Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1857-12-17
NEW SERIES, NO. IO3.
TEDEFN {eI,B0 strictly in advance
IDIOMN y. s2.OO at the years end.

ment they suspend they shall 90 into lquida-
tlon, believe that such provisions, with
weekly publication by each bank of a statement
OF It's condition, would 60 far to secure US
against future suspensions Of specie payments.
Congress, in my opinion, possesses the power
70 pass uniform bankrupt law, applicable to-
all banking institutions throughout the United
States, and strongly recommend its exercise.
Ihls would make it the reversible organic law
OF each banks existence, that suspension
Oh specie payments shall produce its civil death.
Ihe Instinct OF self-preservation would then
compel 1T to perform its duties in such man.
ner as to escape the penalty and preserve its
| life
The existence of banks and the circulation Of
bank paper are so identified with the habits OF
our people, that they cannot be suddenly ahel-
ished without much immediate injury to the
country If we could confne them to their ap
proprlate sphere, and prevent them from admin
lstering to the spirit of will and; reckless specu-
latfon by extravagant loans and issues, they
migh, be continued with advantage to the pub
| lie.
But this say, after long and much redec-.
tion 1t experience shall prove it to be impos.
slble to enjoy the facilities which well regulated
banks might afford, without at the same time
suffering the ealamities which the excesses Of
The banks have hitherto inflicted upon the eoun-
Try, 1t would then be far the lesser evil to de-
prve them altogether of the power to issue
paper currency, and confne them to the fune--
lions OF banks of deposite and discount.
ALL THE WORLD.
Our relations with foreign governments are
upon the whole, in satisfactory condition
! Thad dtr,ln -
tween the government of the United States and
that of Great Britain at the adjournment 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 as | am
convinced it is the sincere desire of the govern.
ment and people of the two countries to be on
terms of intimate frinndshp with each other, it,
has been our misfortune almost always to have
had some irritating, if not dangerous ouistand
ing question with Great Britain
Since the origin of the government we have
been employed in negotiating treaties with that
Power, afterwards in discussing their true mean
ing and intent. In this respect the convention
of April 19, 1850 commonly called the Clayton,
and Bulwer treaty, has been the most unfOrtu-
nate OF all because the two governments place
directly opposite and contradictory constructions
upon It's first and most important article. While
in the United States, we believed that this treaty
would place both Powers upon an exact equality
by the stipulation that neither will ever ''occupy
or forify, or colonize, or assume, or exercise
any dominion" over any part Of Central America
it is contended by the British government that
the true construction of this language has left
them in the rightful possession of all that por-
ton of Central America which was in their oc-
cupancy 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 the owner or protector, of the whole
extensive coast of Central America, sweeping
round from the Rio Hondo to the port and har-
Dor of San Juan de Nicaragua, together with the
adjacent Bay Islands, except the comparatively
small portion of this between the Sarsoon and
Cape Honduras. According to their construc-
) tion the treaty does no more than simply pro.
: hibit them from extending their possessions in
I Central America beyond the present limits. 1t
! Is not too much to assert that if in the United
Il States the treaty had been considered susceptible
OF such construction, it never would have been
: negotiated under the authority of the President,
y nor would 1t have received the appreciation of
. the Senate. The universal conviction in the
u United States was, that when our government
&c consented to violate its traditional and time hon.
u ored policy, and TO stpuale with a foreign gov
70 . crnment never to occupy or acquire territory in
~ the Central American portion of our own conti-
o nent, the consideration for this sacrifice that
IL Great Britain should, in this respect at least, be
J.. placed in the same position with ourselves.
n While we have no right to doubt the sincerity
y of the British government In their construction
70 of the treaty, it is at the same time my deliber.
ate conviction that this construction is in oppo-
! silion both to the letter and its spirit.
>, Under the late administration negotiations
IL were instituted between the two government fol
the purpose, if possible, of removing these d.
. ffculties, and treaty having this laudable obec
% in view was signed oil London on the 18th Octo
J. her, 1856, and was submitted by the Presiden
% of the Senate on the following 10th of December
y W neither this treaty, either in its original O.
70 amended form, would have accomplished the OBJ
!, jet intended without giving birth to new an,
II embarrassing complications between the two gov
.. ernments, may perhaps be well questionable b,
10 The different amendments made to it by the Sen
: ate. The treaty, as amended, was ratified by IN,
'- on the 10th March, 1857, and was transmitted II
IN London for ratification by the British governmen
.. That government expressed its willingness t.
" " concur in all the amendments made by the Sen
VI ate, with the single exception of the clause re
!, lating to Ruatan and the other islands in the Ba
:, of Honduras. The article in the origino treat
a.. o as submitted TO the Senate, after reciting lha
s' these islands and their inhabitants " having bee
e by convention, bearing darU the 27th day Q
y. August, 1926, between her Britanc Majesty an
~ the Republic Of Honduras, constituted and De
.-' cated free Territory under the sovereignty q
~ the said Republic of Honduras, stipulated lhs
o' the two contracting parties do hereby mutua
y y engage 10 recognise and respect in all futur
o. time the indepenqence and rights of the said fre
r. Territery as part of the Republic of Elor
'ir 'irr duras''
y. Upon an examination of this convention b,
i.' ~. tween Great Britain and Honduras of the 27t
August, 1885, it was found that whilst decla
~ ing the Bay islands 10 be "a free territory vi
H. der the sovereignty of the republic of Hondurs
ne it deprived that republic of rights without whic
~" its sovereignty over them could scarcely be sa
oy 10 exist 1t divided them from the remainder
IA Honduras. and gave to their inhabitants a sep,
'i s rate government of their own, with Legislature
VA ~. executive and judcia officers, elected by then
t.. selves. 1t deprived the government of Hond
~ ras of The taxing power in every form, and 9,
Az emted the people Of the islands from the pc
'n- formance of military duty except for their ow
~ exclusive defense. It also prohibited that repul
~, W lie from erecting fortiica,ons upon them f
vvi :.n their protection-thus leaving them open to
.sa vasion from any quarter and, finally it provi
aS ed that slavery shall not atany time hereaf
ivy ."u be permitted TO exist therein"
W, W., Had Honduras ratified this Convention, S
''u would have ratified the establishment of Sta
:. substantially independent within her own lim
'i' and State at all times subject to British inf
':V ~, ence and control. Moreover, had the Unit
i WI States ratified the treaty with Great Britain
u" It's original form we should have been bou
t0 ,base s,;n,lo,;ons n ,So n.s;,I;. e III"
the pa;na IN d,roo, a,no.;, ~ ~ tIn:.