HAMILTON said in his Defense of the Constitutionality of the Bank (Feb. 1791): the Congress has all the powers it is not specifically denied so if it doesn’t say you can’t you can! POV of the loose constructionists.
JEFFERSON, said: no way, if the Constitution doesn’t say you can, you can’t. Besides, the elastic clause only allows for necessary bills, and this is NOT necessary. POV of the strict constructionists.