Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1844-08-29
BANK-TARIFF, sc.
Mr.. SHEPARD's SPEECH.

We take the following extract from an able
Speech, delivered by L. B. Shepard, Esq. al
Walden, Orange county, n. York, in contro-
yersy with Mr.. Crist, champion of the coon
party. It is good Read and reflect
| come now to the national considerations
involved in this contest The first of these is
the National Bank question. know the Wing
party in their Presidential Convention have
not presented it under this name But the ev-
idence that it is the measure they design to
regulate the National currency is irresistible.
They have stated themselves to be in favor of
a sound national currency regulated by the will
of the people. That is nothing new-we are
all in favor of such currency-the question
the question is how to attain 1.-THE precise
plan that shall effect the desirable object
Now upon this question the only Wing meas
IRE before the country is National Bank
The Wing candidate for the presidency is,
perhaps, the warmest and most devoted advo-
cate of such an institution in the country-he
proposed one with capital of $50, 900 000-
an individual, too, who after the strongest as
surances that this was not one of the public
questions in l840-and after the most positive
denunciations Of such institutions generally by
the candidate of his own party for the Magis-
tracy of the Union, at that time, introduced
and pressed through both houses of Congress a
bill for this purpose at the very first opportu-
nifty.
1t is folly then to deny that the Bank is
darling measure of the Wing party, and we
must be indeed tfIwise to believe that its lea
ders will show any forbearance upon this CUES
tion in the hour of their success by hesitating
to press the $50, 900, 900 bank of their favorite
candidate have a single remark to make
upon the Importance Of this scheme. 1t is a
question of curreney--of managing for good Or
Ill every dollar in the country. 1t affects eve
nv interest-man, woman and cEild-in the
profoundest degree, as affecting that common
representative of value, without which every
interest in the country must become propotion-
ably depressed. 1t is also question about to be
settled for many years, for the charter of Bank
of the United States would probably be for 80
or so years-without a grant of the franchise
for considerable time, its stock would not
command as high price as otherwise, and to
add another reason as my friends the Wings
deem the institution a great blessing, they
would probably bless us with it as long as H.ei,.
conscience could allow them to do SO.
Let US, then, in view of the importance of
this certain result of Wing success, proceed to
a consideration Of the measure itself
In order to do this more satisfactorily and
with more accuracy of result, desire to lay
down few premises which | am satisfied my
learned opponents will not dispute:
l. That National Bank is an incorporation
of private stockholders with banking powers,
under the immediate sanction and protection of
Government.
2. That these stockholders have in view
principally their own gain, and that the benefit
to the Government and the people is only Incl
dental and subsidiary to tn eother. This is obvi-
Gus; for if the stock yields profit, men will not
willingly invest their money on it.
3. That the great body Of the stockholders
will be wealthy capitalists.
A. That Bank, if established, must be a
bank of circulation, discount and deposite, and
consequently that the stockholders will have
the power of issuing and contracting the issues
Of the paper of the institution.
From these premises the conclusion is ire
sistible, that the Bank will be powerful a.
cent in whatever may be the direction in which
t acts. 1t is an association of capitalists, who
are generally men of intelligence and of leisure,
!. Intimately acquainted with the operations Of
b Government, the fluctuations of the money
fsaarket, and generally with every thing that
IAN improve or impair their individual inter
ests. The principle that binds them together
is the desire of gain, an ever active principle,
that arouses all their faculties, and keeps them
n vigorous and active operation. In their We
nv combination there is strength. But all this
il nothing in comparison with the power to
expand and contract the currency by managing
the issues of the institution at their controI-a
power of the most dangerous character. When
we add to all these influences the countenance
of the government, the ssodor Of nationality
we behold it in its full strength.
Upon this measure Of the Wing party there
are two views to be taken, both in my judg-
Gi'.oonstitutionality, the second, its expedency,
and as to the former no conviction is more
sronov rooted in my breast than that the meas
IRE would be unconstitutional. 1t furnishes a
s,,Trency not contemplated by the Constitution
s m only provision Of this instrument directly
bearing upon the subject Of currency is the