The Union and eastern journal. [volume] (Biddeford [Me.]) 1854-1858, 1857-12-18
BIQDEFORD, MAINE, FRIDAY, DECEMBER 49, 1857.

throughout the United States, and j strong.
ly recommend its exercise. This would
mako it the irreycrsible organic law Of
each banks existence, that suspension
of specie payments shall produce its civil
death. The instinct Of selfpreservation
would then compel it to perform its du-
ties in such a manner as to escape the
penalty and preserve its life.
The existence of banks and the circula-
ton Of bank paper are 50 identified with
the habits Of our people, that they cannot
be suddenly abolished without much i'm
mediate injury to the country. If We
could confine them to their appropriate
sphere, and prevent them from admins
tering to the spirit Of wild and reckless
speculation by extravagant loans and is-
sues they might be continued with ad.
vantage to the public.
But this say, after long and much re-
Election; IL experience shall prove it to be
impossible to enjoy the facilities which
well regulated banks might afford, with
out at the same time suffering the calam-
tiles which the excesses Of the banks have
hitherto inflicted upon the country, it
would then be far the lesser evil to de-
prive them altogether Of the power to is
sue paper currency, and confne them to
the functions of banks Of deposits and dis
counts. ...r,....
TIE CLAYTON AND BuLwER TREATY.
Our relations with foreign governments
are, upon the whole, in q satisfactory con-
dition. ..,
The diplomatic difficulties which exist
cd between the government of the United
States and that Of Great Britain at the ad-
journment Of the last Congress have been
happily terminated by the appointment
Of a British Minister to this country, who
has been cordially received.
Whilst it is greatly to the interest, rs
| am convinced it is the sincere desire, Of
the government and people Of the two
countries to be on terms ofintimate friend
ship with each other, it has been our mis-
fortune almost always to have some irri-
tating, II not dangerous, outstanding ques-
ton with Great Britain.
Since the origin Of the government we
have been employed in negotiating trea-
ties with that Power, afterwards in dis
cussing their true intent and meaning
In this respect the convention Of April
10, 1860, commonly called the Clayton
and Bulwer treaty, has been the most un-
fortunate of all, because the two govern
ments place directly opposite and contra
dictory constructions upon its first and
most important article. While, in the
United States, We believed that this trca-
ty would place both Powers upon an ex-
actequality by the stipulation that ncith-
or will ever occupy, or fortify, or colo
nizc, or assume, or exercise any dominion"
ovor any part Of Central America, 1t is
contcndcd by the British government that
the true construction of this language has
left them in the rightful possession of all
that portion Of Central America which
was in their occupancy at the date of the
treaty; in fact that the treaty is virtual
recognition on the part Of the United
States OF the right of Great Britain, either
as owner or protector, to the whole ex-
tensivc coast of Central America, sweep
ing round from the Rio Hondo, to the
port and harbor of San Juan do Nicaragua,
together with the adjacent Bay Islands,
except the comparatively small portion of
this between the Sastoon and Cape Hon
duras. According to their construction,
the treaty does no more than simply pro-
hibit them from extending their possess
ions in Central America beyond the pre-
sent limits. 1t is not too much too assert,
that ifin the United States the treaty had
been considered susceptible Of such con-
struetion, it never would have been nc
gotiated under the authority of the Pres
idcnt, nor would it have received the ap-
probation of the Senate.
The universal conviction in the United
States was, that when our government
consented to violate its traditional and
time honored policy, and stipulate with a
foreign government never to occupy or
acquire territory in the Central American
portion of our own continent, the consid.
Grafton for this sacrifice was that Great
Britain should, in this respect at least, be
placed in the same position with ourselves
Whilst We have no right to doubt the sin.
cerity Of the Britith Government in their
construction Of the treaty it is at the same
time my deliberate conviction that this
construction is in opposition both to it,
letter and its spirit.
Under the late administration negotia
tions were instituted between the two gov.
ernmcnts for the purpose, IL possible, o.
removing these difficulties and treaty
having this laudablc object in view, was
signed at London on the 18th October
500, and was submitted by the Prcsiden,
of the Senate on the following 10th Of De
cember. Whether this treaty, either in
its original or amended form, would have
accomplished the object intended withou,
giving birth to new and embarrassing com
plications between the two governments
} may perhaps be well questioned by th,
different amendments made to it by tho
Senate. pt..
The treaty, as amended, was ratified by
me on the 18th March, 1857, and wa,
transmitted to London for ratification by
the British government. That govern
ment expressed its willingness to concur
in all the amendments made by the Sen
ate with the single exception Of tho clause
relating to Ruatan and the other islands
in the Bay Of Honduras. The article in
the original treaty, as submitted to the
Senate, after reciting that these islands and
their inhabitants having been by con-
) vcntion bearing date the 9th day Of Au.
gust, 1856, between her Britannia Majes.
! ty and the republic of Honduras, consti
tuted and declared n free Territory under
the sovereignty Of the said republic o.
Honduras" stipulated that "thc two con-
tracing parties do hereby mutually en-.
a. .oI -..,,a.t 80 Ill c,t,,-.