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Jefferson saw a strong federal state as an enemy of individual liberty, distrusted bankers and national debt, and viewed Hamilton's federalist vision as a threat to the American republic, while Hamilton saw Jefferson's vision the same way in reverse.

Tom Holland explains how Jefferson and Hamilton, as Secretary of State and Treasury Secretary under Washington, represented polar-opposite visions of America (agrarian liberty vs. federalist banking power), leading Jefferson to resign in 1793. ✦ AI generated

Tom Holland · The Rest Is History · 2026-07-09 · original ↗

starts at this moment · 10:09

he sees a strong federal state as an enemy of the liberty of the individual states. Um he loves a farmer not a banker. He sees bankers as vampires sucking out the blood of hardworking noble American farmers... both men, Hamilton and Jefferson, see the other one, not just as a political opponent, but pretty much as a kind of threat to the liberty of the infant American republic.

verbatim transcript · starts at 10:09

Transcript · around this moment

10:09>> Banks. Yeah, >> he loves a bank. He loves a banker. Um, he loves the national debt. He loves Britain. He hates anarchy. Um, these are his principles. Jefferson is almost the polar opposite. So he um he sees a strong federal state as an enemy of the liberty of the individual states. Um he loves a farmer not a banker. He sees bankers as vampires sucking out the

10:35blood of hardworking noble American farmers. Um he doesn't approve of national debts. He loves France as we heard. Um and his great guiding principle is his hatred of tyranny. And so both men, Hamilton and Jefferson, see the other one, you know, not just as a political opponent, but pretty much as a kind of threat to the the liberty of the infant American republic. >> Yeah. >> And Jefferson's own take on their

11:00relationship in Washington's cabinet is that they were daily pitted in the cabinet like two Listeners can make of that one what they will. Um, and there is so much fighting going on between them that in the end Jefferson resigns. He resigns in 1793 because he recognizes that the disagreements between them can't be reconciled within the one government. >> So by now we have, as we were talking

11:23about last time, the beginnings of the first party system. So Jefferson is effectively the standard bearer, isn't he? Of the America's first opposition party. Yes. >> So the Democratic Republicans, as they're called, in opposition to Hamilton's Federalists. >> Yeah. And throughout this period, Washington, as you said in the previous episode, um tries to stay above the fray in a kind of Olympian manner. But it is obvious that throughout his presidency a

11:46two-party system is kind of evolving and that isn't something that the constitution had ever envisaged. Um that that was never kind of part of the plan. And on one side we have the Federalists. So Hamilton but also um John Adams an [snorts] old friend of Jefferson's Jefferson had hung out in France with John Adams and his remarkable wife Abigail. Um, so John Adams, Boston lawyer, >> this fantastically smart wife, and he

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