Secretary of State Thomas Jefferson was adamantly opposed to the idea of a privately owned federal bank and said: "I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies"
"If the American people ever allow the banks to control the issuance of their currency.. the banks and corporations that will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered.”
Thomas Jefferson believed the National Bank was unconstitutional because it was an unauthorized extension of federal power. Congress, Jefferson argued, possessed only delegated powers which were specifically enumerated in the constitution.
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