"The question then became: Is a national bank constitutional? Did the Founding Fathers contemplate a national bank?"
— Thomas Jefferson, as portrayed by Clay S. Jenkinson
This week, we discuss the argument between Alexander Hamilton and Jefferson over the creation of a national bank of the United States. Hamilton believed a central banking system was essential to America's standing in the world. Jefferson disagreed, arguing that to take a single step beyond the powers of the constitution is to enter a field of boundless abuse. We speak with Jefferson about President Washington's support of Hamilton’s plan, a decision with ramifications that affect Americans to this day.
Disenchantment with the Vice Presidency began early. The nation’s very first Vice President John Adams called the office "the most insignificant office that ever the invention of man contrived or his imagination conceived."
"Jefferson regarded the national debt as a national disgrace." Clay
This week, President Jefferson (as portrayed by humanities scholar Clay S. Jenkinson) explains his reasoning behind his federal budget and why he felt it was essential to pay down the national debt that he inherited. We also learn about some of the people who helped Jefferson develop the budget, including Secretary of the Treasury Albert Gallatin.
Jefferson dedicated his administration to reducing the national debt as severely as possible. As always, there are parallels between Jefferson's time and ours. He wanted to cut taxes and the size of the federal government, but he also wanted to cut the size of the Army and Navy; you don't hear that kind of talk much in our time. In this case, Jefferson was an idealogue about fiscal responsibility.