Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1857-12-18

saaii NO suSpenied, new works, not alreadg
eammenceds will be postponed, il this can be
done withoet iajury to the country. Those ne
cassary for its defence shall proceed "a though
there had been no crisis in our monetary az
fairs.
but the federal government cannot do much
to provide against recurrence og existing
evils. Eyen II insurmountable constitatioaal
oolectlous did not exist against the creation Of
National Bank, this would furnish no ade.
quase preventive security. The history of the
last Bank Of the United States abandantIy
proves the truth Of this assertion. Such !
Dank could nor, if it would, reeulate the issues
ana credits of fourteen hundred State banks IN
saca q manner rs to prevent the runous expan-
sions aud cautraetions in our curreucy which
afflicted the country throughout tue existance
OF The late bank, or SECURE US ssalust fatnre
suspension. Ia 1925 an effort vas made by
the Bank OF England to eurtai ebe issues Of
the country banks uEdor tue nlcst favorable
circumstances. The paper currency had been
expanded to ranous extent, snl the Baak
pat forth oil its power TO contract it in ordes 20
reduce prices aud restore the equiiibripui u
tue foreign exchanges. 1t accordingly eoai-
menced system of curtsilnent of its Ioans
ond issGes, in the vsin hope rhattle joiat stock
and privste banks Of the kiEesom you'd I,s
esnspaiied 20 follows its example. Il fau1l,
tiowsver, that as it contracted they expanded,
aud at the end OK the process, q empiog the
LANGUAGE of very high ofiioal authority,
"whatever reduction of the r1per circulation
wAs effected by the Bank of 1pgl.ud 30 l625l
was more than made up b. tho issaes cs the
c0Hntry banks"
Bu, Bank of the United States wonli not,
If Il could, restrain tie issues and loans Of the
State banks, beeauss its duty Us a regulator of
the currency must often be in direct couaict
with the immediate interest oF its stockholders.
Ii we expect one agent TO restrain or control
another, their interests must, least III some
DEGREES, be antsgonis'ic. Bot the directors Of
Bank of the United States would feel the
same interest and the same inclin1tion with tae
directors Of tue State banks to expand the cur
rehcy, to accommodate their fayari.ss aud
tfieeds with l6ans. and 10 daclare lareai lisi-
dends Such has been our experience IL re-
gard to the las. bank.
After al, We must mainly rely upon the
Patriotism and wisdom of the States for the me-
vention and redress of the evil. If they will
afford ~ real specie basis for cur paper cir
culation BY increasing the denomination Of bank
notes, tTst 10 twenty, aui afterwards to fifty
dollars; If they viii require that the banks
shall at all times keep on hand AZ least one dol
lar of geld and silver for every three dollars
Of their circulation and deposltes; and if they
Will provide BY seif-cxecuting enactment,
which nothing can arrest, that the ulament they
suspend they shall 60 into liquidation, be-
l'eve that such provisions, with weekly pub
lleaqon BY each bank of u sfa,em4ut of its con
dIion, would 60 far 10 secure US against future
suspensions Of sp.cie payments.
Congress, in NY opinion, possesses toe pow
er to pass uniform bankrupt law applicable
to all banking institutions throughout the Uni-
ted States, aud Lstrongly recommend its exer-
else. This would make 1T the irreyersible or
Eanic law Of each banks existence, that sus-
pension of specie payments shall produce rs
civil death. The instinct of self-presarvaticu
would then coDpel 1t to perform It's duties in
such d manner as 10 escape the penalty and pre-
serve its life.
The existence Of banks and the circulation
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 the country. If we could coufue
them to their appropriate sphere, and prevent
them froul administering TO the spirit of Wild
and reckless speculation By eztravagant loans
aui issues, they might be continued with ad-
vantage to the public.
But this SOY, after long aud much refec
ton: il experience shall prove it to be impos-
sible TO enjoy the facilities which weIl-regula
ted bauks might afford, without at the same
,lue suffering tie caIamit.es which the excesses
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
a paper currency and eonfne them to the func
tons Of banks OF deposite and discount.
Our relations with foreign governments are,
upon the whole. iu satisfactory condition.
The diplomatic difficulties which existed be-
tween the government Of the United States
ard that of great Britain at the adjournment
OF the last Congress have been happily terlni-
mated by ths appointment Of British minister
10 this country, Who has been cordially receiv-
ed.
Whilst 1t is greatly TO the interest, sc am
convinced it is the sincere desire, Of the gov
ernmouts and people OF the two countries to be
oa terms of intimate friendship With each 9TH
or, it has been our misfortune almost always TO
have had souie Irritating, if not dangerous, OUT
standing question with Great Britain.
Since the origin of the government we have
been employed in negotiating treaties with that
power, aud afterwards in Discussing their true
intent and meaning In this respect, the con-
veutioa of April 10, 1850, commonly called
the Clayton aud Bulwer treaty, has been the
plost unfortunate of all; because the two gov
ernments place direcAly opposite aud contra
dictory constructions upon its first and most I'M
portant article. Whilst, III the United States,
we believed that this treaty would place both
powers upon an exact equality by the stipula-
ton that neither viii ever ssoccupy, or fortify,
or colonize, or assume or exercise any dcmin--
ionp over, any part Of Central America, it IS