The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-01-09

Liverpool to the London Journals, being the longest
despatch ever sent by telegraph in England II was
published in the London papers the morning of
the 2lst December. We lay before readers this
morning the comments upon the message of the
Times, Post and News, which will be read with in
terest:
From the LONDON Times, Dec 22l
The message of President Buchanan was delivered to
the Senate and House of Representatives at Washington
ON the 9Th Of the present month To an American the
document may not have more than the usual import
ance inasmu ch there must always be succession of
local questions which interest him much as any
treated of here But this side of the the
message will not fall to be read with especial attention
since it deals with two subjects which the public mind
has lately been more less occupied the monetary
crisis and the position OF Central America.
Mr. Buchanan tells the Of the States and
Of the people that though the material wealth Of the
country had suffered abatement though the fruits OF
the earth plentiful and the demand for every Ame
can staple remained large yet through commercial dis
aster manufactures suspended public works retard
ed private enterprises abandoned and thousands OF la
borers reduced The OF these caamites he
finds in the monetary system of his countrymen tsap
parent that existing msortunes have proceeded sole
y from extavagant and vicious system of paper
reney and bank credit exciting the people to wild specu
atons and gambling in stocks. The President complains
that whereas the constitution invests Congress with the
power OF coming money, and prohibits the individual
making anything but gold and silver legal tender, yet
by the operation of the bank system the country is plagued
with excessive and irredeemable paper currency The
control of paper issues has been taken away from the
central power and vested in the individual States which
have exercised it neglgently that has been virtual
ly transferred to than 400 State banks acting in
dependenty of each other and regulating their paper is
almost exclusively by regard to the present inter
ests of their stockholders No has been taken by
the States that these banks should keep su
Gent specie to insure the convertblity OF their notes
They are to certain extent obliged to hold amount
of United States State debt but this give
curity in of a sudden demand for gold Each bank
has only small of circulation and in few days the
depositors and note holders might demand sufficient
amount of specie to its suspension though it
had coin in its vaults equal to onehird OF It's liabilities
yet only the banks of Louisiana have been required to
keep this any other proportion Of gold and silver
The consequence of all this has been that according to
returns made in January 1857 the aggregate amount of
specie in the United States banks but $58 $40 $685.
while their paper circulation amounted to S2l4
and their depoes $3.50 1851 352 Thus the banks in
the aggregate have considerably less than dollar in
of gold and silver compared with their circulation
and depositos After showing how at any of pres
the American banks must necessarily suspend
ment in specie the President urges the several States
the duty of controlling the banks within their limits
More than this He declares his opinion that Congress
has power to pass uniform bankrupt law applicable to
all banks in the United States and strongly recommends
the exercise of such power ''This would make it
rrevebe and organic law of each bank existence that
death" In palmer terms Mr. Buchanan would enforce
the sense law that when bank cannot pay it
should break This is indeed but carrying out the prn
cipe of convertibty. The partisans of what called
free banking base their theories the great fact that as
long note is convertible at presentation cannot sink
in value below gold, and that bank will make exces
sive issues when it knows that at any moment it may be
reduced to ruin by its notes coming back upon it, But
the statistics given by Mr. Buchanan prove the contrary
and show that when vast irresponsible banking system
has grown up has power to control the public by
senting that its ruin will be their own Thus we have
the spectacle of the united banks OF New York, in def
of law and of the very nature of monetary obga
ton, suspendng specie payments while the community
look on afraid to declare what is strictly the fact that
these establishments have each committed act of bank
ruptcy We recommend this part Of the Presidents
sage the attention of readers, that they may
how the system of currency which has been pertina
cosy attacked at home is viewed by the most enlght
ened men of another country.
We must turn to subject which more par
ticulary concerns ourselves We have nothing to
plain OF in the tone of the Presidents remarks touching
Great Britain and the controversies which it has been
her hot carry with the United States questions of
frontier neutral rights, navigation, fisheries Mr.
Buchanan too able politician to any but concila
tory language towards with which he is about
to carry long and difficult negotiation He observes
with truth that 'while it is greatly to the interest as
convinced it is the sincere desire of the governments
and people of the two countries to be terms of init
macy and friendship with each other it has been our mis-
fortune to have had almost always some irritating If not
dangerous, outstanding question with Great Britain.
This is certainly true and cannot but regret that be-
tween us and the Americans all questions to be irri
tating and dangerous 1t is indeed strange that while
there exist between and continental governments
which love but little general understanding that
disputes shall be settled aicaby every controversy with
the United States attended with degree of bitterness
their side of proportion to the Importance of the
subject We have had ceranyas many questions to settle
with France Austria with America and national
passions have been sometimes excited but the respective
governments have been practically influenced by
them and may say that whereas feel pretty GER
tain beforehand that any European dispute will be peace
ably settled never be certain that few months
may not produce violent diplomatic collision at Wash
ngton England has recently commissioned Sir w Gore
Ouseley to negotiate settlement of the Central American
question: and to endeavor to tanquze those unfortunate
republics Mr.. Buchanan proposes the abro-
CATION by mutual consent, Of the CaytonBuwer treaty
the ground that it be satisfactory to neither party
However Mr.. Buchanan Is in thi matter somewhat in
correct The treaty perfectly satisfactory to and
prepared to carry out to the letter its provisions
understand them The American government in asking
England to abrogate what has been formally agreed to-
should at least accompany the proposal with such
ances shall satisfy this country that its honor and in
terests will not suffer Ivy giving up its legal rights The
matter in dispute is well known England has for $50
years and from long before the existence of the Amer
lean Union exercised protectorate the Mosquito
coast The treaty Btipulates that neither party twill
occupy, fortify, coonize assume, or
ciso any dominion any part of Central America.
We say that this leaves rights in Mosquito Just
it leaves colony of Belize and that only
forbidden to make any further acquisition Of territory
to transform into colony what merely hold under
49,. 1z. A-