In 1791, James Madison gave two major speeches on the National Bank, opposing it primarily on grounds that it wasn’t a power expressly delegated in the Constitution. He also rejected claims that used the general welfare and necessary and proper clauses, along with the power to borrow money, and the preamble.
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Thomas Jefferson: The Constitution vs the National Bank
James Madison’s Speech on the Bank Bill 2 February 1791
Necessary and Proper: Not Anything and Everything
James Madison’s Speech on the Bank Bill 8 February 1791
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