What political party opposed a national bank?

Thomas Jefferson's Democratic Republicans were opposed to a national bank. They thought that it would give the Federal government too much power and lead to manipulation of the economy by the government. Cycles of inflation and deflation occur naturally in a free market, but a national bank would allow the government to artificially create and control inflation and deflation by controlling the money supply.

They were also concerned that it would tend to help manufacturing industries in the cities rather than agricultural plantations.