Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-12-11
TERMS OF ADvERT1sINa.

works. already commenced Will be postponed,
be done without injury to the country Those necessa
for its defence shall proceed though there had
crisis in monetary affairs.
But the federal government cannot do much to provide
against recurrence of existing evils. Even insurmount
alton of National Bank, this would furnish adequate
preventive security The history of the last Bank of the u
bank no it wo rrnna T % @ snss aod crs
of fourteen hundred State banks manner as to pre-
cy which afflicted the country throughout the existence of
the late bank against future suspensions
In 1926 made by Bank OF England to cur.
tail the issues OF the country banks under the most favora
BILE circumstances The paper currency had been expand
ed to ruinous extent and the bank put forth all its power
to contract order to reduce prices and restore the equi
brum of the foreign exchanges II accordingly
ced system of curaiment OF its loans and issues, the
vain hope that the on and private banks of the king
dom would be compelled to follow its example 1t found,
however, that it contracted they expanded, and at the
end of the to employ the language of very high
otcal authority whatever reduction of the paper crcu
more than made m v the es "a Of t cnptrv m hanks was
But Bank of the Cnited States would not if could
restrain the issues and loans of the State banks because its
duty regulator of the currency often be direct
conflict with the immediate interest of its stockholders If
teres must least some degree be antagonstic But
the directors of Bank of the United States the
the State banks to expand the currency, accommodate
their iayores and friends with loans and to declare large
dVldcns Such has been experience in regard the
last bank.
After all we must mainly rely upon the patriotism and
wisdom OF the States for the prevention and of the
evil If they will afford real specie basis for our paper
Circulation by increasing the denomination of bank notes,
require that the banks shall all times keep least
dollar of gold and silver for three dollars of their
circulation and depostes AID if they will provide by self
executing enactment which nothing arrest that the mo-
ment they suspend they shall go into liquidation believe
that such provisions with weekly publication
of statement of its condition. would go to secure us a.
galnst future suspensions of specie payments.
Congress- my opinion possesses the power to pass uni
throughout the United States strongly recommend its
exercise This would make the reversibe organic law
of each banks existence that suspension of specie pay
ment shall produce its civil death The instinct of self
preservation would then compel it to perform its duties in
such manner to the penalty and preserve its e
The existence of banks and the circulation of bank paper
are identified with the habits of people, that they
cannot at this day be suddenly abolished without much i'm
mediate injury to the country If could them to
erng spirit wild and specuiations by exray
agan loans and issues they might bcontnued with advan
But this say after long and much reflection; if expert
which wereguated banks might afford Without at the
same time suffering the caamtes which the of the
then be far the lesser evil deprive altogether of the
power to issue paper currency and conne them to the
functions OF banks of depOsite and discount.
Our relations with foreign governments are, upon the
whole, in a satisfactory condition.
The diplomatic difficulties which existed between the gov
ement of the United States of Great Britain at
of the last Congress have been happily
minated by the appointment of British minister to this
country, who has been cordially received. '''
Whilst is greatly to the interest," as am convinced is
the sincere DESIRE OF the governments and people of the
two countries to be termsl of intimate friendship with
each other has been misfortune almost always
have had some irritating not dangerous outstanding ques
| ton with Great Britain.
Since the origin of the have been employ
ed in negotiating treaties with that power and afterwards
in discussing their true intent and meaning In this respect
the convention of April 49, 1850 commonly called the Clay
ton and Buwer treaty. has been the most unfortunate ALL
because the two governments place directly opposite
contradictory constructions upon its first and most important
article Whilst in the United States believed that
treaty would place both powers upon exact equality by
the stipulation that neither vii ever S%g Srty
part of Central America is contended by the British gov
ernent that the true construction of this language has
them in the rghul possession that part of Central
America which was in their occupancy at the date of the
the part of the United States the right of Great Britain
either owner protector to the whole extensive coast
the port and harbor of Juan de Nicaragua together
with the adjacent Bay Islands, except the comparatively
small portion of this between the SaratoOn and Cane Hon
dTas.
According to their construction the treaty does more
than simply prohibit them from extending their possessions
in Central America beyond the present limits 1t is
much to assert that in the United States the treaty had
would have been negotiated under the authority of the
dent nor would it have received the appreciation of the
that when government consented to violate tradition
and time honore1 policy and to stpulae with foreign
government never to occupy acquire territory in the Cen
tra American portion of continent, the consdera
ion for this sacrifice that Great Britain should
selves Whilst we have right TO doubt the sincerity of
the British government in their construction of the treaty
structon in opposition both to its letter and its spirit
Under the late administration negotiations were instiu.
ted between the two for the purpose if posi-
BILE, removing these difficulties and treaty having thus
audabe object in view was signed at London the 18th
PRESIDENT
Senate the following 10th of December. Whether this
treaty. either in its original amended fom would have
accomplished the object intended without giving birth to
new and embarrassing complications between the two gov
enmens, may perhaps be well questioned Certain it is,
however, it rendered much less Objectionable by the
different amendmentsmadc by the Senate. The treaty
amended, ratified by on the 18th March, 1857,
and was transmitted to London for ratification the Brit
sh government. That government expressed its willing
ness in all the amendments made by the Senate
with the single exception of the clause relating Ruatan
the other islands the Bay of Honduras The article
the original treaty as submitted to the Senate after
citing that these islands and their inhabitants having
been by convention bearing date the 9th day August
1885, between her Britannia Majesty and the republic of
Honduras constituted and declared free territory under
the sovereignty OF the SAID republic of Honduras stpua
ted that the two contracting parties do hereby mutually
engage oIecognse and respectn all future time the
dependence and rights of the said free territory
u = the republic Of Honduras"
Upon examination of this convention between Great
Britain and Honduras of the 9th August 1885, it found
that whilst declaring the Bay Islands to be free territory
under the sovereignty OF the republic Of Honduras de-
that republic of rights without which its
thnm cnnd rcarooly DO said
from the remainder of Honduras and gave to their
separate government of their with legislative
executive and judicial officers, elected by themselves.
deprived the government of Honduras of the taxing power
every FORM and exempted the people of the islands from
the performance of military duty except for their excu
defence 1t prohibited that republic from erecting
Notifications upon them for their protectOnhus leaving
them open to invasion from any quarter and finally pro
vded that slavery shall not at any time hereafter be per
, mtted to exist therein
Had Honduras ratified this convention, she would have
ratified the establishment of State substantially ndepen
dent within her own limits, and State at all times subject
= British influence control Moreover had the United
States ratified the treaty with Great Britain in its original
a FORM we should been bound recognise and re
ect in all future time these stpuations the nreiudicf
OF Honduras. Being in direct opposition to the spirit
meaning of the and Buwer treaty understood in
the United States the Senate rejected the entire clause, and
u substituted in its stead simple recognition of the sovereign
right Of Honduras to these islands in the following language
" The two contracting parties do hereby mutually engage
Barbaretta, Helena and Morat tuate in the Bay of Hon
ura under the sovereignty and as part of the said