What did Hamilton plan to do with the money from taxes? Why did Jefferson and Madison oppose Hamiltons policies

Hamilton’s economic plan included three phases. The first involved the federal government's assumption of the individual states’ debts by issuing interest-bearing bonds. The second phase instituted tariffs on imported goods, as a way to raise federal revenue and assist domestic businesses. Hamilton also established the national bank, as a way for the United States to hold funds and utilize securities as capital to encourage future growth.

Jefferson and Madison both opposed Hamilton’s plan because they believed the federal government should use only use the powers explicitly granted by the United States Constitution. Jefferson strictly interpreted the Constitution, in which, there was no mention of a national bank, and he disliked the idea that the federal government would have centralized control of the economies of all the states. Jefferson claimed Hamilton's plan included "principles adverse to liberty."

He also speaks to the fact that certain people would benefit from a national bank..... a small group that would find themselves extremely wealthy, because they's purchased old bonds for a fraction of the cost when people sold them out of fear. The speculators who purchased these bonds, mainly northerners, would benefit tremendously.