, 1861-12-30
cir Tttbunt,
. HE SURRENDER OF MASON AND
&TfnEE.G --

tull ahstract Of the correspondence that
has passed between the two Governments,
;and The main features Of Secretary Seward S
letter are presented, in which tic act of
Commodore Wilkes is formally disavowed
1t ia pronounced an error for which Eng
land has right to demand reparation and
apology, the same as our own Government
would insist on, under similar circumstan-
ces. In this decision IS to the rights Of
neutrals and friendly powers, 1fr. Seward
ssys he is guided By time honorcd princi-
pies that constitute large portion Of the
distinctive policy Of the United States, and
winch he slyly hints have not British au-
thority and precedent in their support In
this frank disayowal Of the act Of the naval
officer the letter Of Mr. Seward says:
bad hardly fallen into this line Of argument.
When discovered that was reslly defending and
the old honored and cherished American csuse,not
uponBFitish authorities bu: upon principles that
Sues E ee
sources Of 8 continent, and thus become consid-
cradle power and Won the respect and confidence
for us 81 James Madison IL ISL, when Secretary
Ct State under Jefferson, In his Instructions to
James Aunroe, our then Ninistcrto England ":
decide this case IN favor Of my oEn Government,
must eiearow its most cherished principles:
I'll pe eoun soPd the sae
fee Il maintain that principle and adhere to
tbaf @ poliey ! must surrender n the case ttEelf It
not deny the Justice OF the caim presented We
are asked to do to the British nation what wc
eons e y eonaaso s a1a to no 2 t.
that If the safetyo this Union required the deten
tlon OF the prisoners it would be done.
In short it will be evident that Mason
and slidel1 were seized by an old establish
ed British policy, and are now released On
the far better one for which the United
States has commended for fifty years. As
between the abandonment Of the doctrine
and the surrender Of the prisoners, the
nation at large will have NO question.
In takmg the rebel ambassadors from the
Trent, Commodore Wilkes acted precisely
as British commander would have done.
In giving them up, our Government, or our
doctrine Of inviolabi1ity Of neutrals, does to
England just what it would demand that
England should do in similar circumstan-
ces4
This concession to the rights Of neutrals,
OUT nation has always been as prompt to
maintain as England, on the contrary, has
been persistent in invading. Il, by this SUI
render, Great Britain is pledged to the prin-
ciplc, her own concession is no slight one,
and is made the more prominent and
memorable by the extraordinary notoriety
given to this case. -
And further, though the ADORE consti-
tutes sufficient reason for the surrender,
it is not dishcno1able in our nation to main
tain the position Of unwillinguess for awar
with England. and Of even more reluctance
for war in which the sentiment Of Europe
an Governments is divided. Il is no hunlili-
alton to confess that we are quite too busy
al home to undertake an unnecessary war
with foreign nstion. Our intentions as
regards England arc pacific. If there is to
be war, it must be plainly Of her OWL
seeking, and when it comes On that basis
We shall he read y to meet it. # England
is really hostile she will not lack Of oppor-
tunities for showing it, and the Govern
ment at Washington will have taken wise
course in throwing upon her the onus of
picking 8 quarrel. Events will speedily
decide as to the wisdom Of the decision.
THE NEW NATIONAL CURRENCY.
The telegraph yesterday gave us brief,
but it is presumed comprehensive, synop-
sis Of the bill to establish National cur
rency prepared by the Committee Of Ways
and Means, and to be introduced into the
House in week OF two. Inits provisions
it is totally unlike the old bank Of the
United States, and hence not so liable to
become political machine, dangerous to
the stability and the integrity Of the Gov
ernment. The principal, and SO far as we
can see, the only benefit the Government
hopes to derive from the scheme, if carried
into successful operation, is the large de-
mand it will create for National securities
Il the details Of the bill are so framed
as to inspire general confidence, such will
unquestionably be the result. The safety
Of the issues under the law, and the per
mancnt advantage to be derived from it, if
any, will depend very much upon the ability
and the degree ofhonesty with which tllelaw
is administered The Bank Comptroller at
Washington, should be q man of the most
consummate financial ability, and one who
would value his integrity above all earthly
considerations. Under the management
Of man destitute Of these qualifications
the nation would, in very few years, have
. 4 "stump-tail" catastrophe, to which our
Illinois affair last spring would not bear
the slightest comparison
Il may be that several important partic-
nlars were omitted in the telegrapic syuop-
sis; but the bill plainly should have pro-
visions that will guard the following points
4 maximum Of capital should be fixed :;
there should be central redemptions by
States or districts, aud if the bill can be
so framed as to be really SUCCESS, and
make the circulation Of the country uni
form, a tax must be laid on the bills Of
other banks, light at first, but increasing
periodically, till ordinary bank-rags" arc
taxed out Of existence.
At present We arc not prepared to give
an opinion as to what the maximum of
capital should be; but in order to command
the confidence Of capitalists some limit
should be fixed II we are to have IN in
definite amount Of paper money issued, CAP
itahsts cannot know how much expansion
there is to be, and men of real money will
hardly venture to invest in a banking system
Of limitless issues. If ne mistake not the
entire paper circulation of the country is.
or was, about two hundred millions Of dol
lars, The war expenses Of the Govern
ment may possibly enable the country to
lear: service as much; but this is 60 I'M
portant matter that Congress should not
decide it without the greatest care and. the
fullest discussion Of the subject in all its
bearinga An over issue Of paper will sim
ply give fictitious values to the entire real
and personal property Of the nation to be
followed at No: distant day By financial
-~- ruin and disaster.
Although it would appear from the
synopsis that the bills Of the banks adont-
ing the system, are to- be everywhere re-
=, ceiyable. for public dues, both experience
and sound financial principles require that
49,