The Brothers Austrian

In 1819 the Second Bank of the United States was a lightning rod issue in many states.  The bank was in shambles, as was the American economy.  Take a look at the following argument from McCulloch v. Maryland, we get the following oral argument from Walter Jones.  The Constitution did

not imply the power of establishing a great banking corporation, branching out into every district of the country, and inundating it with a flood of paper money.  To derive such tremendous authority from implication would be to change the subordinate into fundamental powers; to make the implied powers greater than those which are expressly granted; and to change the whole scheme and theory of government.

Of course this logic was rejected, sound familiar though?   Some may not understand the tremendous power grab Supreme Court Justice John Marshall took on behalf of the federal government when repudiating the above sentiment.  His sweeping opinion codified the implied powers clause as a broad offering of power to the federal government.  A tragic, if inevitable, day in American history.

Teacherman Federal Reserve, History bank of the united states, john marshall, mcculloch v maryland, walter jones