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Pros: Paper currency was urgently needed during the time that the National Bank was proposed by Hamilton, and the National bank was able to provide a standard paper currency. The states currently had no standard and a great conflict erupted when the states had to conduct business with one another such as taxing goods between states.
The National Bank could also be a place where the Treasury could deposit money.
Cons: Thomas Jefferson argued that the National Bank might be an unconstitutional establishment since the strict construction of constitution ( Jefferson's Method of Interpretation ) indicated that the central government did not have the specific powers of a bank granted to them. Jefferson believed it was the states' right to start a bank. The North being a Center of Manufacturing and commerce supported the bank naturally since it would be in their favor, but the south opposed it thinking it would benefit the North only.
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