The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-12-10


high 6llicial authority. "whstevsr feduc-
tioA Of paper circulation was effected by
the Bank Of England lin 1881 was more
than made up BY the issues Of the country
baDke."
But Bank of the United States would
not, IL II could, restrain the Issues and loans
OF the State banks. because its duty ns
regulator Of the currency must often be in
direct conflict with the immediate interest
of its stockholders. II We expect one agent
TO restrain or control another, their interests
must, at least in some degree, be aItago.
nistic. But the directors OF Bank Of the
United States would feel the same interest
and the same inclination with The directors
OF the State banks TO expand the currency,
} 10 accommodate their. fayorites aud friends
1 with loans, and TO declare large dividends.
Such has been our experience with regard
to the last bank.
| After all, we must mainly rely upon the
patriotism and wisdem Of the States for the
prevention and redress Of the evil. II they
will afford us real specie basis for our pa.
per er'circulation by increasing the denomina.
ton Of bank notes, 6rst to twenty, and after
wards to fly dollars, IL they will require
that the banks shall at all times keep
on hand at least one. dollar of gold and sill
yer for each three dollars Of their circulation
and deposits; and if they will provide, By
self executing enactment. which nothing
can arrest, that the moment they suspend
they shall 60 into liquidation. | believe
that such provisions, with a'weekly pubiiea-
ton by each bank Of statement OF it's con.
dilion, would 60 far 10 secure us against
future suspensions of specie payments.
Congress, in my opinion, possesses the
power to pass uniform bankrupt law appIi-
cable to all banking institutions throughout
the United States, and strongly recommend
its exercise. This would make it the irre-
versible organic law of each bank's exis.
tence, that suspension Of specie payments
shull produce its civil death. The instinct
Of self preservation would then compel it to
perform its duties in such manner as 10
escape the penalty and preserve its life.
| The existence of banks and the circula.
tion of bCnk paper are 50 ident fed With the
habits Of our people, that they cannot at this
day be suddenly abolished without much i'm
mediate injury to the country. If we, could
coDfne them TO their appropriate sphere,
and prevent them from administering to the
extravagant'loans and issues, they might be
continued with advantage to the publc.
But this say, after long and mature re-
Election, if experience shall prove tito te
impossible to enjoy the facilities which we'll
regulated banks might afford, without at the
same time suffering the c1lamities which
the excesses of the banks have hitherto in
flicted upon the country, it would then be
far the lesser evil to deprive them altogether
OF the power to issue paper currency, and
coIfne them to the functions OF q bank OF
discount.
Our relations with foreign governments
are, upon the whole, in satisfactory con.
dition.
The diplomatic difficulties which existed
between the government of the United
Estates and that of Great Britain at the ed.
jourumant of the last Congress, have been
, happily terminated by the appointmentof a
. British ministry 10 this eountry, who has
! been cordially received.
u Whilst it is greatly 10 the interest, as |
am convinced il is the sincere desire of 'the
, pove,S Smenls and people Of the two coun.
D tries to be pm Intimate terms with each
3 other, it has been cur mis fortune almost e.
r ways to have had soms irritating i not dan
gerous outstanding question With Grt'i
Britain.
: Since the origin Of the government, We
have been employed in negotiating treaties
with that power, and afterwards discussing
their true intent and meaning. In this re-.
spect, the Convention of April 10, 1850,
commonly called the Clayton and Buiwer
treuty, has been the most unfortunate of all;
because the two governments place directly
opposite and contradictory constructions
upon its first and most important article
Whilst, in the United States we believe that
this treaty would place both powers upon an
exact equality BY the stipulation that neither
will ever "occupy, or fortify, or colonze, or
assume any dominion" over any part of
Central America, it is contended by the
British government that the true construc.
ton OF this language has left them in right,
full possession OF all that portion of Central
America which was in their occupancy at
I the recognition Of the treaty; in tact, that
the treaty is virtual recognition on the part
OF the United States of the right of Great
Brtnin, either as owner or protector, to the
whole extensive coast of Central America,
port and harbor of San Juan de Nicaragua,
together with the adjacent Bay Islands, ex.
cept the comparatively small portion of that
between the Sarstoon and Cupe Honduras.
According to their construction, the treaty
does no more than simply prohibit them
from extending their possessions in Central
America beyond the present limits. tits
not too much to assert, that If in the United
Suites the treaty had been considered sus.
cepiible OF such construction, it never
would have been negotiated under the aa-
thority OF the President nor would it have
received the approbution of the Senate. -
The universal conviction in the United
States was, that when our government con-
sented to violate its traditional and time
honored policy, and to stipulate with for.
eign government never to occnpy or acquire
territory iu the Central American portion of
our own 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 SINGER ity of the British
government in their construction of the
treaty, it is, at the same time, my deliberate
conviction thHt this construction is in oppo-
sltOn both to its letter and its spirit.
Under the late administration negotiatnos
were INSTITUTED between the two government
for the purpose, il possible, OF ofremoving these
ditlc ulties; and treaty having this Iaudable
object i'll view was signed at London on the
18th October, 1856, and was submitted by the
President to the Senate on the following
10th Of December.