Two parts of Hamilton's plan were now adopted. To the third part of his scheme there was even more opposition. This was the establishment of a great Bank of the United States. The government in 1790 had no place in which to keep its money. Instead of establishing government treasuries, Hamilton wanted a great national bank, controlled by the government. This bank could establish branches in important cities. The government's money could be deposited at any of these branches and could be paid out by checks sent from the Treasury. Furthermore, people could buy a part of the stock of the bank with the new bonds of the United States. This would make people more eager to own the bonds, and so would increase their price. For all these reasons Hamilton thought the bank would be very useful, and therefore "necessary and proper" for the carrying out of the powers given by the Constitution to the national government. Jefferson, however, thought that the words "necessary and proper" meant necessary and not useful. The bank was not necessary according to the ordinary use of the word. Congress therefore had no business to establish it. After thinking the matter over, Washington signed the bill and it became a law. But Jefferson had sounded the alarm. Many persons agreed with him, many others agreed with Hamilton. Two great political parties were formed and began the contest for power that has been going on ever since.