The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1857-12-17

regulate the issues and credits of O0 state banks I'm
such manner to prevent the rulnous expansions
and contrHctiops In our currency which afcted the
country throughout the existence of the Late bank or
secure against future Suspensions L. 1873 an effort
was made by the bank Of England TO curtai the issues
of the country banks under td favorable crcum-
stances. The paper currency had been expanded to
runnus extent and the bank put forth all its power to
contract II noricr to reduce prices and restore the
equilibrium of the foreign Nrltges 1t accordingly
commenced system Of r'1inent Of its loans and is
sues IN The vain hope that the joint stock and private
banks Of the Esdnm would lie compelled to follow its
example. II found however that rs it contracted
they expanded aDl 1T the end Of the process, to
rl"y the Language of very high official authority,
what reduction o. the paper circulation was eff.
made up by the issues Of the country banks"
But bank of the L. s, would not if it could, re-
strain the issues and loans OF the State banks because
ITS duties as regulator Of the currency must often be
in direct conflict with the immcdiatS interests of its
Stockholders. 1--WE expect one agent to restrain or
control another their interests must least in some
degree. be antagonstic But the directors Of bank
OF the T. s., wohld feel the same inter and the same
inclination with the directors of the State banks to
pad the CURRENCY TO accommodate their fvorltes and
their friends with loans and TO declare large divi-
dends Such has been our experience in regard to the
last bank.
After ALL we must rely mainly upon the patriotism
and wisdom Of the States for the prevention and re-
dress of the evil If they viii afford real specie
basis Tor our paper circulation, by increasing the de-
nomination Of bauk notes. first to twenty and after
wards to fifty dollars ifthey will require that the banks
gold and silver for every three dollars of their circu-
lation aud deposits; ana IL they will provide by a
seli-executfng enactment, which nothing arrost,
thut thr moment they suspend they shall into qui-
dation believe that such provisions with a weekly
publication of each bank of statement OF its condi-
ton would go far to secure US against future suspen-
! sonS of specie payments. sax
! Congress, in my opinion. possesses the pow
! er to pass uniform bankrupt law, applicable
! TO all banking Institutions throughout the u
: AID strongly recommend its exercise
This would make II the irreyersible organic
/ law OF each banks existence, that suspen-
sion of specie payments sqall produce its civil
| Heath. The instinct Of self preservation would
I then compel ii TO psrform lis dutias in such a
manner as to escape the penalty and preserve
! IFS life.
! The existence of banks and the circulation
! OF hank paper are so identified with the habits
! of our people, that they cannot at this dav be
Suddenly abolished without much immediate
! injury to the countrv. If we could confine
! them 10 their appropriate sphere. and prevent
/ them from administering to the spirit of wild
and reckless speculation by rxtravaean ant loans
and issues, they night be continued with ad
vantage 10 the public.
But this, say, after long and muck rehec-
! ton: if experience shall prove il impossible
| 10 enjoy the fnciiitips which well regulated
banks might afford, without at the same time
suffering the caIpmifies, which the excess of
| thd banks have hithyr te 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 confine them to the func-
| tons of banks of discount and deposit.
FOREIGN RELATIONS.
| Our relations with foreign governments. are,
upon the whole, in satisfactory condition.
The diplomatic difficulties which existed
! between the government of The u. S. and that
! of Great Britain at the adjournment of the last
Congress have been happily Terminated by the
| appointment of a British Minister to this
country who has been cordially received.
! Whilst it is greatly TO the interest as ON
caaviuied il is the sincere desire of the gov
ernments and neople of The two countries to
be on terms of intimate friendship with each
/ other, it has heen our misfortune alrnns. al
/ waysto have had some irritating If not dam
ferrous, outstanding question with Great Brit
! tain.
Since the origin of the government we have
been employed in negotiating treaties with
! tina power, and afterwards 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 gov.
ernme"ts place directly opposite and contra
| dictorv constructions mon its first and most
important article Whilst IN the United
States we believed that this treaty would
Mace bo'h powers upon an exact equality by
! the stipulation neither will ever &c occupy, or
] fortify or coloniZe or assume or exercise any
=, dominion' over any part of Central America.
| it is commended by the British government
! that the true construction of This iangnaoe has
4 !oft them in the righ'ful possession of all that
! portion of Central America which was in thei-
| occupancy at the date of the treaty: H. fact
! that the treaty is virtual RECOGNITION on the
part of the S. of the right Of Great Britan.
| either as owner or protector TO the whole ex-
/ tensive coast of Confral America sweepinr
round from the Rio Hondn 10 The port and
! harhor If San j an de Nicaragua. together
with the adjacent Bav Islands. except the
comparatively small portion of this between
the Sarstoon and Cape Honpuras. According
! to their construction. the treaty. does no more
! than simply prhibit them from extending their
/ possessions in Central America beyond the
present limits. II is not too much to assert
| that if lnthe q. S. the treaty had been consid-
cred susceptible of such cor trac ion IL meyer
wopld have been negotiated nnder fhe author
| lty Of the President nor would il have received
the appreciation of the Senate. The univer-
| sal conviction in the II. s. YVES, that when on.
government consented TO vialate it's traditional
and time honored policy, and TO simulate with
! a foreign government never 70 occupy or ac-
1uire TERRITORY in The Central American portion
of our own Continent, the consideration for
this sacrifice was that Great R~itain should,
in this respect asleast. be placed in the posi-
! tion with ourselves. Whilst no right 10 doubt
the sincerity of the British governnen emf in their
| construction of the treaty. il Is at the same
! time my deliherate convection that this con-
struction is in opposition both to lis letter and
| its spirit.
| Under the late administration negotiations
Were instituted between the two governments
for the purpose, if possible. of removing these
! difficulties; and treaty. having this laudable
object in 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. Whether this treaty. either in
1 its original or amended form, would have ac-
complishad the object intended without giving
birth to new and embarrassing complications
betw Ell the two governments, NAV perha ms
be well questioned. Certain il is howe. err il
was rendered much less objectionable by the
different amendments made to it by the Senate.
The treaty, as amended, was ratified bv me
on the 18th March, 1851, and was transmitted
to London for ratification by the British gov
ernment That government expressed its will
lingness to concur in all the amendments made
by tn" Senate with the single exception of the
clause relative to Ruatan and the other Islands
IN the Bay of Honduras. The article il. the
original treaty was submitted 10 the Senate. af
ter reclting that these Islands and their inha b.
itants ''hayng been by convention bearing
date the 9th dav of August, 1856, between
Der Britannia Majesty and the republic of
Honduras, constituted and declared free ter