'Mr. Jefferson wrote Washington to the same effect, that "[t]his exactly marks the difference between Colonel Hamilton's views and mine, that I would wish the debt paid tomorrow; he wishes it never to be paid, but always to be a thing wherewith to corrupt and manage the Legislature." '<blockquote>'On the other side, Jackson brought out the historical parallel, taken from Blackstone, of the political reasons for creating the British national debt: "because it was deemed expedient to create a new interest, called the moneyed interest, in favor of the Prince of Orange, in opposition to the landed interest, which was supposed to be generally in favor of the King."<a href="[
mises.org];[27]</a> Mr. Jefferson wrote Washington to the same effect, that "[t]his exactly marks the difference between Colonel Hamilton's views and mine, that I would wish the debt paid tomorrow; he wishes it never to be paid, but always to be a thing wherewith to corrupt and manage the Legislature."<a href="[
mises.org];[28]</a> Of the bank project also, he wrote in retrospect, nearly 20 years after the event,
<blockquote>[t]he effect of the Funding system and of the Assumption would be temporary. It would be lost with the loss of the individual members whom it had enriched, and some engine of influence more permanent must be contrived while these myrmidons were yet in place to carry it through all opposition. This engine was the Bank of the United States.<a href="[
mises.org];[29]</a></blockquote>
Perhaps naturally, then, Mr. Jefferson's official memorandum on the constitutionality of the bank bill does not lead into the large question of public policy exhibited by the economics of the measure. When the bill came up for the president's signature, Washington asked the four members of his cabinet to prepare him each a written opinion for his guidance. Hamilton wrote an affirmative opinion, of great ability; General Knox, secretary of war, a good soldier, quite out of his depth in any matter of this kind, agreed with him. Mr. Jefferson and Edmund Randolph, the attorney general, wrote negative opinions.
...
...against encroachment by the larger, because the greater the power of local self-government, as a rule, the better for the producer and the worse for the exploiter.'
- Albert Jay Nock,
Jefferson Contra Hamilton: Too Tame, Too Late</blockquote>