Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1857-12-12

suCh manner as 10 prevent the ruluous
expansions and contractions in our currency
which afflicted the country throughout the
existence of the late bank, or secure US
against future SUSPENSIONS. In 1925, an
effort was made by the Bank Of England
to ourtail the issues Of the country banks
under the most favorable circumstances.
The paper currency had been expanded to
a ruinous extent, and the Bank put forth
all its power to contract it in order to re-
ducc prices and restore the equilibrium Of
the foreign exchanges. 1t accordingly
commenced a system of ourtailment of It's
loans and issues, iu the vain hope that the
joint stock and private banks of the king
dom would be compelled to follow its ex-
ample II found, however that as il con-
tracted they expanded, and at the end of
the process, to employ the language Of q
very high official authority, "whatever re-
duction of the paper circulation was effect
ed by the Bank of England lin lS25) was
more than made up by the issue Of the
country banks"
/ But the Bank ofthe United States would
not, If t could restrain The issues and loans
of the State banks. because duty as regu-
lator of the curreny must often be in direct
conflict with the immediate interest Of its
stockholders. If we expect one agent to
restrain or control another, their interests
must, at least, in some degree, be antago.
nistc. But the directors of n Bank of the
Uuited States would feel the same interest
and the same inclination with the directors
OF the State banks to expand the currency,
to accommodate their favorites and friends
with loaas, and to declare large dividends
Such has been cur experience in regard to
the last bank,
After all, we must mainly rely upon The
patriotism and wisdom of the st tes for
the prevention and redress of the evil. If
they will offoId us Q real specie basis for
our paper circulation by increasing the
denomination Of bank notes, first to twenty,
and afterwards to fifty dollars if they
will require that the banks shall at all times
keep on hand at least one dollar of gold and
silver for every three dollars Of their cir.
culation and deposits; and if they will
provide by self,cxecutiug enactment,
which thing can arrest, that the momcut
they suspend they shall go iuto liquidation,
would 90 far to sccuse us against future
suspensions OF specie payments.
Congress, in my opinion, possess The
power to pass uniform bankrupt law ap.
plicable to all banking institutions through.
out the United States, and l strongly
recommend its exercise. This would
make ii the irroversiblc organic law Of
each bank existaace, that suspension of
spocic payments shall produce its civil
death. Tho instinct of self preservation
would then compel it to perform its duties
in such manner as to escape the penalty
and preserve its life.
The exstonce of banks and the circula.
ton of bank paper are SO identified with
the habits Of our people, that they cannot
at this day be suddenly abolished wi hout
much immediate injury to the country. If
VIC could c,nfne them to til ir appropriate
sphere, and prevent from adminis...eer.;;.;i
TO Inc spirit Of wild and reckless SPECULATION
oy oxtravagaut loans and issues, they might
be continued with advantage to the public.
But this say, after long and much re.
hcction: if experience shall prove it to be
impossible to enjoy the facil ties which
well regulated banks might afford, without
at the same time suffering the calamities
which the excpsscs of the banks have hilh.
erto inflicted up,n the country, it would
then be far the lesser evil to deprive them
altogether of the power 10 issue a p per
currency and confnc them to the functi- nj
Of banks of disposite and discount.
Our relations with foreign government:
are, upon the whole, in satisfactory con
dtion,
The diplomatic d faculties which existet
between the government of the United
States and that of Great Britain at tn
adj urnmcnt of the last Congress have bcei
h,ppily terminated by the appointment of
British Minister to this country, who ha
been cordially received.
Whilst it is greatly to tho interest, as
am convinced it is the sincere desire, of tn
governments and people Of the two countrie
to be on terms of intimate friendship viii
each other, it has been our misfortune al
most always to have had some irritating, i
not dangerous, outstanding question viii
Great Britain.
plhCc tuS oiihiu VI tio S''SihhS '"
have been employed in negotiating trea-
ties with that power, and afterwards il
discussing their true intent and meaning
In this respect, the convention of April 10
1850, commonly called the Clayton ant
Bulvcr treaty, has been the most unfor
tunate of all because the two government
place directly opposite and contradictor.
constructions upon its first and most impor
tant article. Whilst, in the United States
VIC believed that the treaty would plac
both powers upon an exact equality by th
stipulation that neither will ever "occup,
or colonizc, or assume or exercise an
, dominion" over, any part of Centra
! America, it is contendcd by tho BIRTHS
, government that the true construction {
this language has left them in the righfi
:. possession OF all that portion Of Centri
America which was in their occupancy /;
n the date of the treaty; in fact, that tt
I treaty is virtual recognition on the pal
r. of the United States of the right of Grei
v Britain, either as owner or protector,