The Express.
London, England, 1857-12-21 00:00:00

THE PRESIDENTS MESSAGE.

The Daily News thin morning publishes the
Message of President Buchanan to the Congress of
the United States of America. This important do-
cument reached Liverpool yesterday by the steam-
ship Africa at an hour too late to permit of its trans-
mission by train, and is the longest telegraphic
communication hitherto published in an English
I newspaper. It occupies nearly eight closely-printed
columns.

The Africa kft New York on the 9th inet.,
with 66 passengers and above two million dollars in
specie.

Congress usembled on the 7th instant. Colonel
Orr (democrat) was elected Speaker of the Senate
by a majority over Mr. Grow, the republican candi-
date. The democratic candidates for the other offices
were all likewise elected.

The Brendent, while deploring in his message the
disastrous effects caused, in the midst of unsurpassed
plenty, by the financial difficulties, intimates that
the reduction in the revenue, and the magnitude of,
the appropriations made by the lest Congests, may
render a loan necessary before the close of the pre-
sent session. 'the financial revulsion itself he attri-
butes solely to the "extravagant and vicious sys-
tem of paper currency and bank credits," exciting
wild speculations and gambling in stocks. With re-1
spect to the banks, he states that the power in''
the State banks to issue bills for circulation
as currency, although conflicting with their
duty, has been too long exercised to be now ques-
tioned. There are, he states, fourteen hundred of
these banks, and, with the exception of the Bank of
Louisiana, no provision was made for the converti-
bility of their notes. The consequence bad been
that the aggregate amount of actual specie in their
vaults was 68,349,838 dots., of their circulation
214,7;8,822 dollars, and of their deposits

2:14.1,3i1,332 dole., thus leaving considerably leis than
one dollar in seven of gold and silver compared with
their circulation and deposits, notwithstanding that
four hundred millions of gold had flowed in from
California within the last eight years, and continued
to thaw. It was thus easy to account for their
financial history, which, for forty years, had been
one of extravagant expansion is the busi-
ness of the country, followed by ruinous contracts.
As a remedy, the President suggests a weekly publi-
cation by each hank of a staternest of its condit ion, with
the e.tablishment of • real specie basis for paper
circulation, by increasi• the denomination of
bank-
notes, first to twenty and afterwards to fifty dollars,
the banks being required at all times to keep on
hand, at least, one dollar of gold and silver for evss7
three dollars of their circulation and deposits ; and
to provido, by • self-executing enactment, which
nothing can arrest, that, the moment they suspend,
they shall go into liquidation. lie also recommends
the passing of a uniform bankrupt law, applicable
to all banking institutions in the Unions, by which
it would be made the irreversible organic law of
each bank's existence that a suspension of specie
payments shall produce its civil death. The Presi-
dent adds:

The existence of banks end the circulation of beak perm
are m identified with the habit. of our people that they can-
not at this day be euddenly abolished without much itllllW
diet* injury to the country. If we could confine them to
their appropriate spheres, and prevent them from administer-
ing to the limit of wild and reckless speculation by oilcan-
gent liana and WWI, they might be continued with admit-
ted* to the public. But this I eay, otter long and much
milection ; if experience then prove it to be impasse-
hie to enjoy the facilities which well-regulated
bank. might afford without at the mine time
suffering the calamities which the 0I0(111(11 of the banks have
hitherto inflicted upon the country, it would then be for the
imber Ina to deprive them altogether of the power to lame a
paper currency end condee them to the functions of beaks
of deposit and discount.
. - .

The portion of the message treating of the rela-
tions with foreign governments, commences:
Our relations with foreign governmeets are upon the
whok in a satisfactory condition. The diplomatic difficulties
which 'Meted between tho goer minent of tho United State, and
that of Great Basin, at the adjournment of the last Congress,
have been happily terminated by the appointment eta Tlritiah
minister to this country, who has been cordially reotived.Whilit
it is greatly to the intermit, as I am convinced it isthesfricere
desire of the governments and people of the two countries, to
be on terms of intimacy and friendship with each other, it
hem been our misfortune almost always to have had some
irritating, if not dangerous, outstanding question with Great
Britain. Since the origin of the government we have been
employed in negotiating heretics with that power, and after-
wards in discussing their true intent and meaning.
The President then reviews ail some length the
controversy between the United States and Great
Britain relative to Central America, and explains
the reasons why the 1/allas-Clarendon treaty, con-
cluded on the 19th of October, 18a43, failed to az-
complish its purposes. The President thinks that
the difficulty would have been long since settled, had
the treaty been abrogated when the mieandentand-
ing as to its meaning Ant arose :
The fact is, that when two nations like Great Britain and
the United Statee—routtuilly desirous sa they are, and I
trust ever may be, of maintaining the moat friendly relations
with each other—haves unfortunately concluded • treaty
which they widerstand in moan directly opposite, the wisest
course is to abrogate such • treaty by mutual convent, and to
menroence anew. Had this been done promptly, all difficul-
ties in Central America would most pettishly ere this have
been adjusted to the satisfaction of both partial. The time
spent in discussing the meaning of the Clayton and Dulwer
treaty would have leen devoted to this praiseworthy pur-
pose, mid the task would have been the more casily accom-
plished bemuse the interest of the two countries in Central
America is identital, being confined to securing safe innate
over all the routes across the Isthmus.
Whilst entertaining them sentiments, I shall nevertheless
net refuse to contribute to any reseonable adjustment of the
Central Amesican questions which IN not practically inem-
skim& with the American Interpretation of the treaty. Over-
time Inc this purpose have been recently made by the British
government in a friendly spirit, which I cordially recipro-
cate, but whether this renewed effort will result in success I
em not yet prepared to eerier an opinion—a brief period
will determine.
With France our ancient relations of friendship still eon-
Dane b exlet. The French government hare in several
recent instances, which need not be enumerated, evinced a
spirit of goodwill and kindness towards our country which I
heartily reciprocate. It is, notwithstandieg, much to be
regretted that two nations whose meditations are of each •
cherecter es to invite the meet extensive exchange* and freest
commercial intercourse should continue to mike, ancient and
obsolete restrictions of trade against each other. Gor commer-
cial treaty with Frame is in this reepect an exception from our
treaties with all other commercial nations. It Jealously levies
diecriminating duties both on towage and on articles, the
grew* produce, or manufacture of the one country, or when
arriving in verge belonging to the other.
Kure than forty years ago, on the 3rd of March, 1214,
Congress paned an act offering to all nations to admit their
vessels laden with general produolienes into the ports of the
United States upon the ssmo terms with our own vessels,
provided they would redrew:sae to us similar advantages.
This act outlined the reciprocity to the productions of the
respective foreign nations who hereby entered into the pro-
posed arrangements with the United State*. The act of
Kay 24, ISSN reduced this restriction, and offered a similar
reciprocity of all snob vessels without reference to the
origin of their cargoes. Upon these principles our cora-
martial treaties and arrangements have been founded, except
with France, and lot as hops that the exception may not long
mist

Char relation with Russia remain, se they have ever been,
ea the most friendly footing.. The present emperor, as will
es his predecessors, have Dever felled, when the oreseion
offend, to rosaileet their good will to our coustrb end that,