Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-12-12

| been crisis in monetary affairs.
But the federal Government cannot do much to provide
against u recurrence of existing evils Even II usnimoun
able constitutional objections did not exist against the ere
alton of a national bank this would furnish adequate
preventive security The history Of the last Bank oil the
United States abundanty the truth Of thus assertion
Such bank could not, il would REGULATE the issues ana
credits of fourteen hundred Stale banks in such manner
as to prereLi The rulnons expansions anu e'tiac'ns VI
which afflicted the country throughout The eA
isence of the late bank against future sspen
sons In lsah ctlr made by Ire Bank oi England
to curtal the ISSUES E" the country banks under The most
favorable circumstances The paper earreney had eeen t1
power it, in order to reduce prices and restore
The equilibrium of the foreign exchanges IL accord ngy
commenced system of cuaiment Of its loans aud issues
in the vain hope that the ont-sock and private banks of
the kingdom would be compelled TO follow its eSnnpe-
Il found however that it contracted they expanded and
the end Of the process epoy the language OF very
high official authority, whatever reduction OF the paper
circulation affected by the Bank of England in lS25
than made Up by the issues of the country banks
But bank Of the United States would not, II could re-
strain the issues and leans Of the STATE banks because ITS
duty regulator of the currency must often be IN direct
conflict with the immediate interest Of It's stockholders II
expect agent To restrain control another their IN
terest must least in degree, be anugonstic. But
the directors of bank of the United states would feel The
aud the inclination with The directors
the State banks expand the currency To accommodate
their fayorcS and friends with loans and TO declare large
dividends Such has been our experience IN regard to The
| last bank
After ALL we must mainly rely opon the patriotism and
wisdom of the States for thcpreyenton and redress OF the
evil II they will afford real specie basis for our paper
circulation by Increasing the denomination oI bank notes
twenty, and afterwards 10 my 'ey
require that The banks shat all times keep on hand at
least dollar of gold and silver for every three dollars of
their circulation and deposits and they will PROVIDE by
u selfexecung enactment which nothing arrest that
the they suspend they shall 60 iuto liquidation,
believe that such pre- sons, with weekly publication by
each bank Of statement Of its condition. would tar To
against future suspensions Of specie payments.
Congress in my opinion possess The power t" pna unit
throughout the United States and strongly recommend its
This would make il the lrrevcrsbo organic Inv
Of each banks existence that suspension OF specie pay
shall produce its civil death. The instinct OF self
preservation would then compel il to peorm its duties in
such to escape the penalty and preserve It's
The existence of banks and the circulation of bank paper
are identified with the habits of people that they
this day be suddenly abolished without much i'm
mediate injury Ia the county, II we could cnniine them
their appropriate sphere, and prevent them from admin
,ring 10 the spirit Of wild and reckless speculation by
eSrayagant loans and issues they might be continued with
advantage to The public.
But this say after long and much reflection: if expe
ricnce shall prove it TO be impossible to enjoy the facilities
which welregun,ed banks might afford. without at the
same time suffering the Calamts which tn cXcesscs q
the banks have hitherto upon The country II w0nt
then be far the lesser evil To deprive them altogether of tn,
power to issue paper currency and contne them to the
functions of banks of deposit and dic"un'.
FOREIGN RELATIONS.
Our relations with foreign Governments are, upon th'
whole, in a satisfactory condition.
The diplomatic difficulties which existed between TIT
Government Of the United States and that of Great Britain
the adjournment of the last Congress have been happ,
terminated by the appointment Of British Minister to Thu
country who has been cordially received.
Whist it is greatly to the interest, as am convinced
is the sincere desire of the Governments and people of TN
two To be terms of intimate friendship viii
each other it has been misfortune almost always Il
have had some irritating IT not dangerous outstanding ques
ton with Great Britain.
Since the origin Of the Government have been EN-
poyed in negotiating treaties with that Power and after
wards discussing their true intent and meaning In 'h
respect the convention Of April 49, 1850 commonly cal led
the Clayton and uwar treaty has been the most uniort
of all because the two Governments place directly o
pose and contradictory constructions upon It's FIRST and
most Important article Whilst in the United States ",
believed that this treaty would place both Powers upon
exact equality by this stipulation that neither will ''oc
cupy urtiy, cnOnEe, assume exercise any do
minion part of Central America, 1t is contendeC
by the British Government that the true construction %
this language has left them in the rghifu possession Il" al
that portion Of Central America which IN their occu
paucy ut the date of the treaty IN fact that the treaty
virtual recognition the part OF the United States of til,
right Of Great Britain, either owner or protector t'
the whole extensive coast of Central America sweeping
round from the Rio lond to the port and harbof Of San
Juan de Nicaragua together with the adjacent Bay Islands
except the comparatively small pOrUl Of this between the
Sarsoon and Cape Honduras According to their constru
ton the treaty does than simply prohibit them
from extending their possessions in Central America beyond
the prcsen, limits 1t is not too much to assert that If in
the United States the treaty had been considered sscep
bic of such constructions would have been nego
tated under the authority of the President nor would il
have received the appreciation of the Senate The unve
sal conviction in the United States was that when our Gov
consented to violate its traditional and time hon
ored policy and to stipuac with reign Government ia
occupy acquire territory in The Central American por
tiun Of continent the consideration for this >acr
flee that Great Britain should, in this respect At least
be placed in the position with ourselves Whilst we
have right TO doubt the sincerity OF the british .o'trn
meet il their construction OF the treaty. il is at the same
time any deliberate conviction that this construction is IN
opposition both To its letter and its spirit.
Under the late Administration negotiations were institu
ted between the two Governments for the purpose, II posi-
bc of removing these difficulties aud treaty having tins
uulabc object view signed NJ London on the l1tt
of October $50. and submitted by the President 'c
the Senate the following 10th Of December Whether
this treaty. either in its original amended form, woult
have accomplished the object intended without g ing brit
and embarrassing complications between the i've
Governments, may perhaps be well questioned. Ger
tnn il is however WI rendered much less Objectionable
by the different amendments made To By the Senate, The
treaty, amended was ratified by me IN the 2ih March
1857 aud transmitted 10 London for ratification by the
British Government That Government expressed its viii
ngnes in all the amendments made by the Sen
ate with the single exception of the clause relating TO RO
aan and the other islands the Bay %, Honduras The ar
tce in the original treaty, submitted IT, the Senate ate
rrcitnc that these Islands and their inhabitants "hayn.
been by convention bearing date the eth day of August
1886. between her Britannia Majesty and the Republic
Honduras, constituted ard declared tree territory, u
der the sovereignty Of the said Republic of Honduras
stipulated that " the two contracting parties do hereb
mutually engage to recognize and respect in all future time
the independence and rights Of the SAID free territory Us
part of the Republic of Honduras
Upon an examination Of thu convention between Grca
Britain md Honduras Of the .ih August 1886 was inun
that, whilst declaring the Bay Islands to be "a free terri
tory under the sovereignty of the Republic of ondu ras,
deprived that Republic Of rights without which It's soyc
rcgnty them could scarcely be said TO exist u dd
ed them from the remainder of Honduras and gave TO the
inhabitants separate government, OF their own with lee
islave executive and judicial officers, elected by them
selves. 1t deprived the Government Of Honduras of III
taxing power in every FORM and exempted the people OF III
Islands from the performance Of military duty except f.
their exclusive defense 1t also prohibited that RI
public from erecting Notifications upon them for their pre-
iection-ihus leaving them open to INVASION from an
quarter and finally 1t provided that slavery shall not
any time hereafter be permitted 10 exist therein"
Had Honduras ratified this convention she would hav
ratified the establishment Of State substantially ndeper
dent within her limits and State at all times subje,
10 British influence and control Moreover had the Unite
States ratified the treaty With Grea, britain in its orgini
rm should have been bound TO recognize and rspeC
in all future time these spuations TO he prejudice
Honduras Being in direct opposition 10 the spirit an
meaning Of the Clayton and Buwcr treaty understood
in the United States the Senate rejected the entire claus
and substituted in its stead simple recognition Of III
sovereign right of Honduras these islands in the follow
ing language:
1.-THE contracting parties do hereby mutually eugaG
TO recognize and respect the Islands of Roatan Bonac
Utila Barbare,ia Helena and Mort, situate in The bay