The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-12-18

ton OF bank notes, llrSt 10 twenty, anu atei-
wards to fifty dollars; if they will require that
the banks shall at all times keep on hand al
least one dollar of gold and silver for every
three dollars of their circulation and dePos-
ties; and if they will psOvide by a seli-exe-
cutting enactment, which nothing can arrest,
that the moment they suspend they shall go
into liquidation, believe that such provls-
ions, with weekly publication by each bank
Of a statement Of its condition, would go lar
TO secure US against future suspensions oil
specie payments.
Congress- in my opinion, possess the pow
er to pass uniform bankrupt law applicable
to all banking institutions throughout the
United States, and strongly recommend its
exercise. This would make il the irreversi-
bic organic law of each banks existence that
A suspension of specie payment shall produce
IL, civil death. The instinct Of sef-preserva-
ton would then compel it to perform its du-
ties in such manner as to escape the penalty
and preserve its life.
The existence of banks and the circulation
o. bank paper are so identified with the hab-
It's of our people that they cannot at this day
DO suddenly abolished without much immedi
ate injury to the country. If we could con-
fine them TO their appropriate sphere, and
prevent them from administering to the spirit
of wild and reckless speculation by extrava-
giant loans and issues, they might be continu-
ed with advantage to the public.
But this say, after long and much rehec-
ton; if experience shall prove it to be I'M
possible to enjoy the facilities which we'll
regulated banks might afford, without at the
same time suffering the caamties which the
cxcesses 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 paper currency and conflne
them to the functions of banks Of deposite
and discount.
Our relations with foreign Governments
are, upon the whole, in satisfactory condl-
ton.
The diplomatic difficulties which existed
between the Government Of the United States
and that of Great Britain at the adjournment
of the last Congress have been happily terml-
mated by the appointment of British Minis
ter to this country, who has been cordially
received.
Whilst it is greatly to the interest, as am
convinced it Is the sincere desire Of the Gov
ernments and people of the two countries to
be or terms of intimate friendship with each
other, it has been our misfortune almost al
ways to have had some irritating if not dan
grrOus outstanding question with Great Brl-
tain.
Since the origin Of the Government we
have been employed in negotiating treaties
with that Power, andHafterwards in discussing
their true intent and meaning. In this respect
the convention Of April 10, 1850, commonly
called the Clayton and Bulwer treaty, 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 believed that this treaty would
place both Powers upon an exact equality by
the stipulation that neither will ever "occupy
or fortify, or colonize, or assume or exercise
any dominion" over any part of Contra
AMERICA, it is contended by the British Gov
eminent that the true construction Of thi.
language has left them in the rightful pos
session of all that portion Of Central Amerci
which was in their occupancy at the date Of
the treaty. in fnct, that the treaty is virtua
recognition on the part of the United State'
of the right of Great Britain, either as owne
or protector, to the whole extensive coast o
Central America, sweeping round from thu
Rio Hondo to the port and harbor OF Sar
Juan de Nicaragua, together with the adjacen
Bay Islands, except the comparatively smal
portion of this between the SarstoOn ant
Cape Honduras According TO their construc
ton, the treaty does no more than simpl,
prohibit them from extending their posses
sions IN Central America beyond the presen
limits. 1t is not too much to assert that If il
the United States the treaty had been consid
cred susceptible of such construction, i
never would have been negotiated under thu
authority of the President, nor would it hav'
received the appreciation of the Senate. The
universal conviction in the United States wa
that when our Govern ment consented to VIC
late its traditional and time honored policy
and to stipulate with foreign Government
never to occupy or acquire territory IN tn,
Central American portion Of our own cont
nent, the consideration for this sacrifice wa
that Great Britain should, In this respect n
least, be placed in the same position wit
ourselves. Whilst we have no right to doub
the sincerity of the British Government il
their construction Of the treaty, 1t is at tn
same time my deliberate conviction that thi
construction is in opposition both to its lette
and its spirit.
Under the late Administration negotiation
were instituted between the two Government
for the purpose, if possible, Of removing thes
difficulties; and n treaty having this laudabl
object in view was signed at London on tn
18th Of October, 1856, and was submitted b
the President to the Senate on the followin
10th of December. Whether this treaty
either in its original or amended form, woul
have accomplished the object intended with
out giving birth 20 new and embarrassin
complications between the two Government
may perhaps DO well questioned. Certain il II
howe, or, it was rendered much less objet
tonable by the different amendments mad
TO it by the Senate. The treaty, rs amended
was ratified by me on the 18th Of Marcel
1857, and was transmitted to London for rat
fcation by the British Government. Thi
Government expressed its willingness to col
cur in all the amendments made by the Ser
ate, with the single exception Of the claus
relating TO Ruatan and the other islands
the Bay of Honduras. The article in tn
original treaty, as submitted to the Senat
after reciting that these islands and their il
habtants shaving been by n convention bea
ing date tho 9th day of August, 1856, b,
tween her Britannia Majesty and the Reput
lie of Honduras, constituted and declared
free territory under the sovereignty Of II
said Republic of Honduras" stipulated tn
"lhe two contracting parties do hereby mi
tually engage to recognise and respect IN
future time the independence and rights
Al 4. e.. noFt NJ