Congress authorized the assumption and payment of the nation's debts, with funding provided by customs duties and excise taxes.[296]
Hamilton created controversy among Cabinet members by advocating establishing the First Bank of the United States. Madison and Jefferson objected, but the bank easily passed Congress. Jefferson and Randolph insisted that the new bank was beyond the authority granted by the constitution, as Hamilton believed. Washington sided with Hamilton and signed the legislation on February 25, and the rift became openly hostile between Hamilton and Jefferson.[297]
The nation's first financial crisis occurred in March 1792. Hamilton's Federalists exploited large loans to gain control of U.S. debt securities, causing a run on the national bank;[298] the markets returned to normal by mid-April.[299] Jefferson believed Hamilton was part of the scheme, despite Hamilton's efforts to ameliorate, and Washington again found himself in the middle of a feud.[300]

Jefferson–Hamilton feud
.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}Jefferson and HamiltonThomas JeffersonAlexander Hamilton
Jefferson and Hamilton adopted diametrically opposed political principles. 