Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1857-12-11


restrain the issues and loans Of the State banks bccaus
s dusty regulator " the currency must often be- /
direct conflict with The immediate interest Of is s0cl
holders II We expect one agent 10 restrain or ooutr,
another, their interests must At lcnat In degree,
antagonsc. But the Directors VI bank Of the Unite
States would feel the Same interest and the same incl
nation with the Directors NJ the State Banks On cvrar
the currency 10 accommodate their favoritcs aud friend
With loans and TO declare large dividends. Such ho
] been our experience in regard 20 the last bunk
Ntict "i we must mainly rely upon hc PATRIOTISM an
wisdom OF thc states FOR The prevention and redress
the evil II they will afford real spccic basis for ou
paper circulation, by Increasing The dcnnnmaunn
bank notes, first TO twenty and afterwards 70 my dol
lars II they will require that Che banks shall az time
keep hand az least ono dollar Of gold and silver o
every three dollars Of their circulation and dcpostcs
and IL they will provide by selccNccutiug enactment
which nothing can arrest that the moment they suspcn
they shall 20 into liquidation, believe that such ptovis
ions. with weekly publication by each bank Of state
mcni Of rs condition. would go far to agins
| future suspensions Of specie payments.
Congress in my opinion, possesses the power to pass
uniform bankrupt law, applicable 10 all banking nsti
tution' throughout the United States, aud sirongl,
recommend u.s. exercise, This would make it the ire
vorsiblc organic law NJ each banks existence. TINT
suspension Of specie payments shall produce is qvi
death. The instinct " sofprcservation would thcr
compel it to perform rs duties in manner as e
escape the penalty and preserve Els life.
The existence NJ banks and the circulation of bank pa
per identified with the habits Of people that
they cannot be suddenly abolished without much nmc-
datc injury 10 the country. II could coufuc them "a
torng To the spirit Of the wild and reckless speculation
by cNrayagan loans and issues they might bc continued
with advantage 10 the public.
But This say, after long and much reflection II ox-
pcrcuce shall prove 20 be impossible 90 enjoy the IA
ciliics which we'll regulated banks might afford without
az the same time suffering the caamiiic which the exc
cess Of the banks have hitherto inflicted upon the count
ry 81 would then be far the lessor evil deprive them
altogether Of the power 10 issue Unpcr currency, and
gontne them to tho functions Of banks Of deposit and
Our relations with forcisn governments nrc, upon the
whole, in satisfactory condition
The diplomatic difficulties which existed between the
EhfIuWtuf OF The UfnN States that OF Great Britt
Gin AZ Che Adjournment n uc last Congress have been
happily terminated y me appointment II British Min
Whilst 70 /, gtcttiy 60 the interests, am convinced
~ is hc sincere DESIRE Of the governments and people
OF ie two committee tn De terms NJ intimate friend
ALWAYS in have had some irriutine if not dangerous
outstanding question with Great britain
since tac origin NJ the government we have been cui-
poict in negotiating treaties with that Power after
wards in discussing their true intent and meaning. In
this respect the convention OF Aprl 10. 1855 commonly
called the Clayton and luwcr treaty. has been the most
unfortunate Of all because the two governments place
directly opposite and contradictory constructions upon
~ htst and most important article. While in the Uni
ted States we believe that this treaty would place both
Powers upon an exact equality by the stipulation that
cuhel WIN ever occupy, or iorhiy or coon1c or as
su' "i exercise any dominion over any part of Cen
trail America, tits contcnded by the British government
mar the true construction of this language has left them
~ The uBhtl possession Of all that portion Of Central
America which n their occupancy at the date Of the
treaty in met that The treaty is o virtual recognition on
the part uf the United States Of the rht of Great Brt
ain either as owner protector to the whole extensive
coast Of Central America sweeping round from the Rio
ondo to The port and hatbor Of San Juan de Nicaragua
together with the adjacent Bay Islands, except the com
paaycy small portion of this between the Surstoon and
Cape Honduras. According 20 their construction the
treaty does no more than simply prohibit them from
tending cr possessions In Central America beyond the
present limits 1t is too much To assert that II i'm
tho United States the treaty had been considered sus.
ccpthlc Of such construction tucvcr would have boon
negotiated under the authority NJ the President. nor
would have received the appreciation Of the Senate
he universal conviction in the United Stntcs was that
When our government consented 10 violate IFS traditional
and time honcrcd policy, and stipuate with forcln
government never to occupy acquire territory ia tho
ll .eltlh poiuln OF our own continent, the cone
sucaho Tor this sacrifice that Great Britain should
IN TINS respect at least be placed in the position
win ourselves While We have right % doubt tho
sincerity Of the British government In their construction
Of the treaty, it ia the same time NV deliberate com
ycuon that this construction is in opposition both to lis
letter and its spirit.
Under the late administration negotiotiors ,cr, i,i
ued between the two governments for the purpose il
possible, OF removing these difficulties and treaty hay
ng this andabc object in view signed ut London on
ne lfh October, 1906 and was submitted by the Pres
lent OF the Senate the following 10th OF December
hether tis treaty, either in us original or amended
1rn would have accomplished the object intended with
ut giving birth 10 new and embarrassing complications
eWeen the two governments, may perhaps be well quc
enable by the different amendments made 10 il bv the
Re 18th March, 1851 aud transmitted to London for
uhcapon by the British government That government z
pressed ifs Willingness TO concur in all the amendments
ade by the Sennte, with the single exception Of the q
ause relating to Rn}tan and the other islands the az
N OF honduras Nc article in the original treaty, 2
omitted to the Senate, after recng that these islands u
nd their inhabitants having been bv a conVeutiou
airing date the 9th day Of August, 1856 between her
ritannic Majesty and the Republic Of Honduras con- %
ituted and declared fee Territory under the soycr
gnp OF the said ltupubic Of Honduras" stipulated I
at the two contracting parties do hereby mutually c-
ge to recognise and respect in all future time the in
pendence and rights of the said free Territory a
ut Of the Republic Of Honduras.
Upon examination Of this convention between {
rcat Britain aud Honduras Of the 9th August 1856 il
rs found that whilst declaring the Bay Islands to be
free territory under the sovereignty Of the republic Of
onduras, it deprived that republic OF rights without
ch is sovereignty them could scarcely be said 10
st. 1t divided them from the remainder Of lIoulu-
- and gave to their inhabitants separate government
their own with legislature, executive aud judicial
Ulcers, elected By themselves IL deprived the govern
cnt Of Honduras of the taxing power i'm every form,
nd exempted the people Of the islands from the pcr-
rmancc of military duty except for their exclusive
'iense. II also prohibited that republic from erecting
ruications upon them for their prOtccon-thus lcav-
e them open to invasion from any quarter and final
Z, II provided " that slavery shall any time here
fcr be permitted TO exist therein"
Had Honduras ratified this Convention, she would .
ave ratified the establishment Of state substantially 4
within her own limits. and a State at all
lines subject 20 British influence aud control. Murco-
cr had the United States ratified the treaty with Great
iriiatn in it's original form, should have been bound
recognise and respect in all future time these stinu
opposition TO the spirit and meaning Of the CLAYTON and
5uiwer treaty as understood in the United States the
senate rejected the entire clause and substituted in its
stead SIMPLE recognition Of the sovereign right Of Hon
luras 10 these islands in the following language: The
NV" parties 90 hereby mutually engage
ognze and respect the Islands Of Ruat,n. B,nlca u
"a, Barbaretta Helena and Morat situate IN the Bay Of
honduras and of the coast OF the republic of Hon
ras as under the sovereignty aud apart Of the said
epuble Of Honduras"
Great Britain rejected this amendment assigning as
he only reason that the Publications Of the convention
II the 9Th Of August 1856 between her aud Honduras
ad not been exchanged. owing 20 the hetaton Of that
government Had this been done, 1t is stated that her
haestys government would have had little difficulty in
greeing 10 the modification proposed by the Senate
which then would have had In effect the same signica-
lon as the original wording Whether this would have
ecn the effect, whether the circumstance of the
Nchange OF the Publications u the British Convention
Win Honduras prior in point Of time the ratification
II our treaty with Great lritun would in effect have
rad the same signidcation the original wording"
md thus have nnlhed the amendment OF the Senate,
nay wclhe doubted It is perhaps, fortunate that the
question has never arisen.
The British government. Immediately aftcr rejecting
he treaty amended proposed to enter into new trca-
with The United States similar In all respects TO the
reaiy which they had ustrefused rof II the United
states would consent 10 add the Scnaes clear and un
qualified recognition Of the sovereignty Of Honduras over
ne BAY Islands the following conditional stipulation 80
Whenever and 50 soon the Republic OF Honduras
ha have concluded and ratified treaty with Great Brit
IN, by which Great Britain shall have coded, and the
tepubhc OF Honduras shall have accepted the said ISL
nds subject 10 the provisions and conditions contained
u such treaty"
This proposition was, Of course, rejected After the
senate had refused 10 recognise the British convention
Aih Honduras of the 9th Of August 1856 with fun
N""lodge Of is contents il Impossible for me- ne.
'csary ignorant Of the provisions and conditions"
men might be contained in future convention between
ne same peruesi TO sanction them in advance. n
The Tact -, that when two nations like Great Britain
40 ttHt .II. L..