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About The daily sun. (Columbus, Ga.) 1855-1873 | View Entire Issue (Dec. 12, 1857)
flailg guit. TUOMAB DE WOLP THOMAS QILBBRT. UR WOLF 6b GILBEUT, UDITORB AND PROPRIETORS. Pdbliahixl daily at Five Dollar)) a yoar. Where the <ab)oriptlon Is made for less than a year, at the rate of fifty Cents a month. Single eopies. yin. Cents. ADVERTISING KATES. tdrertlseraant* will be inserted at Ten Cents ,r first in usrtlou, and Five Cents a line for aj-h ->ubsa 1 mint insertion of the same—to be paid f,, ulien the elvertisement is (landed into the o jV'*. COSTEACT ADVIRTISSHS. A Card not exceeding 6 line*, not renewable, will be inserted three months for $4, six mouths for $6, or one year for $lO. Time agreed upon to t,e paid for before the adverlisementis i ut in type. Advertisement* not exceeding ten lines, renew aide at pleasure, inserted at S2O a year—to be paid so in advance. Advertisements of 20 lines, renewable aWpleas ure, inserted at s'to a year— payable quarterly in advance. dm tract advertisements exceeding 20 lines, vi'd be charged at the rate of $lO for every ad didonal ten lines —payable quarterly in advance. A lvcrtisements or noticea, occupying a place be tween site reading matter and advertisements, will be charged Ten Cents a line for every inser tlon. Saturday Morning, Dec. ltd, 1857. PRESIDENT’S MESSAGE. Fellow Citizens of the. Senate and House of Representatives : Iu obedience to the command of the Constitution, it has now become my doty ‘•to give to Congress information of the state of the Union, and recommend to their consideration such measures” as 1 judge to be “necessary and expedient.” But first, and above all, our thanks are due to Almighty God for the numerous benefits which he has bestowed upon this people ; and our united prayers ought to ascend to Him that lie would continue to bless our great republic in time to come as He has blessed it in time past. Since the adjournment of the last Congress our constituents have enjoyed an uuusual de gree of health. The earth has yielded her fruits abundantly, and has bountiful ly rewarded the toil of the husbandman. Our great staples have commanded high prices, and, up till within a brief period, our manufacturing, mineral, and mechan ical occupations have largely partaken of the general prosperity. We have pos sessed all the elements of material wealth iu rich abundance, aud yet, notwithstand ing all these advantages, our country, in its monetary interests, is at the present moment iu a deplorable condition. In the midst of unsurpassed plenty in all the productions of agriculture and iu all the elements of national wealth, we find our manufactures suspended, our public works retarde 1, our private enterprises of dif ferent kinds abandoned, and thousands of useful laborers thrown out of employ ment and reduced to want The revenue of the Government, which is chiefly de rived from duties on imports from abroad, has been greatly reduced, whilst the ap propriations made at it last session for the current fiscal year are ve ry large in amount. Under these circumstances a loan may be required before the close of your pre sent session ; but this, although deeply to be regretted, would prove to be only a slight misfortune when compared with the suffering and distress prevailing among the people. With this the Gov ernment cannot fail deeply to sympathize, though it may be without the power to extend relief. ft is oqr duty to inquire what has pro duced such unfortunate results, and whether their recurrence can be prevent ed ? In all former revulsions the blame might have been fairly attributed to a va riety of 00-operating causes ; but not so upon the present occasion. It is apparent that our existing misfortunes have pro ceeded solely from our extravagant and vicious system of paper currency and bank credits, exciting the people to wild speculations and gambling in These revulsions must continue to recur at successive intervals so long as the amount of the paper currency and bank loans and discounts of tho country shall be left to the discretion of fourteen hun dred irresponsible banking institutions, which, from the very law of their nature, Will consult the interest of tho stockhold ers rather than the public welfare. The framers of the Constitution, when they gave to Congress the power “to coin money and to regulate the value thereof,” and prohibited the States from coining money, emitting bills of credit, or making anything but gold and silver coin a tender in payment of debts, supposed they had protected the people against the evils of an excessive and irredeemable paper cur rency. They are not responsible for the existing anomaly, that a Government en dowed with tho sovereign attribute of coining money and regulating the value thereof, should have no power to prevent others from driving this coin out of the country aud filling up the channels of cir culation with paper which does not rep resent gold and silver. It is one of the highest and most re sponsible duties of Government to insure to the people a sound circulating medium, the amount of which ought to bo adapt ed with the utmost possible wisdom and skill to the wants of internal trade and foreign exchanges. If this be either great ly above or greatly below the proper standard, the marketable value of every roan’s property is increased or diminished }n Ihe same proportion, and injustice to individuals, as well as incalculable evils to the community, are the consequence. Unfortunately, under the construction of the Federal Constitution, which has now prevailed too long to be changed, this important and delicate duty has been dissevered from the coining power, and virtually transferred to more than four teen hundred State banks, acting inde pendently of each other, and regulating their paper issues almost exclusively by a regard to the present interests of their stqckholders. Exercising the sovereign power of providing a paper currency, in stead of coin, for the oountry, the first duty whiob these banks owe to the public is to keep in their vaults a sufficient amount of gold and silver to insure the convertibility of their notos into coin at all times and under all circumstances. — No bank ought ever to he chartered with out such restrictions on its busiuess as to secure this result. All other restrictions are comparatively vain. This is the on ly true touchstone, the only efficient reg ulate!’ of paper currency—the one which can guard the public against over-issues and bank suspensions. Asa collateral and eveutual security it is doubtless wise, and in all cose3 ought to be reqnired, that banks shall hold an amount of Uni ted States or State securities equal to their notes in circulation, and pledged for their redemption. This, however, furnishes no adequate seourity against over-issues.— On the contrary, it may be perverted to intlato the currency. Indeed, it is possi ble by this means to convert alt the debts of the United States and State governments VOL. III.) into bank notes, without reference to tho specie required to redeem them. How ever valuable these securities may he in themselves, they cannot be converted into gold and silver at the moment of pressure as our experience teaches, in sufficient time to prevent bank suspensions and the depreciation of bank notes. In England, which is to a considerable extent a paper money country, though vastly behind our own'in this respect, it was deemed advis able, anterior to tho act of Parliament of 1844, which wisely separated the issue of notes from the banking department, for the Hank of England always to keep on hand gold and silver equal to one-third ot its combined circulation and deposits. If this proportion was no more than suf ficient to secure tho convertibility of its notes, with the whole of Great Britain, and to some extent the continent of Eu rope, its a field of its circulation, render ing it almost impossible that a sudden aud immediate run to a dangerous amount should be made upon it, the same propor tion would certainly be insufficient under our banking system. Each of our four teen hundred banks has but a limited circumference for its circulation, and in the course of a very few days the depos itors and note-holders might demand from such a bank a sufficient amount in specie to compel it to suspend, even although it had coin in its vaults equal to one-third of its immediate liabilities. And yet I am not aware, with the exception of the banks of Louisiana, that any State hank throughout the Union has been required by its charter to keep this or any other proportion of gold and silver compared with the amount of its combined circula tion and deposits. What has been tho consequence ? In a recent report made by the Treasury Dapartment on the con dition of the banks throughout tho differ ent States, according to returns dated nearest to January, 1857, the aggregate amount of actual specie in their vaults is $58,349,838 ; of their circulation, $214,- 778,822; and of their deposits, $230,- 851,352. Thus it appears that these banks have, in the aggregate, considerably less than one dollar in seven of gold and sil ver, compared with their circulation and deposits. It was palpable, therefore, that the very first pressure must drive them to suspension, and deprive the people of a convertible currency, with all its disas trous consequences. It is truly wonder ful that they should have so long contin ued to preserve their credit, when a de mand for the payment of one-seventh of their immediate liabilities would have driven them into insolvency, And this is the condition of the banks, notwithstand ing that four hundred millions of gold from California have flowed in upon us within the last eight years, and the tide still continues to flow. Indeed, such has been tho extravagance of bank credits that the hanks now hold a considerable less amount of specie, either iu propor tion to their capital or to tlicir circulation and deposits combined, than they did be fore the discovery of gold in California. Whilst in the year 1848 their specie in proportion to their capital was more than equal to one dollar for four and a half, iu 1857 it does not amount to one dollar for every six dollars and thirty-three cents of their capital. In the year 1848 the spe cie was equal, within a very small frac tion, to one dollar in five of their circu lation and deposits; in 1857 it is not equal to one dollar in seven and a half of ther circulation aud deposits. From this statement it is easy to ac count fur our financial history for the last forty years. It has been a history of ex travagant expansions in the business of the country, followed by ruinous contrac tions. At successive intervals the best and most enterprising men have been tempted to their ruin by excessive bank loans of mere paper credit, exciting them to extravagant importations of foreign goods, wild speculations, and ruinous and demoralizing stock gambling. When the crisis arrives, as arrive it must, the banks can extend no relief to the people. In a vain struggle to redeem their liabilities in specie, they are compellod to contract tbeir loans aud their issues; and at last, in the hour of distress, when their assist ance is most needed, they and their debt ors together siuk into insolvency. It is this paper system of extravagant expansion, raising the nominal price of every article far beyond its real value, when compared with the cost of similar articles in countries whose circulation is wisely regulated, which has prevented us from competing in our own markets with foreign manufacturers, has produced ex travagant importations, and has counter acted the effect of the large incidental protection afforded to our domestic man ufacturers by the present revenue tariff. Hut for this the branches of our manu factures composed of raw materials, the production of our own country—such as cotton, iron, and woolen fabrics—would not only have acquired almost exolusivc possession of the home market, but would have created for themselves a foreign market throughout the world. Deplorable, however, as may be our present financial condition, wo may yet indulge in bright hopes for the future.— No other nation has ever existed which could have endured such violent expan sions and contractions of paper credits without lasting injury; yet the buoyancy of youth, the energies of our population, and the spirit which never quails before difficulties, will enable us soon to recover from our present financial embarrass ments, and may even oocasion us speedi ly to forget the lesson which they have taught. In tho mean time, it is the duty of the Government, by all proper means within its power, to aid in alleviating the suffer ings of the people occasioned by the sus pensions of the banks, aid to provide against a recurrence of the same calamity. Unfortunately, iu either aspect of the case, it can do hut little. Thanks to the Independent Treasury, the Government has not suspended payment, as it was compelled to do by the failure of the banks in 1837. It will continue to dis charge its liabilities to the people in gold and silver. Its disbursements in coin will pass into circulation, and materially as sist in restoring a sound currency. From its high credit, shoiild we be compelled to make a temporary loan, it can be effected on advantageous terms. This, however, shall, if possible, be avoided ; but if not, then the amount shall be limited to the lowest practicable sum. 1 have therefore determined th it whilst no useful Government works airenly in progress stroll be suspended, new works, CjfJt Sitib fcni. COLUMBUS, GA., DECEMBER 12, 1857. not alrendy commenced, will be postpon ed, if this can he done without injury to the country. Those necessary fur its de fence shall proceed as though there had been no crisis in our monetary affairs. But the Federal Government cannot do mnch to provide against a recurrence of existing evils. Even if insurmountable constitutional objections did not exist against the creation of n national bank, this would furnish no adequate prevent ive security. The history of the last Bank of the United States abundantly proves the truth of this assertion. Such a bank could not, if it would, regulate the issues and credits of fourteen hundrod State banks iu such a manner as to pre vent the ruinous expansions and contrac tions in our currency which afflicted the country throughout tho existence of the late bnnk, or securo us against future op pressions. In 1825 an effort was made by the Bank of England to curtail the is sues of the country banks under the most favorable circumstances. The paper cur rency had been expanded to a ruinous ex tent, and the bank put forth all its power to contract it, in order to reduce prices, aud restore the equilibrium of the foreign exchanges. It accordingly commenced a curtailment of its loans and issues, in the vain hope that the joint stock and private banks of the kingdom would he compelled to follow its example. It found, howev er, that as it contracted they expanded, and at the end of the process, to employ the language of a very high official au thority, “whatever reduction of the paper circulation was effected by the Bank of England [in 1825 J was more than made up by the issues of tho country banks ” But a Bank of the United States would not, if it could, restrain the issues and loans of the State hanks, because its du ty as a regulator of the curreucy must often be in direct conflict with the imme diate interest of its stockholders. If we expect one agent to restrain or control another, their interests must, at least in some degree, be antagonistic. But the directors of a Bank of the United States would feel the same interest and same in clination with the directors of the State banks to expand the currency, to accom modate their favorites 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 upon the patriotism and wisdom of the States for the prevention and redress of the evil. If they will afford us a real specie basis for our paper circulation by increasing the denomination of hank notes, first to twenty, and afterwards to fifty dollars ; if they will require that the banks shall at all times keep on hand at least one dollar of gold and silver for every threo dollars of their circulation and deposits ; and if they will provide, by a self-execu ting enactment which nothing can arrest, that the moment they suspend they shall go into liquidation, I believe that such provisions, with a weekly publication by each bank of a statement of its condition, would go far to secure us against future suspensions of specie payments. Congress, in my opinion, possess the power to pass a uniform bankrupt law, applicable to all banking institutions throughout the United States, and I strongly recommend its exercise This would make it the irreversahle organic law of each bank’s existence, that a sus pension of specie payments shall produce its civil death. The instinct of self-pre servation would then compel it to per form its duties iu such a manner as to escape the penalty and preserve its life. The existence of banks and the circu lation of hank papers, are so identified with the habits of our people, that they cannot at this day be suddenly abolished without much immediate injury to the country. If we could confine them to their appropriate sphere, and prevent them from administering to the wants of wild and reckless speculation by extrava gant loans and issues, they might be con tinued with advantage to the public. But this I say after long and much re llection : if experience shall prove it to he impossible to enjoy the facilities which well-regulated banks might afford, with out at the same time suffering the cala - ities which the excesses of the banks have hitherto inflicted upon the country, it would then be far the lesser evil to de prive them altogether of the power to is sue a paper currency and cunfine them to the functions of hanks of deposit and discount Our relations with foreign Govern ments arc, upon the whole, in a satisfac tory condition. The diplomatic difficulties which ex isted between the Government of tho United States and that of Great Britain, at the adjournment of the last Congress, have been happily terminated by the ap pointment of a British Minister to this oountry, who has been cordially re ceive]. Whilst, it is greatly to the interest, as I am convinced it is the sincere desire, of the Governments and people of the two countries, to he on terms of intimate friendship with each other, it has been our misfortune almost alwuys to have some irritating, if not dangerous, out standing question with Great Britain. Since the origin of the Government wo have been employed in negotiating trea ties with that I’ower, and afterwards in dismissing their true intent and meuning. In this respect, the convention of April 19, 1850, commonly callod the Clayton and Bulwcr treaty, has been the most unfortunate of all; because the two Gov ernments place directly opposite and con tradictory constructions upon its first and most important article. Whilst, in the United States, we believed that this trea ty would place both Powers upon an ex act equality by the stipulation that neith er will ever “occupy, or fortify, or colo nize, or assume, or exercise any domin ion’ over any part of Central America, it is contended by the British Govern ment that the true construction of this language has left them in the rightful possession 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, cither as 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 com paratively small portion of this between the Sarstoon and Cape Honduras. Ac cording to their construction, the treaty does no more than simply prohibit them from extending their possessions iu Cen tral America beyond tho present limits. It is not too much to assert, that if iu the United States tho treaty had been considered susceptible of such a construc tion, it never would have been negotiated under tho authoriiy of the President, nor would it have received the approbation of the Senate. The universal conviction ! in the United States was, that when our ! Government consented to violate its tra , ditional and time honored policy, and to j stipulate with a foreign Government never to occnpy or acquire, territory in the Central American portion of our own continent, the consideration for this sac rifice 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 construc tion of the treaty, it is at the same time my deliberate conviction that this con struction is in opposition both to its let ter and its spirit. Under the late Administration nego tiations were instituted between the two Governments for the purpose, if possi ble, of removing these difficulties ; and a treaty having this laudable object in view was signed at London on the 171li of October, 1850. and was submitted by the President to the Senate on the follow ing 10th of December. Whether this treaty, either in its original or amended form, would have accomplished the ob ject intended, without giving birth to new and embarrassing complications be tween the two Governments, may per haps he well questioned. Certain it is, however, it was rendered much less ob jectionable by (he different amendments made to it by the Senate. The treaty, as amended, was ratified by me on the 12th March, 1857, and was transmitted to London lor ratification by the British Government. That Government express ed its willingness to concur in all tiie amendments made by the Senate, with the single exception of the clause relat ing to Kuutau and Ihe other Islands in the Bay of Honduras. The article in tho original treaty, as submitted to the Sen ate, after reciting that these islands and their inhabitants, “having been by a con vention bearing date the 27th day of Au gust, 1850. between her Britannic Majes ty and the Republic of Honduras, consti tuted and declared a free territory, under the sovereignty of the said Republic of Honduras,” stipulated that “the two con tracting parties do hereby mutually en gage to recognize and respect, in all fu ture time, the independence and rights of the said free territory as a part of the Republic of Honduras.” Upon an examination of this conven tion between Great Britain and Hondu ras, of the 27th August, 1850, it was found that, whilst declaring the Bay Is lands to be “a free territory under the sovereignty of the Republic of Honda ras,” it deprived that Republic of rights without which its sovereignty over them could scarcely he said to exist. It divid ed them from the remainder of Honduras, and gave to their inhabitants a separate government of their own, witli legisla tive, executive andjudieial officers, elect ed by themselves. It deprived the Gov ernment of Honduras of the taxing power in every form, and exempted the people of the islands from the performance of military duty, except for their own ex clusive defense. It also prohibited that Republic from erecting fortifications upon them for their protection—thus leaving them open to invasion from any quarter; aud, finally, it provided “that slavery shall not at any time hereafter he per mitted to exist therein.” Had Honduras ratified this convention, she would have ratified the establishment of a State substantially independent with in her own limits, and a State at all times subject to British influence and control. Moreover, had the United States ratified the treaty with Great Britain in its origi nal form, we should have been bound “to recognize and respect in all future time” these stipulations to the prejudice of Honduras Being iu direct opposition to the spirit and meaning of the Clayton and Bulwcr treaty, as understood in the United States, the Senate rejected the entire clause, aud substituted in its stead a simple recognition of tho sovereign right of Honduras to these islands in the following language: “The two contracting parties do hereby mutually engage to recognize and respect the Islands of Ruatun, Bonaco, Utila, Barharctta, Helena, and Morat, situate in the Bay of Honduras, and off the coast of the Republic of Honduras, as under the sovereignty and as part of the said Republic of Honduras.” Great Britain rejected this amendment, assigning as the only reason, that (lie ratifications of the convention of the 271 h August, 185(1, between her and Hondu ras, had not been “exchanged, owing lo the hesitation of that Government.” Hud this been done, it is stated that “her Ma jesty’s Government would have had little difficulty in agreeing to the modification proposed by the Senate, which then would liuve had in effect the sumo signi fication as the original wording ” Wheth er this would have been lliecffect: wheth er the mere circumstance of the exchange of the ratifications of tho British conveu tion witli Honduras prior in point of time to the rat ideal i* n ofourtreaty with Great Britain would, “in effect,” have had “the same signification as the original word ing,” and thus have nullified the amend ment of the Senate, may well be doubled. Il is, perhaps, fortunate that the ques tion has never arisen. The British Government, immediately alter rejecting the treaty as amended, proposed to enter into tho treaty which they had just refused to ratify, if the United Slates would consent to mid to the Senate’s clear and unqualified recog nilion of the of Honduras over the Ray Islands; the following addi tional stipulation: “Whenever, and so soon as the Repub lic of Honduras shall have concluded ami ratified a treaty with Great Britain, by which Great Britain shall have ceded, an I the Republic of Honduras shall have accepted, the said islands, subject to the provisions and conditions contained in such treaty.” This proposition was, of course, reject ed. After the Senate had refused to re cognize the British convention with Hon duras, of the 27th August, 185 G. with full knowledge of its contents: it was im possible for me, necessarily ignorant of “the provisions and conditions” which might be contained in a future conven tion between the same parties, to sanc tion them in advance. The fact is, that when two nations like Great Britaiu and the United States, mu tually desirous as they aro, and I trust over may be, of maintaining the most friendly relations with each other, have unfortunately concluded a treaty which they understand in son-es directly oppo site, the wisest course is to abrogate such a treaty by mutual consent, ami to com mence anew. Had this been done prompt ly, all difficulties iu Central America would most probably ero this have been adjusted to the satisfaction of both par ties. The time spent in discussing the meaning of tho Clayton and Bulwcr trea ty would have been devoted to this praiseworthy purpose, and the task would have been the more easily nccomplislied because tho interest of tho two countries in Central America is identified, being confined to securing safe transits over all the routes across the isthmus. Whilst entertning these sentiments, I shall nevertheless not refuse tocontributo to any reasonable adjustment of the Central American questions which is not practically inconsistent wilh the Ameri can interpretation of the treaty. _ Over tures for this purpose havebeen recently made by the British Government in a friendly spirit, which 1 cordially recipro cate; but. whether this renewed effort will result, in success I am not yet prepared to express an opinion. A brief period will determine. With France our ancient relations of friendship still continue to exist. The French Government have in several recent, instances, which need not be enumerated, evinced a spirit, of good will and kindness towards oureountry, which I heartily reciprocate. It is, notwith standing, much to be regretted that two nations whose productions are of such a character as to invite tho most extensive exchanges, and freest commercial inter course, should continue to enforce ancient and obsolete restrictions on trade against eacli other. Our commercial treaty with France is, in this respect, an exception from our treaties with all other commer cial nations. It jealously levies discrim inating duties both on tonnage and on articles, the growth, produce, or manu facture of the one countny, when arriving in vessels belonging to the other. More than forty years ago, on the 3d March, 1815, (’ifhgress passed an act of fering to all nations to admit their ves sels laden with their national productions into the ports of the United States upon the same terms with our own ves sels, provided they would reciprocate to us similar advantages. This act con firmed the reciprocity to the productions of the respective foreign nations who might enter into the proposed arrange ment with the United States. The act of May 24, 1828, removed this restriction, and offered a similar reciprocity to all such vessels without reference to the ori gin of their cargoes. Upon these princi ples, our commercial treaties and arrange ments have been founded, except with France ; and let us hope that this cxccp- ’ tion may not long exist. Our relations with Russia remain, as they have ever been, oil the most friendly footing. The present Emperor, as well tis his predecessors, have never failed, when the occasion offered, to manifest their good will to our country: and their friendship has always been highly appre ciated by lhe government and people of the United States. With all the other European govern ments, except that of Spain, our relations arc as peaceful as we could desiro. Ire gret to say that no progress whatever has been made since the adjournments of Congress, towards the settlement of any of the numerous claims of our citizens against tho Spanish government. Be sides, the outrage committed on our flag by the Spanish war frigate Ferrolana on the high seas, off the coast of Cuba, in March 1855, by firing into the American mail steamer El Dorado, and detaining and searching her, remains unacknowl edged and ttnrodressed. The general tone aud temper of the Spanish govern ment towards that of the United States are much to bo regretted. Our present envoy extraordinary and minister pleni potentiary to Madrid has asked to bo re called; and it is iny purpose to send out anew minister to Spain, with special in structions on all questions pending be tween the two governments, and with a determination to have them speedily and amicably adjusted, if this be possible. In the mean time, whenever our minister urges tho just claims of our citizens on tin- notice of the Spanish government, he is met with the objections that Congress have never made the appropriation re commended by President Polk in his an nual message of December, 1847, “to be paid to the Spanish government for the purpose of distribution among the claim ants in the Avmistad case.” A similar recommendation was made by my imme diate predecessor in his message of De cember, 1853; and entirely concurring with both iu the opinion that this indem nity is justly due under the treuty with Spain of the 27th of October, 1795, I earnestly recommend such an appropri ation to the favorable consideration of Congress. A treaty of friendship aud commerce was concluded at Constantinople on the 18th December, 1856, between tho United States and Persia, the ratifications of which wero changed at Constantinople on tho lfitli June, 1857, ami the treaty was proclaimed by the President on the 18tb August, 1857. Tqis treaty, it is believed wiil prove beneficial to American commerce. The Klmh has manifested an earnest disposition to cultivate friendly relations with our country, and Iron ex pros-ed a strong wish that we should he represented at Teheran by a minister plenipotentiary: and I recommend that nn appropriation be made for this pur pose. Recent occurrences in China havebeen unfavorable to a” reversion of the treuty with that empire of tho 3d July, 1844, witli a view to tlie security ami extension of our commerce. The 24th article of this treaty stipulated for a revision of it, in case experience should prove this to be requisite ; “ in which enso the govern ments will, at the expiration of twelve years from the date of said convention, treat amicably concerning the same, by means of suitable persons appointed to conduct such negotiations.’’ These twelve years expired on tho 3d July, 1856 ; but long before that period it was ascertained that important changes in the treaty were necessary ; and several fruitless attempts were made by the commissioners of the United States to effect these changes. Another effort was about to be made for tho same purpose by our commissioner, in conjunction with the ministers of Eng land and France, but this was suspended by tho occurrence of hostilities in the Canton river between Great Britain and the Chinese Empire. These hostilities have necessarily interrupted tho trade of all nations with Canton, which is now in a Btato of blockade, uud have occasioned a serious loss of life and property. Meanwhile tho insurrection within tho empire against the imperial dynasty still continues : and it is difficult to anticipate I what will be the result. Under these circumstances, I have doomed it advisable to appoint a distin guished citizen of Pennsylvania envoy extraordinary and iniuister plenipoten ! tiary to proceed to Chinn, and to avail himself of any opportunities which may offer to effect changes iu the existing treaty, favorable to American commerce, lie left the United States for the place of his destination in July last, iu the war steamer Minnesota. Special ministers to China have been appointed by the gov ernments of Great Britain and France. Whilst our minister has been instructed to occupy a neutral position in reference to the existing hostilities at Canton, he 1 will cordially co-opcratc with tho British and French ministers in all peaceful measures to secure by treaty stimulations, I those just concessions to commerce which ! the nations of the earth have a right to expect, and which China cannot long be I permitted to withhold. From assurances i received, 1 entertain no doubt that the | three ministers will act iu harmonious ; concert to obtain similar commercial trea ties for each of the powers they repre sent. We cannot fail to feel a deep interest i in all that concerns the welfare of the in dependent republics on our owu conti nent, as well as of the Empire of Brazil. Our difficulties with New Grenada, which a short time since bore so threaten ing an aspect, are, it is to be hoped, in a loir train of settlement, in a manner just a.i 1 honorable to both parties. fiie isthmus of Central America, in cluding that of Panama, is the great high way betwean the Atlantic and Pacific, over which a large portion of the com merce of tho world is destined to puss. The United Stutes aro more deeply inter ested than any other nation in preserving the freedom aud security of all the com munications across this Isthmus. It is our duty, therefore, to lake care that they shall not be interrupted, either by inva sion from our own country or by wars between the lndependant States of Cen tral America. Under our treaty with New Grenadu. of tho 13th of December, 1840, we are bound to guarantee the neu trality of the Isthmus of Panama, through which the Panama railroad passes, “as well as the rights of sovereignty and property which New Grenedy has and possesses over the said Territory.” This obligation is founded upon equivalents granted by the treaty to tho government and people of the United States. Under these circumstances, I recom mend to Congress tho passage of an act authorizing the President, iu ease of ne cessity, to employ the land aud naval forces of tho United States, to carry into effect this guarantee of neutrality aud protection. 1 also recommend similar legislation for the security of any other route across tho Isthmus, iu which we may acquire an interest'hy treaty. With the independent republics on this continent, it is both our duty and our interest to cultivate the most friendly re lations. We can never feel indifferent to their fate, anil must always rejoice in their prosperity. Unfortunately, both for them and for us, our example and advice have lost much of their influence in consequence of the lawless expeditions which have been tilted out against some of them within the limits of our country. Nothing is better calculated to retard our steady material progress, or impair our character as a nation, than the toleration of such enterprises in violation of tho law of nations. It is one of the first aud highest duties of any independent State, in its relations with the members of the great family of nations, to restrain its people from acts of hostile aggression against their citizens or subjects. The most eminent writers on public law do not hesitate to denounce such hostile act- as robbery and murder. Weak and feeble States, like those of Central America, may not feel themselves able to assert and vindicate their rights, The case would ho far different if expedi tions were set on foot within our owu Territories to make private war against a powerful nation. If such expeditions were fitted out from abroad against any portion of our own country, to burn down our cities, murder and plunder our peo ple, and usurp our government, we should call any power on earth to the strictest account for not preventing such enormities. Ever since the administration of Gen eral Washington, acts of Congress have been n force to punish severely the crime of setting on foot a military expedition within'the limits of the United States, to proceed from thence against a nation or State with whom wo are at peace. The present neutrality act of Apiil 20th, 1818, is but little more than a collection of pre-existing laws. Under this act the President is empowered to employ the land and naval forces and the militia “for the purpose of preventing the carrying on of nny such expedition or enterprise from the- territories and jurisdiction of tho United States,” and the collectors of cus toms are authorized and required to de tainnny vessel in port when there is reason to believe she is about to take part in such lawless enterprises. When it was first rendered probable that an attempt would be made to get up another unlawful expedition-aguinst Nica ragua, tho Secretary of Stale isssued in structions to the marshals and district attorneys, which were directed by the Secretaries of War and the Navy to the appropriate army and uavy officers, re quiring them to he vigilant, and to use their best exertions in carrying into ef fect the provisions of tho act of 1818. Notwithstanding these precautions, the expedition has escaped from our shores. Such enterprises can do no possible gooJ to that country, but have already in flicted much injury, both on its interests *nd its character. They have prevented peaceful emigration from the United States to tjie States of Central America, which could not fail to prove highly bene • ficial to all the parties concerned. In a pecuniary point of view alone, our citi zens have sustained heavy losses from the seizure and closing of the transit route by the San Juau between the two oceans. The leader of ths recent expedition was arrested at New Orleans, hut was dis charged on giving bail for his appearanae {NO. 117.
