Washington was confronted with a major dilemma, with two of his primary advisors now at odds. The President’s mindset was that such divisions were dangerous in a republic. Hoping to find an answer, he asked Jefferson, his Secretary of State, and Edmund Randolph, the Attorney General, to provide their opinion on the constitutionality of the Bank. Both sided with Madison, in what has become known as the strict constructionist view.
Unlike today, when it is the conservative side that links together originalism with a strictly limited reading of the Constitution, in the 1790’s the liberal side held that view. Washington provided Jefferson’s opinion to Hamilton, who put forward what one of his biographers has called “the most brilliant argument for a broad interpretation of the Constitution in American political literature.” Hamilton posited that the necessary and proper clause gave Congress the means to carry out all of its ends, even if the specific power was not listed in the document. The government had the “right to employ all the means requisite, and fairly applicable to the ends of such power; and which are not precluded by restrictions & exceptions specified in the constitution.” In the 1790’s, it was the conservative side which supported a broad construction of the Constitution, unlike today. I suspect that if today’s conservatives were to read Hamilton’s defense of the Bank without knowing his authorship, they would likely conclude that the author was not an originalist.
Ultimately, Washington sided with Hamilton and signed the Bank bill. Madison would later change his mind and in the aftermath of the War of 1812, he would both propose and then sign a bill that created the Second Bank of the United States, modeled on Hamilton’s original Bank. Madison believed that precedent had settled the matter, but he also learned the importance of a national bank when the country almost bankrupted itself during the war.
Journalist and author E.J. Dionne once observed that we are a nation conceived in argument.