Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1857-12-24


, antagonistic. But the directors {
: bank oftbe United States would fe,
: the same interest and the same iuclins
ton with the directors of the Stat
Banks to expand the currency t
accommodate their favorites an
| friends with loans, and declare larg
Idividends. Such has been our ex
perience iniIegard to the last Bank
T After. all, We must mainly depend
upon the patriotism and wisdom o
the States for the prevention and re
dress of the evil. If they VIII af
ford US specie basis for our paper
circulation by increasing the demon
Eination of bank notes, first to TWEEN
/ ty, and afterwards to fifty dollars, i
they will require that the banks
shall at all times keep on hand al
least one dollar in gold or silver fol
every three dollars of their circula-
ton end deposifes; and if they viii
provide by a selfexecuting seuact-
ment. which nothing can arrest, that
the moment they suspended they
shall go into liquidation, ! believe
these provisions, witha weekly pub
lication by each bank of statement
of its condition, would go far to Sc
cure Us against future suspensions of
specie payments.
Congress, in my opinion, posses.
ses the power to pass a uniform
bankrupt law, applicableto all bank
ing institutions throughout he Uni
ted States, and j strongly recon-
mend its exercise This would make
it the irreversibie oganic law of
each bank s existence, that a sus-
pension Of specie payments shall
produce its civil death. The in
stinct of self preservation would
then compel it to perform its du-
ties in such a manner as to escape
the penalty and preserve its life.
The existence of banks aud the
circulation Of bank paper are SO
Identical with the habits of our peo-
pie, that they cannot at this day
be suddenly abolished without much
injury to the country. If we could
coDfine them to their appropriate
sphere, and prevent them from
ministering to the spirit of wild and
reckless speculation by extravagant
loans and issues, they might be con
tinued with advantage to the pub.
But this / soy, after long and
much reflection: if experience shall
prove it to be impossible to enjoy
the facilities which we'll regulated
banks might afford, without at the
same time suffering the calamities
which the excesses Of the banks
have hitherto inflicted upon the coun-
try, it would then be far the lesser
evil TO deprive them altogether Of
The power to issue apaper currency
and confine them to the functions of
banks of deposit and discount.
Our relations with foreign gov
srnments are, upon the whole. in
satisfactory condition. ~
The diplomatic difficulties which /
existed between the government of I
The United States 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 tits greatly to the inter-
est, as am convinced it is the sim
,ere desire of the governments aud
the people Of the two countries to be
,n terms Of intimate friendship with
each other, it has been our misfor-
.une almost always to have had
some irritating. if rot dangerous
outstanding questions witb Great
Britain.
Since the origin of the govern.
ment we have been employed in ne.
yotiating treaties With that power,
.n9 afterwards in discussing their
true intent and meaning. In this
respect, the convention Of April 19,
1850, commonly called the Clayton !
and Buiwer treaty, has been The most
unfortunate Of all; because the two
place directly opposite
aud contradictory constructions up
en- its first and most important ar
tide. - i
Whilst, in tbe United States, we
believed that this treaty would
place both powers upon an exact e.
quality by the stipulation that Dei-
ther will ever occupy, or forfeit, Of