 259〕 was the second of three influential reports on fiscal and economic policy delivered to Congress by Secretary of the Treasury Alexander Hamilton.〔〔Staloff, 2005, p. 91〕 The ''Report'', submitted on December 14, 1790,〔〔 called for the establishment of a central bank, its primary purpose to expand the flow of legal tender by monetizing the national debt〔Staloff, 2005, p. 97, p. 98〕〔Malone, 1960, p. 262〕 through the issuance of federal bank notes.〔Miller, 1960, p. 53〕 Modeled on the Bank of England,〔 this privately held, but publicly funded institution would also serve to process revenue fees and perform fiscal duties for the federal government.〔〔Staloff, 2005, p. 97〕 Secretary Hamilton regarded the bank as indispensable to producing a stable and flexible financial system.〔〔Brock, 1957, p. 44〕 The ease with which Federalists advanced legislation to incorporate the bank impelled agrarian opposition hostile to Hamilton's emerging economic nationalism. Resorting to constitutional arguments,〔〔〔Miller, 1960, p. 56-56〕 Representative James Madison challenged Congress’s broad authority to grant charters of incorporation under the “necessary and proper” clause of the US Constitution,〔Staloff, 2005, p, 116〕 and charging Hamilton with violating a literal or strict constructionist interpretation of the founding document.〔Malone, 1960, p. 262-263〕〔Staloff, 2005, p. 116〕 Despite Madison’s objections, the legislation to form the First Bank of the United States passed, without amendment, in the House 〔 by a vote of 37-20〔Miller, 1960, p. 57〕 on February 2, 1791, endowed with a twenty-year charter.〔 ==Debate on the Constitutionality of the Bank== Madison’s misgivings on the bank’s constitutionality raised doubts in President Washington's mind as to the legality〔Malone, 1960, p. 261〕 of the bank bill.〔 and delayed signing it in order to consult with his cabinet.〔Miller, 1960, p. 57-58〕 Secretary of State Thomas Jefferson and Attorney General Edmund Randolph concurred with Madison that the federal government was one of strictly enumerated powers,〔Miller, 1960, p. 58-59〕 and bolstered that argument by citing the Tenth Amendment, advancing the position of states' rights and limited federal power.〔Malone, 1960, p. 263〕〔Staloff, 2005, p. 117, p. 314〕 Secretary Hamilton’s famous rebuttal〔〔Staloff, 2005, p. 117〕 on the Bank submitted to Washington on February 23, 1791, introduced the doctrine of “implied powers,”〔 based on the principle of broad construction of the Constitution.〔Miller, 1960, p. 59〕 He argued that the authority to create the First Bank of the United States, though not explicitly mandated 〔 in the Constitution, was nevertheless inherent to a central government, and required in order to fulfill its duties prescribed in the founding document.〔Malone, 1960, p. 263-264〕〔Staloff, 2005, p. 117, p.118-119〕 This “broad”〔 or “liberal” 〔Malone, 1960, p. 264〕〔Staloff, 2005, p. 120〕 interpretation swayed President Washington, who signed the bank bill on February 25, 1791. Hamilton’s success in advancing his fiscal and financial schemes 〔 moved Madison and Jefferson towards establishing the political foundations for a two-party system.〔Miller, 1960, p. 103-104〕〔Malone, 1960, p. 265-265〕 Based on a New York-Virginia alliance,〔Hofstader, 1948, p. 14〕 their Democratic-Republican Party would defeat the Federalists in the ”Revolution of 1800”.〔Miller, 1960, p. 273〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Second Report on Public Credit」の詳細全文を読む スポンサード リンク
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