Why did Jefferson oppose Hamiltons plan for creating a national bank? Select all that apply
1. Jefferson believed that a national bank would give too much power to the federal government. He feared it would lead to the concentration of power in the hands of a few elite individuals and undermine the democratic principles of the nation.
2. Jefferson argued that the creation of a national bank was not explicitly authorized by the Constitution. He believed in strict interpretation of the Constitution and felt that the power to create a national bank should be left to the individual states.
3. Jefferson believed that a national bank would benefit the wealthy and privileged class at the expense of farmers and the common people. He saw it as a mechanism that would primarily serve the interests of wealthy financiers and speculators.
4. Jefferson was also concerned that a national bank would enable excessive speculation and financial manipulation, leading to economic instability and potential crises. He believed that a decentralized banking system, with state banks and independent institutions, would be more conducive to economic stability at a local level.