Tom is right. For more detail, see my book JAMES MADISON AND THE MAKING OF AMERICA. Madison dealt with this issue in THE FEDERALIST, in the Virginia Ratification Convention, in the House’s 1791 debate on Hamilton’s Bank Bill, in the Virginia Resolutions of 1798, in the Virginia Report of 1800, in his Bonus Bill Veto Message of 1817, and in his reaction to John Marshall’s decision in _McCulloch vs. Maryland_ (1819) — all of which are described at length in my book.
