The Press.
London, England, 1858-12-25 00:00:00

THE PRESS, DECEMBER 25, 1858.

American people. Tt is the only spot in the civilized
world where the African slave trade is tolerated; and we
see bound by treaty with Great Britain to maintain a naval
force on the coast of Africa, at much expense both of life
and treasure, solely fur the purpose of arresting slavers
bound to that island. The late serious difficulties between
the United States and Great Britain respecting the right
of search, now so happily terminated, could never have
arisen if Cuba had not afforded a market for slaves. As
long as this market shall remain open, there can be no
hope for the civilization of benighted Africa. Whilst the
demand for slaves continues in Cuba, vats will he waged
among the petty and barbarous chiefs in Africa, for the
purpose of seizing subjects to supply this trade. In such
a condition of affairs, it is impossible that the light of
civilization and religion can ever penetrate these dark
abodes. It has been made known to the world by my
predecessors, that the United States have, on several
occasions, eadeavonred to acquire Cuba from Spain by
honourable negotiation. If this were accomplished, the
last relic of the African slave trade would instantly dis-
appear. Wa would not, if we could, acquire Cuba in any
other manner. This is due to our national character.
All the territory which we have acquired since the origin
of the Government has been by fair purchase from France,
Spain, and Mexico, or by the free and voluntary act of
the independent State of Texas, in blending her destinies
with our own. This course we shall ever pursue, unless
circumstances should occur, which we do not now antici-
pate, rendering a departure from it clearly justifiable,
under the imperative and overruling law of selfpreserva-
ton. The island of Cuba, from its geographical position,
commands the mouth of the Mississippi, and the immense
and annually increasing trade, foreign and coastwise, from
the valley of that noble river, now embracing half the
sovereign States of the Union. With that island under the
dominion of a distant foreign power, this trade, of vital
importance to these States, is exposed to the danger of
being destroyed in time of war, and it has hitherto been
subjected to perpetual injury and annoyance in time of
peace. Our relations with Spain, which ought to be of the
most friendly character, must always be placed in jeopardy
whilst the existing colonial government over the island
shall remain in its present condition. Whilst the posses.
sion of the island would be of vast importance to the
United States, its value to Spain is, comparatively, un-
important. Such was the relative situation of the parties
when the great Napoleon transferred Louisiana to the
United States. Jealous, as he ever was, of the national
honour and interests of France, no prison throughout
the world has imputed blame to him fur acceptir.g a
pecuniary equivalent for this cession. The publicity
which has been given to our former negotiations upon this
subje,i, and the large appropriation which may be required
to effect the purpose, render it expedient, before making
another attempt to renew the negotiation, that T should lay
the whole subject before Congress. This is especially
necessary as it may become indispensable to success that
I should be intrusted with the means of making an
advance to the Spanish Government immediately atter the
signing of the treaty, without awaiting the ratification of it
by the Senate. lam encouraged to make this suggestion
by the example of Mr. Jefferson previous to the purchase
Louisiana from France, and by that of Mr. Polk in view
of the acquisition of territory from Mexico. I refer the
whole subject to Congress, and commend it to their care-
ful consideration.

The President notices at acme length the capture
of the slaver Echo, end the subsequent restoration
of her cargo of three hundred negroes to Africa, by
arrangement with the Colonization Society, but
tontines himself to a statement of the facts.

1255

bounded system of bank credits shall prevail. They will,
however, probab:y be the less severe in future; because
it is not to be expected, at least fur many years to come,
that the commercial nations t.f Europe, with whose in-
terests our own are so materially involved, will expose them-
selves to similar calamities. But this subject was treated
so much as large in my last annual message, that 1 shall
not now pursue it further. Still, I respectfully renew the
recommendation in favour of the passage of a uniform
bankrupt law applicable to banking institutions. This is
all the direct power over the subject which, I believe, the
Federal Government possesses. Such a law would mitigate,
though it might not prevent the evil. The instinct of self-
preservation might produce a wholesome restraint upon
their banking business, if they knew, in advance, that a sue-
pension of specie payments would inevitably produce their
civil death. But the effects of the revulsion are now slowly but
surely passing away. The energy and enterprize of our citi-
zens, with our unbounded resources, will, within the period
of another year, restore a state of wholesome industry
and trade. Capital has again accumulated in our large
cities. Tne rate of interest is there very low. Confidence
is gradually reviving, and so soon as it is discovered that
this capital can Le profitably employed in commercial and
manufacturing enterprizes, and in the construction of rail-
roads and other works of public and private improvement,
prosperity will again emile throughout the land. It is vain,
however, to disguise the fact front ourselves that a specula-
tive inflation in our currency, without a corresponding
inflation in other countries whose manufactures come into
competition with our own, must ever produce disastrous
results to our domestic manufactures. No tariff, short of
absolute prohibition, can prevent these evil consequences.
The remaining portion of the President's Message
is occupied chiefly, although not exclusively, with the
finances of the republic and their administration.

INDIA.
THE BOMBAY MAIL.

By the express, in anticipation of the Overland
Mail, we have dates from Bombay to November 25,
bringing details of the events which have already
reached us by telegraph.