The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1857-12-17

Congress, in my opinion, possesses thO
power to pass a uniform bankrupt law
applicable to all banking institution
throughout the United States, and
strongly recommend los exercise. Thi.
would make it the irreversible organic
law Of each banks existence, that O
suspension Of specie payments shall
| produce its civil death. The instinct
of self preservation would then compel
it to perform in such O manner as to cS-
cape the penalty and preserve its life
wELL-REGULATED BANKS A BENEFIT TC
THE COUNTRY.
The existence Of banks and the cir.
culation Of bank paper are so identified
with the habits Of our people, that they
cannot at this day be suddenly abolished
without much immediate injury to tho
country IF we could confno them to
their appropriate sphere, and prevent
| them from administering to the spirit
of wild and reckless speculation by OK
| travagant loans and issues, they might
be continued with advantage to the
public.
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 suffering the
calamities which the exoosses of tho
banks have hitherto inflicted upon the
country, it would then be far the lesser
Eevil to deprive them altogether of the
power to issue a paper currency and con-
fine them to the functions of banks Of
deposit and discount
FOREIGN RELATIONS.
Our relations with foreign govern
ments are, upon the whole, in a salts
factory condition.
GREAT BRITAIN.
The diplomatic difficulties which cx-
listed between 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 re-
| ceiycd.
While it is greatly to the interest, as I
am convinced it is the sincere desire,
Of the government and people of the
two countries to be on terms Of init
mate friendship with each other, it has
been our misfortune almost always to
have had some irritating, if not danger
Gus, outstanding 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 convcn-
ton of April 10, 1850 commonly call
ed the Clayton and Bulwcr treaty, has
been the most unfortunate Of all; be-
cause the two governments place direct
ly opposite constructions upon its first
and most important article.
Whilst, in the United States, we be
lieve that this treaty would place both
powers upon an exact equality by the
stipulation that neither will occupy,
or fortify or colonize, or assume OF ex-
ercise any dominion over any part
of Central America, it 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 a yir-
tual recognition on the part of the Uni
ted States Of the right Of Great Britain,
either as owner or protector, to the whole
extensive coast of Central America,
sweeping round from the Rio Hondo to
the port and harbor Of San Juan de
Nicaragua, together with the adjacent
Bay Islands, except the comparatively
small portion of this between the Sars-
toon and Cape Honduras,
According to their construction, the
treaty does no more than simply prohib-
it them from extending their possessions
in Central America beyond their present
limits. tits not too much to assert, that
if in the u. S. the treaty had been con-
sidered susceptible Of such a construo-
ton, it never would have been nogotia-
ted under the authority Of the Presi-
dent, nor would it have received the
appreciation of the Senate. The uni
versal conviction in the United States
was, that when our government consent
ed to violate its traditional and time
honored policy, and to stipulate with
foreign government never to occupy orr
acquire territory in the Central Amori-
can portion Of our own continent, the
consideration 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 sincerity of the Brit
ish government in their construction of
the treaty, it is at the same time my de-
liberate conviction that this construc-
ton is in opposition both to its letter and
its spirit.
Under the late administration negotia-
tions were instituted between the two
governments for the purpose, fpossible,
of removing these difficulties, and a
treaty having this laudable object in
view was signed at London on the 18th
October, 1856, and was submitted by
the President to the Senate on the fol-
lowing 10th of December. Whether
this treaty, either in its original or
amended form, would have accomplish.
cd the object intended without giving
birth to new and embarrassing COM
plioations between the two governments,
may we'll be questioned Certain it is
however, tt was rendered much less oh.
iectionable by the different amend,