Refer to the passage. It was not ’till the last session that I became unequivocally convinced of the following truth—"That Mr. Madison cooperating with Mr. Jefferson is at the head of a faction decidedly hostile to me and my administration, and actuated by views in my judgement subversive of the principles of good government and dangerous to the union, peace and happiness of the Country.”

Mr. Jefferson with very little reserve manifests his dislike of the funding system generally; calling in question the expediency of funding a debt at all. . . . In various conversations with foreigners as well as citizens, he has thrown censure on my principles of government and on my measures of administration. He has predicted that the people would not long tolerate my proceedings & that I should not long maintain my ground. . . . In the question concerning the Bank he not only delivered an opinion in writing against its constitutionality & expediency; but he did it in a stile and manner which I felt as partaking of aparity and ill humour towards me.

–Alexander Hamilton to Edward Carrington,
May 26, 1792

Jefferson objected to Hamilton’s financial plan primarily because

it placed the location of the nation’s new capital in New York.
it failed to assume state debts incurred during the revolution.
it increased the power of the federal government.
it favored the interests of southern farmers over northern businessmen.