American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1857-12-18

go far TO secure Us against future sus.
pensions OF specie payments.
Congress. in my opnion, posses the
power to pass unifnrm bankrupt Ia W
applicable to all banking institutions
throughout the United states, and |
strongly recommend it's exercise. This
would make it the irreversible organic
law OF each banks existance, that sus.
pension ofspecie payments shall pro.
duce its civil death. This instinct of
self-Preservation would then compel it
to perform it's duties in such a manner
as TO escape the penalty and preserve
its life.
The existance of banks and the circu-
letion of bank paper are so identified
with the habits OF our people. that they
canno, at this day be suddenly abolish
ed without much immediate injury to
the country. If we could confine them
to their appropriate sphere, snd prevent
them from administering to the spirit of
wild and reckless speculation by extrav.
; agant loans and issues, they might be
continued with advantage to the public.
But this ] say, after long and much
reflection, il experience shall prove it
To be impossible to enjoy the facilities
which well.regulated banks might afford
without at the same time suffering the
calamaries which the excesses of the
bapks have hitherto intlic,ed upon the
country, II would then be far the lesser
J evil t" deprive them altogether Of the
power TO issue paper currency ard
conhne them 10 the functions of banks
OF deposite and discount.
Our relations with foreign govern.
ments are. upon the whole in q satisfac.
tory condition.
The diplomatic difficulties which ex :
lsied between the government "f the
5 United States and that of Great Bit
am ct the adjournment Of the last Con-
gress have been happiIy terminated by
the appointment of British minister To
THIS country, WIN has been COZ daily re-
ccived
While 1t Is greatly to the interest, as
am convinced il is the sincere desire,
OF the governments and people Of the
two countries to be on terms of inli-
mate friendship p with each other, it has
been our misfortune almost always to
have some Initiating If not dangerous
. outstanding question with Gieal Britain.
Since the origin of the government
we have been employed in negotiating
Iieatles with that power. and afterward Il
IN discussing their true intent and mean
ing. In this respect the convention of
April 10, 1850. commonly called the
I Clayton and Bulwer treaty, has been
the most unfortunate Of all because
the two governments place directly op-
P"site and contradictory constructions
upon its first and most important article.
Whilst. in the United States, we believ.
ed that this treaty would place both
powers upon an exact equality by the
stipulation that neither will ever "occu-
py, or fortify or colonize. or assume
or exercise any dominion over, any
part oi Central America, ii is contend
ed by the British Government that the
true construction of this language has
left them in the iighlfuI possession of
all that portion OF Central America
which was in their occupancy at the
date of the treaty in fact that the trea.
ty Is virtual recognition or the part
OF the United States Of the right of
Great Britain, either as owner or pro-
iector, to the whole extensive coast Of
Central America, sweeping around
from the Rio Hondo to the port and
harbor of San Juan de Nicaragua, tn.
ge'her with the adjacent Bay Islands.
except the comparatively small portion
OF this between the Sarstoon and Cape
Honduras. According to their CON
struction, The treaty does no moro than
simply prohibit them from extending
their possessions in Central America
beyond their present limits. II is not
too much to assert, that if in the United
States the treaty had been considered
susceptible Of such construction, it
never would have been negotiated nn-
der the authority Of the President, nor
would It have received the approbation
OF the Senate. The universal copyic.
ton in The United States as, that when
our government consented 10 violate ;,s
traditional and time.honored policy, and
to siipulate with foreign government
never to occupy or acquire territory in
the Central America portion of our
continent, the consideration for This
sacrifice was that Great Britain should
in this respect al least, be placed in the
same position with ourselves. Whilst
we have no right to doubt the sincerity
OF the British government in their con.
slfnclion of the treaty, it is at the same
time my deliberate conviction that this
cons'ruction 10 in opposition both to it's
letter and its spirit.
| Under the late administration nepo.
| tiatiops were Instituted beiv.,, ,h. ,v,
governments for the purpose if possible
of removing these difficulties and a
treaty having this lsudsbie objec, in
view was signed at london on the l7rh
October, 1856, and was submitted by