Kenosha tribune & telegraph. [volume] (Kenosha, Wis.) 1856-1859, 1857-12-10

xisted which could have endured such violent ex-
ansions and coatacsons of paper credits without
astng Injury; yet the buoyancy Of youth, the en-
rgies Of our Population, aud toe spirit which new
r qusils before diilicuties, will enable ussoon TO
ecoyer. FROM que present fiuspcal embarrassment
nd may even occasion Us speedily to forget the
essons which they lave taught,
In the meantime it is the duty of the Govern |
nent by all proper means withiaits power, to aid
N aeviating the aulferngsor the people occasined
)y the suspension Il the banks, and to provide |
against recurrence Of tae same calamity. Unfor
unatelys 10 eiIheR aspect of the it do but
title. Thanks to tile independent treasury, the
government has not suspended payment, as il was
compelled to by failure Of tile banks in 1887.
Il will coHtiaaeto discharge its liabilities to the
people In gold and silver. It's disbursements IN
coin will pass iato circulation, and materially
assist in Restoring y sound currency. From ITS
iiigh credit SHOULD We be compelled to make a.
temporary loan, il can be Effected on advantage
Gus terms. Tiis however, shah, il possible, be
wooded; but If not then the amount shall be Inn
tied to the lowest practicable sum,
have, Therefore, determined that, whilst no
useful government works already in progress sail
re suspen ded, new works not already commenced
will be postpoaed, If this can be done without ln-
jury 10 the coRatry. Those necessary TO IT'S de-
f.nce snail proceed as though there bad been no
crisis in our monetary affairs. -
But the federal government cannot do much to-
provide against recurrence of existing evils
Even il iRsTmouatable constitutional objections
lid not exist against the creation of a National
Bank, this woull furnish no adequate preventive
security TIE history Of the last bank Of the United
Stsae abaHdahtly proves the tiath OF this asser-
hon. Such baik could not, ii il would, regulate
se issue aud ceedits Of fourteen hundred State
banks in suc' manner rs 70 prevent the rninous
,tif
Effected the country throughout the existence OF
she late bank. as against future siispen-
.ions. La $40 a effort vas made by the Bank
If England 10 Gu Tail the issues of the country
banks under the nest favoiibl. circumstances
The paper currency had be ~. expanded to ruin
GUS extent, aid tie Bank put 70 III all its power to
contract it in order to reduce ices and restore the
equilibrium Of sac foreign exchanges. II accord
ingly commenced q system OF cu,tallment Of It's
loans aud issues. in the vain hope that the joint
stock and private banks Of the kingdom would be
compelled 10 follow its example. 1t found, how
ever, that a. il contracted then expanded, and at
the end of the process, to employ the language Of
It very high official authority "whatevec reduc-
ion of the paper circolatioa effected by the
Bank Of EsgiSad tin 1925 was more than made
up by the issu 5 Of the eouatsg banks" .-
But Bank Of the Udited States would not if il
could, restrain tn. issue and loans Of the State
eucy must often De in direct conflict with the i'm
Mediate interest of its stoekholders. If we ex
)ect agent to restrain control another, theii
interests must, at least in some degree, be antag
)1i.tic Bat the directors ola Bank of the uited
states would feel the same interest and the same
inclination Within directors OF the State Banks
! 70 expand the currency, to- accommodate their ia
VOTES and friends with loa s, and to declare lagN
| dividends. Sdcl has been our experience in rs-
| gard the last Bank. -" 49,
| After all we must mainly rely upon the patriot
ism and wisdom Of the States for the prevention
aud red ess Of the evil. If they will afford US
real specie basi: for our paper circulation by in
| c.easiHg the denomination Of bark notes first to
twenty and afterwards to fifty dollars; If they will
rcqnite that the banks shall at. all times keep o.
band at beast one dollar Of gold silver for every
tliree dollars vi their ci cu4tion and deposits and
| if rhey " u prOyi. by a self executing enactment
w:.icH nothing can arrest fiat the moment they
suspend they shall go into liquidation, l believe
that such peoy-i9Ls, with Weekly publication by
each bank OF statement Of IT, condition, would
20 isr TO secure US against future suspensions Of
,pscie payments. Congress in my opinion possesses
the power 10 pass uniform, Bankrupt law appl-
cable to all bankrupt institutions throughout the
lEitad States and i strongly recommend its exer-
else. This would make it the ilreversble organ
c law Of eacl banks existence, thata Suspension
Of specie pasuienta shall produce its civil death
The ihs met of self preservation would then com
pei it to perform its duties in such manner as to
Escape the penalty and preserve its life.
The e&istenc Of banks aud the circulation of
bank p2pes 40 Identified with habits of our PEG
PIE that they cannot at this day be suddenly aboi-
shed without niue. immediate injury TO the coun-
try, IT We wOnt c0ntine them to their applopli-
| lte sphere aud prevent them from adm nistering
to the spirit of Viii and reckless speculation by
.Xtnyaga'tt loans aud issues they might be con-
tinusd wiki advar tage 10 the public. ,s
Bat this | say, after long and much reflection;
If experience SHALL prove it he impossible to ell-
Joy the + clities which well regulated banks might
afford, without al the same time suffering the ca
fnitjes which tbs excuses Of the banks have
tbetto inflicted upon the country, it woHid, then
De far the Lesser evil deprive them altog Their OF
power 10 issue paper currcacy and contine til IN
to the FACTIONS o. tue banks of deposit aud dis
count. #s
Oar re atoms with foreign government are, upon
tie whole, IN very satisfactory condition. /.
Tne diplomatic difficulties which existed between
the Government Of the Ueited States aud that oil
Great Bitdia at the adjournment Of the last Con-
ess have been hippily terminated by the appoint.
nent Of British minister to this country, who has
been very CO. di:,hy received. ...'... .
Whilst it is greatly TO the interest, | am con
-iUcei is the sincere DESIRE Of the Governments
and people Of fhc two c1uitfi 10 be on terms oil
iiltimats heUdshp with each other it has been oul
misfortune almost always to have had some iriita
ling, it not dange Gus outstanding question with
~i4rat B.tan.
Since the origin of the Government we have
been employed ia negotiating treaties with that
power, and aterward discussing their true Intent
and meaning. In this respect the Convention Of
April 20. 1850, commonly called the Clayton and
BulHer TIRE ~ has been tie most unfortunate d
Ill; because the two Cove nnents place directly
opposite and cont ldctory constructions upon it,
iFst and most important article. Whilst in the
United States, We believed that this treaty would
! place both powers upon an exact equality by the
,tpuatiou that neither viii ever occupy, or for.
af or coIoriZe, or assume to exercise auv domin.
| ION over any part Of Cent al America, it is con.
tended by the British Government that the true
construction OF tii3 language has left them in the
,ightful possession Of al that portion Of Cen
sal America which was IN their Occupancy al
the date Of the treaty; ii fact that the treaty is
virtual recognition on the partoft the United States
ct The right OF Great Britain. either as owner or
pl0tecto, 10 Ia, whole extensive coast Of Central
America, sw,epiu. rouad / ON the Rio Hondo To
the post ana bacbor Of San Juan d. NIcatasu to.
.e,ther with the adjacent Bay islands, except the
comparatively small position Of tAis between the
Sat>aoon ard Cape Honduras.
According to their construction, the treaty does
30 more .,aa simply prohibit them from extend.
u'g their possessions ia Central America beyond
the present limits 1t is moi 70 much assert that
Tin the Cui,ed States tae tiesty had been coasid.
sged sGSc eptiole OF such construction, it woall
ever have been negotiated Under the authority OF
;hc Pres lent, nor would it have received the an.
violation Of the Senate TAe universal convic.
.iqI in the United states was that when our Gov
'rl,nout consented to violate its t,aditiouary and
lime. uonorvi policy, and 70 .tinults with for
.isl Gortumeot H"vcr 70 occrpy acquire ter
ito;y in the CsatFal American portion Of our own
fottiRent, the eus liberation fo- this sacrifice was
IpaJ treat B%t,ia SHOULD, in tllis respect at least
! - placed in the sGm2 position with ou,s,lveS.-
Whilst Ne hay ma rigAt to doubt the sincerity Of
| tht itish Government in their constructions 81
'ir treaty., it Is at The sane time my deliberate