The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-12-15

direct conflict with the. immediate interest
of its stockholders. 1fEe expeetone agent
to restrain or control another their inter-
ests must, at least in some degree, be antag-
onistic. But the directors of the Banl, of
the United States would feel the same inter-
est and the same inclination with the direc
tors Of the State banks 20 expand the cur
rency, TO accommodate their favorites and
friends with loans. and TO declare large divi-
dends. Such has been our experience in
regard to the last bank.
After all, we must mainly rely upon the
patriotism and wisdom of the States for the
prevention and redress of the evil. If they
will afford US a real specie basis for our pa
per circulation by increa sing the dehonlina-
ton of bank notes, first to twenty, and at
forwards to fifty dollars; if they will require
that the banks shall at all times keep on
hand at least one dollar of gold and silver for
every three dollars of their circulation and
deposits; and if they viii provide by self
executing enactment, which nothing can
arrest, that the moment they suspend they
shall go into liquidation, believe that such
provisions, with weekly publication by
each bank of statement of its condition.
would 90 far to secure us against future
suspensions of specie payment.
Congress, in my opinion, possesses the
power to pass a uniform bankrupt law ap-
plfcabie to all banking institutions through
out the United States, and strongly recon-
mend its exercise. This would make it the
irreyersible organic law of each banks ex-
istence, that a suspension of specie pay
ments shall produce its civil death. The
instinct of self preservation would then
compel it to perform its duties in such a
manner as to escape the penalty and pre-
serve its life.
. The existence of banks and the eircula-
ton 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 confine them to their appropriate
sphere. and prevent them from administer
ing to the spirit of wild and reckless speeu-
lation by extravagant loans and issues, they
might be continued with advantage to the
public. ~.
But this / say, after long and much re-
Election if experience shall prove it to be
impossible to enjoy the facilities which
well-regulated banks might afford. without
at the same time suffering the calamities
which the excuses of the banks have hith
erto inflicted upon tho country, it would
then be far the lesser evil to deprive them
altogether of the. power to issue paper
currency and confne them to the functions
of banks of deposite and discount.
Our relations with foreign governments
are, upon the whole, in satisfactory con-
dtion.
The diplomatic difficulties which existed
between the government of the u. States
and that of Great Britain, at the adjourn
ment of the last Congress have been happily
terminated by the appointment of British
minister to this country, who has been cor
daily received. ... o.. ..9
Whilst it is greatly to the interest, as
am convineedi it is the sincere desire, of the
governments and people of the two coun-
tries to be on terms of intimate friendship
with each other, it has been our misfortune
almost Away to have had some irritating,
if not dangerous, outstanding question with
Great Britain.
Since the origin of the government we
have been employed in negotiating treaties
with that power, and afterwards in discuss
ing 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 con-
strnestjons pRHg t7 first f and medt Ees We
believed that this treaty would place both
powers upon an exact equality by the stipu-
lation that neither will ever ''occupy, or
fortify. or colonize, or assume or exercise
any dominion" over, any part of Central
America, it is contended by the British
government that the true construction of
this language has left them in the rightful
possession of oil that portion of Central
A ah 81, Of
the date of the treaty in fact, that the
treaty is virtual recognition on the part
of the United States of the right of Great
Britain. either as owner or prOte ctor. to the
whole extensive coast of Central America,
sweeping around from the Rio Hondo to
the port and harbor Of San Juan de Nicara-
qua, together with the adjacent Bay Is
lands, except the comparatively small por-
ton of this between the Sarstoon and Cape
Honduras. According to their construc-
ton. the treaty does no more than simply
prohibit them from extending their posses
sions in Central America beyond the pres
ent limits. 1t is not too much to assret. that
if in the United States the treaty had been
considered susceptible of such construc-
ton, it never would have been negotiated
under the authority of the President, nor
would it have received the appreciation of
the Senate. The universal conviction in
the United States was, that when our gov
erhment consented to violate its traditional
and time honored policy, and to stipulate
with n foreign government never to occupy
or acquire territory in the Central American
portion of our own continent, the consider
atinn for this sacrifice was that Great Bri-
tain should, in this respect at least, be plac-
ed in the same position with ours elves
Whilst we have no right to doubt the sim
cerity of the British government in their
construction of the treaty, it is at the same
time my deliberate conviction that this con-
struction is in opposition both to its letter
and its spirit. .r -..
Under the late administration negotia-
tons were instituted between the two gov
ernments for the purpose, if possible, of re-
moving these difficulties; and a treaty hav-
ing this laudablc object in view was signed
at London on the 18th October. 1856, and
was submitted by the President to the SEN
ate on the following 10th of December.-
Whether this treaty, either in its original
or amended form, would have accomplished
the object intended without giving birth to
and l.,