Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-12-10

Icther their interests must, at least III some de
gree,, be aptaeenistic. Bot the directors of
Bank OF Tie United Stases wsuld feel the sans
interest and the salas incliaation with the direc.
tors of the State banks to expnd tie currency
to accommedate then. hyofit6s and friends with
loans, and todeeiare 3sr6e disj4snds. such hal
been our experiences in regardfo DE iast bank
After all, ue must maindy rely upon the pa.
trotism and wisdom Of the States for the pre-.
[yention and redress Of the evil. IL they will
afford US Area specis basisfor our paper circu.
latisn, by screasing the denomination Of benf
notes, 6rst 10 twenty and afterwards to fifty
|dolar; IL they will require that the bsnts sha)
1t sf1 Zines keep on hand at least 1ne dollar o
gold and silver for every three dollars Of theil
circelation and depOsites;. and if they viii pro
y de by a ~self-executing enactment which mo-
thing can arrest, that the moment they suspend
they shall go into liquidation believe thai
such provisions, W tn a weekly publication by
each bank Of a statement Of its condition
would go far to secure Us against future suspen.
SONS of specie payments.
Congress, in my opinion, possesses the power
to pass a unifor n bankrupt law applicable to all
banking institutions throughout the United
States, and | strongly recommend its exercise
This would make it the irreyersible organic law
of each banks existence, that a suspension Of
specie payments shall produce its civil death
The instinct of self-preservation would then
compel it TO perform its duties in such a manner
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
o;Seople, that they cannot at this day be sud
denly abolished without much immediate inju-
~ to the country. If wecould conine them to
their appropriate sphere, and preventthem from
administering to the spirit of wild and reckless
speculation by. extravagant loans and issues
they might be continued with advantage to the
|pnblic.
But this I say, after long and much reflection:
If experience shall prove it to be impossible to
enjoy the facilities which well-regulated banks
might afford, without at the same time suffer
ing the calamilies which the excuses of the
banks have hitherto inflicted upon the country,
it would then be far the lesser evil to deprive
them altogether OF the power to issue a paper
currency and confine them to the functions OF
banks of deposits and discount.
Our ~relotions with foreign governments are,
upon the whole, in a satisfactory condition.
The diplomatic difficulties which existed be-
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.
Whist it is greatly to The interest, as l am
convinced it is the sincere desire, ofthe govern
ments and people of the two countries to be on
Iterms1 8 intimete friendship with each other, i
has been oar misfortune almost alw avs to have
had some irritating, if not dangerous, outstand
ing question with Great Britain.
Since the origin of the government we have
been employed in negotiating treaties with that
power, and afterwards in discussing their true
intent and meaning. In this respect, the con-
vention of April 10, 1850, commonly called the
Clayton and Bulwer treaty, has been the most
unfortunate hf all; because the two governments
plate d .rectly opposite and contradictory con-
strCctions upon its first and most important ar
ticle. Whilst, in the United States, we believe
that this treaty would place both powers upon
an exact equality by the stipulation that Meth
er will ever occupy, or fortify, COLOMBO, oil
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 rightfu
possession ofall that portion Of Central Americ;
which was in their occupancy at the date of thu
treaty; in fact, that the treaty is a virtual recog
milton on the part of the United States of the
right Of Great Britain, either as owner or pro
tector, to the whole extensive coast Of Contra
America, sweeping round from the Rio HondC
to the port and harbor of San Juan de Nicara
qua, together with the adjacent Bay Islands, ex.
cept the comparatively small portion of this be
tween :he Sarstoon and Cape Honduras. Ac
cording to their construction, the treaty does nc
more than simply prohibit them from extending
IL :. C1-. -. I.z-l Al
present limits. 1t is not too much to assert
that if in the United States the treaty had beer
considered susceptible Of such a constructions 8
never would have been negotiated under the au'
thority of the President, nor would it have re
ceived the appreciation of the Stlate. The uni
versal conviction in the United States was, thai
when our government consented to violate it:
traditional and time-honored policy, and to slip
ulate with a foreign government never to occupy
OF acquire territory in the Central American
portion of onr own continent, the consideration
for this sacrifice was that Great Britain should
in this respect at least, be placed in the same pc
sition with ourselves. Whilst we have no righI
to doubt the sincerity of the British government
in their constructor of the treaty, it is at thu
same time my deliberate conviction that thi:
construction is in opposition both to its Letter
and its spirit.
Under the late administration negotiations were in
stituted between the two governments for the purpose
if possible, of removing these difficulties; and a treaty
having this laudable object in view was signed il
London on the 18th of October, 1856, and was submit
ted BY the President to the Senate on the followin.
10th of December. Whether this treaty, either in it
original or amended form. would have accomplishe,
the object intended without giving birth to new an'
embarrassing complications between the two govern
meDts. may perhaps be well questioned. Certain it is
however, it was rendered mach less objectionable b
the different amendments made to il by the Senate
The treaty, as amended, was ratified BY me on the I2tl
of March, 1857, and was transmitted to London for rat
~ifcation by the British government. That governmen
expressed its willingness TO concur in all the amend
ments made By the Senate with the single exception
of the clause relating to Ruatan and the other island
in the Bay of Honduras. The article in the origina
treaty, as submitted 20 The Senate, after reciting tina
these islands and their inhabitants "haying been by
convention bearing date the 9Th day of August, lS56
between her britannia Majesty and the republic o
HonduraF, constituted and declared n free territ0r
under the sovereignty Of the said republic Of Honda
ras." stipulated that 1.-The two contracting parties d
hereby mutually engage to recognise and respect in al
future time the Independence and rights of the sal
free territory as a part of the republic Of Honduras.
LOO rs. IF H., -