The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-12-18

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per circulation by increasing tho dcuomina-
tion OF bnnk notes, first to twenty, and inter-
wards 70 fftydeliars; IL they will require that
the banks sI'al, at all times keep. on hand at
least one dollar Of gold and silver for every
three dollars Of their circulation and depos-
ties; and u they will provide by self-exe-
cutting enactment, which nothing can arrest,
thai the n,oneft they suspend they shall 60
into liquidation, believe That such provis-
Ions, with weekly publication by each bnnk
Of statement OF its condition, would GO far
TO secure US against future suspensions Of
specie payments.
Congress, in my opinion, possess the pow.
or to pass uniform bankrupt law applicable
70 all banking institutions throughout the
United States, and ! strongly recommend its
exercise. This would make il the irreversi-
BILE organic law OF each banks existence that
a suspension Of specie payment shall produce
ID civil death. The instinct Of self-preserva-
zion would then compel IL TO perform its du-
ties in such manner as TO escape the penalty
and preserve its life.
The existence of banks and the circulation
Of bank paper are so identified with the hab
its Of our people that they cannot at this day
be suddenly abolished without much immedi
ale injury to the country. IT we could con-
fine them TO their appropriate sphere, and
prevent them from administering to the spirit
OF wild and reckless speculation by extrava-
giant loans and issues, they might be continu-
ed with advantage TO the public.
But this say, after long and much rehec-
ton; II experience shall prove II to be i'm
possible to enjoy the facilities which we'll
regulated banks might afford, without al the
same time suffering the cslamities which the
excuses of the banks have hitherto inflicted
upon the country, it would then be far the
lesser evil 10 deprive them altogether Of the
power to issue paper currency and con'ine
them TO tho functions Of banks Of deposite
and discount.
Our relations with foreign Governments
are, upon the whole, 10 satisfactory condi-
ton.
The diplomatic difficulties which existed
between the Government Of the United States
and that Of Great Britain at the adjournment
Of the last Congress have been happily termi.
mated by the appointment of British Minis
ter to this country, who has been cordially
received.
Whilst il is greatly to the interest, as am
convinced it is the sincere desire Of the Gov
ernments and people of the two countries to
be or terms of intimate friendship with each
other, il has been our misfortune almost al
ways to have Ind some irritating if not dam
gerous outstanding question with Great Bri-
Tain.
Since the origin of the Government we
have been employed in negotiating treaties
with that 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 Governments place directly opposite and
contradictory constructions upon its first and
most important article. Whilst, in the United
States, we believed that this treaty would
place both Powers upon an exact equality by
the stipulation that neither will ever "occupy,
or fortifv, or colonize, or assume or exercise
any dominion" over any part of Central
America, it is contended by the British Gov
eminent that the true construction of this
language has left them in the rightful pos
session of all that portion of Central America
which was in their occupancy at the date of
the treaty; in fact that the treaty is a virtual
recognition on the part of the United States
of the right of Great Britain, either IA owner
or protector, to the whole extensive coast of
Central America, sweeping round from the
Rio Hondo to the port and harbor of San
Juan de Nicaragua, together with the adjacent
Bay Islands, except the comparatively small
portion of this between the Sarstoon and
Cape Honduras According to their eonstruc.
ton, the treaty does no more than simply
prohibit them from extending their posses
sions IN Central America beyond the present
limits 1t is not too much TO assert that if in
the United States the treaty had been consid.
cred susceptible of such construction, it
never would have been negotiated under the
authority of the President, nor would it have
received the appreciation of the Senate. The
universal conviction in the United States was
that when our Government consented to VIC.
late its traditional and time honored policy,
and to stpulate with foreign Government
never to occupy or acquire territory IN the
Central American portion OF our own CONT
nent, the consideration for this sacrifice was
that Great Britain should, in this respect at
least, be placed in the same position with
ourselves. Whilst we have no right to doubt
the sincerity of the British Government in
their construction Of the treaty, il is at the
same time my deliberate conviction that this
construction is in opposition both to its 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 n treaty having this laudabe
object in view was signed at London on the
9Th of October, 1856, and was submitted by
the President to the Senate on the following
10th of December. Whether this treaty,
either in its original or amended form, would
have accomplished the object intended with
out giving 5irth to new and embarrassing
complications between the two Governments,
may perhaps be well questioned. Certain it is,
howes or, 1t was rendered much less objec-
iionable by the different amendments made
to it by the Senate. The treaty, rs amended,
was ratified by me on the 18th of March,
1857, and was transmitted TO London for rati-
fcation by the British Government. That
Government expressed its willingness to coll
snr in all the amendments made by the SEN
ate, with the single exception of the clause
relating TO Ruatan and the other islands in
the Bay Of Honduras. The article in the
original treaty, as submitted TO the Senate.
after reciting that these islands and their in
habitants shaving been by convention bear.
ing date the 9th day of August, 1856, be-
tween her Britannia Majesty and the Repnb-
lie of Honduras, constituted and declared
free territory under the sovereignty of the
said Republic of Honduras" stipulated that
"lhe two contracting parties do hereby mu-
tually engage to recognise and respect in all
future time the independence and rights of
the said free territory as part Of the Repub-
lie Of Honduras"
Upon an examination of this convention
between Great Britain md Honduras on the
9th August, 1856, 1t was found that, whilst