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

Hamilton wanted a national bank, but Jefferson and Madison feared it would make the government too centralized.

Explanation:

Hamilton's financial plan was too retire the old depreciated obligations by borrowing new money at a lower interest rate. So, a national bank would collect taxes, hold government funds, then make loans to the government and borrowers.

Jefferson and Madison opposed this plan because they feared it would create a centralized government that took power which they believed was better kept close to the people in local and state governments.