The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-17

the patriotism and wisdom OF the States for
the prevention and redress of the evil II
they will afford rs n real specie basis for our
paper circulation by increasing the denomi.
nation Of bank notes first TO twenty and ai.
forwards to fifty dollars; if they will require
that the banks shall at all times keep on
hand at lcas, one dollar OF gold aud silver
for every three dollars of their circulations
and deposits, and il they will provide by "A
self-executing enactment, which nothing can
arrest that the moment they suspend they
shall 20 into liquidation, believe that such
provisions, with weekly publication by
each bank of statement Of its condition,
would 90 far TO secure US against future sus-
pensions of specie payments. Congress, in
my opinion. Possesses the power to pass a
uniform bankrupt law applicable to all bank
ing institutions throughout the United
States and strongly recommends its excr-.
else. This would make it the irrevOcable
organic law of each banks existence, that a
suspension of specie payments shall produce
its civil death. The existence Of banks and
the circulation of bank paper are so identi-
fed with the habits OF our people, that they
cannot at this day be suddenly abolished
without much immediate injury 10 the coun.
try. five could conhne them TO their ap-
propriate sphere, and prevent them from
administering to the spirit of wild and reck.
less speculation, by eStravagant loans and
issues, they might be continued with advan-
tage TO the public.
But this say. after long and much re
icction, if experience shall prove it to he
impossible TO enjoy the facilities which well
regulated banks might afford, without AT tho
same time suffering the calamitics which the
excesses OF the banks have hitherto reflected
on the country il will then BE- tar the lesser
evil to deprive them altogether of the power
TO issue paper currency. and confine them
to the functions OF banks of deposit and
discount.
orR RELATIONS WITH ENGLAND.
Our relations with foreign governments
are, on the whole, in satisfactory condition
The diplomatic difficulties which existed ,e
tween the Governments Of the United States
and Great Britain, at the adjournment Of
the last Congress, have been happily termi-
mated, by the appointment Of II British Min.
lister to this country. who has been cordially
received.
The President, whilst saying We have no
right to doubt the sincerity Of the British
Government in their construction OF the
Clayton Bulwer treaty, at the same time
expresses his deliberate conviction that this
construction is in opposition both TO ito let
ter and its spirit. The fact il, that when
two nations like Great Britain and the
United States are mutually dcsirous Of
maintaining the most friendly relations with
each other and have unfortunately concluded
treaty which they understand in senses di
recty opposite, the wisest course il TO abro
gate such treaty by mutual consent, and
commence anew.
Had this been done promptly, all difficult
tic~ in Central America would most prob
ably ere this have been ad jnstcd to the sat
isaction Of both parties Whilst entctiain
ing these sentiments, shall nevertheless not
refuse 10 contribute 10 any reasonable ad-
justnlent of the Central American question
which il not practically inconsistent with
the common Interpretation Of the treaty
Ovcrtures for this purpose have been recent.
~ made by the British Government in u
friendly spirit, which cordially scc:proca,e
but whether this renewed effort will result
in success. ] am not prepared TO express ap
opinion. 4 brief period will determine.
yRASCg-RgsTRrcrIoSs CPoS TRADE.
With France. our ancient relation. oi
friendship still. continue 10 exist, The
French Government has. in several reccst
instances which need not be enumerated.
eyincei a spirit Of good will and 'kindne.-
toward. our country, which heartily re-
ciprocate II is notwithstanding much 10
be regretted that two nations whose prriuc.
tons are Of such character a. to invite
thu mos, extensive exchanges and frcest
commercial in,crcouuse, -hould cniinuc "a
enforce ancient and absoleie restrictions oi
trade against each other.
Our commercial treaty with France 10
this respect il 40 exception from Our ,rea-
ties from all commercial nations; II ludlci-
olsly levie= discriminating duties 10th on
tonnage and on articles, the growth pro
duce, or manufacture Of the one country
when arriving N vessels belonging 70 the
Oihe'
sPAis-So REDRgss ~ W.T..
With all Other European government. *
crpf tia, Of spain, our relaticn- arr a.
peaceful a. ~e can desire regret 10 al
that no progress whatever ha. b-sn rade
SINCE the adjournment Of Congr-s. toward.
the settlement Of the numerous claim. Of our
ei,izens against the HIsnish government. h,
sides the Outrage oofnnitted 20 our fa1 by
the spanish war frigats CerreiAns, on tn.
high -as os the coast Of Caba. 10 ths
rnOn'h Of March l-jj. by firing into the
American Mai -tsaasr r. Dorado AMI d.
,ain.n2 and searching ber. remains unac
1o0~ edged and unr.4ir,,..ed. TIE gsoerA
p6e aod ienpr oftbe -pau'.h Goverumsn'
Hvs-d. the Clitssi state. j. much 20 b. re.
g-et'ei Oar Envoy tstrsor4 nsry AMI