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Why were Madison and Jefferson opposed to the formation of a national bank? They thought the formation of a national bank would only compound the money problems. They were afraid it would cause a run on state banks. They were not in agreement as to the location of a national bank. They did not believe that would solve any of the problems. They did not believe that the Congress had the authority under the Constitution to create such a bank.
Answer: Thomas Jefferson was afraid that a national bank would create a financial monopoly that might undermine state banks and adopt policies that favored financiers and merchants, who tended to be creditors, over plantation owners and family farmers, who tended to be debtors.
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