Although the Whig party surfaced forty years after the Federalist party had died out, the two separate parties held many of the same ideals, and catered to many of the same constituents, causing these two parties to be more similar in history than different. The Federalist party was established originally to support the creation of a strong national government, after the Articles of Confederation were created in 1781. This party was led by Alexander Hamilton, whom being a well-educated and wealthy man himself, was followed in part by men of the same standards and social class.
One of the main ideas of the Federalist party was that of a "loose interpretation" of the constitution.(Garraty) This loose interpretation was used in determining the meaning of the elastic clause placed in the constitution. The federalist believed that because it would take hundreds of years to write down everything the U.S. government could do, the elastic clause was created. This clause allowed for the creation and addition of all things "necessary and proper" as needed by the national government. The federalists used this clause in the case of the National Bank. The opposing side, the Anti-Federalists led by Thomas Jefferson, believed that the bank was unconstitutional, because it was not specified in the constitution. The Federalists on the other hand deemed the bank to be "necessary and proper" to the government in order for it to run smoothly. The Federalists won out in the end and a national bank was created. Hamilton's financial system settled the problems caused by the revolutionary war, and the discrepancies between states and national governments rights when it came to taxation.
The Federalists were largely wealthy, aristocratic men, originating