Sheboygan Journal (Newspaper) - December 17, 1857, Sheboygan, Wisconsin F J MILLS E E SHARPE PROPRIETORS WHOLE NO 292 SHEBOYGAN WISCONSIN THURSDAY DECEMBER 17 1857 82 00 PER ANNUM IN NEW SERIES VOL I NO 51 THE SHEBOYGAN JOURNAL BT MILLS SHARPE In Erick Block Story T K li M 8 City in advance when dc hy carrier Of When not paid in OU To Mail in 2 00 not naM in C liibs of 10 or more to one address i n advance ouch 150 J O K I X T I X G VVc of Jobbing Material hand comprising lie ol Plain ami ntt of in a superior and on short Rules of Advertising Hv 3w Sw 3m Cm 9 in ly 1 on i i 1 CO I 2 2 00 3 Oi 2 50 I 3 50 3 on -i no flO I 5 5 00 f 50 2 50 Ij 3 75 -11 8 OD 10 5 00 7 00 7 OD 9 09 i 50 10 4 B II 15 11 H I I 18 I I 10 IU I 15 20 1 I I 30 I 3B I 01 I I 05 I 12 I 10 20 25 31 I 50 inch in length of column or less a AND SPECIAL CES 50 per cent extra No TICKS for iho benefit of or person per line nt prices Ifa ment be added tlic will be charged as n now advertisement NOTICES Institutions File Companies Notices will bo charged one half regular rates A transient advertisement be paid in advance TIIK OF ANNUAL is limited to their immediate business and all aside from trat sent in by them must be paid for at the rates A not accompanied by written directions will bo until forbidden and charged accordingly YE A R i Y A in- the con- lor will be charged regular rales for excess should they before the expiration of the term con- for they will be charged full rales as a- bove for the time of actual insertion will be inserted one per line of Papers in the city of do hereby bind to to the above regulations and it is further agreed that no discount whatever shall he made lie date hereof STODDARD M JACOn j V Franklin KLOCK Directly opposite the GENTUK ST Opened on Saturday of July us HAVING this season is in a good and man- from the if will lind IMO B FRANKLIN HOUSE iin commodious place and np No will be spared to comfort of guests and moderate GOOD V to the House A P WOULD return to his and customers sincere thanks for their liberal patronage he first himself in the tile in city Tito new firm o SIAN ifc SULLY hope by fair dealing io merit and receive a like share of patronage May FI OUR AND FEED OF CENTRE 7th E GERMAN BASIC of city put in circulation nil of money of tdo BANK is in this We arc acquainted with the owners of PnM liank and know is a sound institution receive it nt par and will guarantee all put in T H COOK Attorneys at Law WISCONSIN in Block on i rox COOK Northern WIs Conn L LOOMIS II O M E Of New York Gity Ka J President MESSAGE Fellow Citizens of the Senate and House of Representatives In to the command of Constitution it Ims now my duty to to Congress information of tho state of Union nud recommend to their consideration such measures as I to and expedient But above all our arc duo to Almighty God fyr tho numerous benefits which ha hns bestowed on this and our united prayers to ascend to Him Ila would continue to our grent Republic in Jiv Jms t n pust Sinco the ad- of he Congress our have enjoyed im unusual degree of health Tho earth hits yielded her fruits and has bountifully rewarded the toil of tho husbandman Our groal commanded high prices and up till within a brief period our luring mechanical occupations have largely partaken of tho general have possessed nil elements of material wealth in rich abundance and yet notwithstanding all these advantages our country in its monetary interests ia at tho present moment in a deplorable tion In tho midst of unsurpassed plenty in nil tho productions of agriculture and all tha elements of national wealth wo find our manufactures suspended our public works retarded our private enterprises of different kinds abandoned and thousands of useful laborers thrown out of employment and reduced to want The revenue of the government which is chiefly derived from duties on imports from abroad has been greatly reduced whilst tho appropriations by Congress at its last session for the fiscal year are very largo in Under these circumstances n loan may bo required before the of your present session but this although deeply to be re- would prove to be a slight misfortune when compared with the ing and distress prevailing among the ple With this the Government fail deeply to sympathize though it may be without the power to extend relief it ii our duty to inquire what has such unfortunate and er their recurrence van bo prevented In all the blame have been fairly o a variety of causes but not soon tha present occasion It is apparent thut our misfortunes have proceeded solely our and vicious system of paper and bank credits exciting iho to speculations and in stocks These revulsions must continue to recur at successive intervals long as tbo ount of the paper currency and bank loans discounts of the country shall ba left tc the discretion of irresponsible bank ing which from the very law of their nature will consult tho interest of their stockholders rather than the public welfare The framers of the Constitution when they gave to Congress the power to coin money and to regulate tho vahia and prohibited States from coining emitting bills of or making g but gold and silver coin a tender in payment of debts supposed they had prelected the people against Use evils of an excessive and irredeemable paper y They aro not responsible for the existing anomaly that n government endowed with iho sovereign attribute of coining money and regulating tho value thereof should have no power to prevent others from dri ving this coin out of the country and ing up the of circulation with per which does not represent gold and sil ver It and ble duties of Government IT insure lo the a sound circulating medium the amount of which ought to be adapted with the utmost possible wisdom and skill to tha wants of internal and foreign ges If this bo either above or ly below the proper standard tho ble value of property is in- creased or in the same tion and to individuals as well as ovila to tha community aro tho consequence Unfortunately under the construction of tho federal Constitution has now prevailed too long to change this tant and delicate duty has from the coining power and virtually transferred to more than fourteen hundred State Banks acting independently of each other and regulating their paper issues almost sively by a to the present interest of stockholders Exercising the eign power of providing a paper currency instead of coin for the country the first duty which these banks owe to the public is to keep in their vaults a sufficient amount of gold and silver to insure tho convertibility of their notes into coin at all times and un- Jor all circumstances No bank ought rates ever to be chartered without such C German Bank WISCONSIN CAPITAL 71 NOTES STATE DEPOSITED Discounts nml Special J II Cash JOHN IRVING City H PAINS County lions on its business as to secure this result All other restrictions are comparatively vain This is the only true touchstone tho only of n papar rency the only one which can guard the public against over issues and bank As a and eventual curity it ia and in all casas ought to be required that shall hold an amount of United States or Slate equal to their in circulation and pledged for This ever furnishes no adequate security into bank-notes without reference to the specie required to redeem them However securities may be in they cannot be converted in- to gold and silver at the of ure as our experience teaches insufficient to prevent suspensions and the cation of bank notes In England which is to a very able extent a paper money country though vastly behind our own in this respect it was deemed advisable anterior to tho net of Parliament of which widely arate tho issue of notes from tho banking th to keep on hand gold and silver to one third of its circulation and de- posits If this proportion was no more than sufficient to secure the of its with tho whole of Great Britain and to sonic extent the continent of Eu- rope as a field for its circulation render- ing it almost impossible that a sudden and immediate run to a dangerous amount should bo made upon it the same tion would certainly he insufficient under our banking system Each of our teon Banks has but a limited for its circulation and in the very fuw days the depositors and note holders might demand from such n bank a sufficient amount in specie to compel it to suspend even although it had coin in its vaults equal to ono third of its liabilities And yet I am not aware with tho exception of the banks of Louisana thai any Stata bunk throughout tho Union has been required by its charter to keep this or any other proportion of gold and silver pared with tho amount of its combined culation and deposits What has been the In a recent report made by by the Treasury Department on tho tion of tho Banks throughout the different Slates Recording to returns dated nearest to January 1857 tho aggregate amount of actual specio in their vaults is of their circulation and of deposit Thus it pears that banks in tho aggregate have considerably less than ono dollar in seven of gold and silver compared with circulation and deposits It was therefore that the very first pressure drive them tu suspension and tho people of a convenable currency with its disastrous consequences It is truly wonderful that they should have so continued to their credit when a demand for tho payment of one vf liabilities would have driven them into insolvency And this is the condition of the banks ing four hundred millions of gold from California have flowed in upon us within tho last eight and tho tide still con- to How Indeed such has been the extravagance of back credits that the banks now hold a considerably less amount of specie either in proportion to their or to the circulation and deposits combined than they did before the discovery of gold in California While in tho year in proportion to their capital was more than equal to ono dollar four and a half in 1857 does not amount for every six dollars and thi of their capital In the yesr the specie was equal within a small fraction to one dollar in of circulation and in 1857 it is not equal to ono dollar in seven and a half of their circulation and From this statement it ia easy to account for our financial history for tho forty years It been n history of gant expansions ia the of tho country by ruinous contractions At successive intervals the and most have to bank loans of mere Innately in either aspect of the case it can do but little Thanks to the independent treasury the government has not suspended as it compelled to by tho failure of tho batiks in 1837 It will con- to discharge ita liabilities to the ple in gold and silver Its disbursements in coin will pass into aud assist in a sound currency From its high credit should wa bo com- tc mako a temporary loan it can be effected on advantageous terms shall if ho I hen shall be limited to tho sum I have therefore determined that whilst no useful government works already in progress be suspended works not already will ba postponed if this can be done injury to the try Thoso necessary to its defence shall as though there been no crisis in our monetary But federal government cannot do much to provide against a recurrence of existing Even if the insurmountable constitutional objections did not exist against the of a Bank this would furnish no adequate curity The history of the last Hank of tha United States abundantly proves tho truth of this Such a bank could not if it the issues nud credits of fourteen hundred State banks in such a manner ns to prevent ruinous sions and contractions in our which afflicted t e country throughout the existence of tha Into bank or securo us against future suspensions In an was imde by the Bank of England to curtail tha issues of tho court try banks un- der the-most favorable The currency had been expanded to a ruinous and tho bank put forth all its power to contract it in order to reduce and restore thu equilibrium of the foreign exchanges It accordingly com- a system of curtailment of its loans and issues in the vain hope that the joint and private banks of tho kingdom vould bo compelled to follow its example It found however that as it contracted they expanded at the end of the process to employ the language of n very high authority whatever reduction of tho paper circulation was by tho Bunk of England in was more than made always to have had some irritating if not dangerous question with engage to recognise and respect the islands of Ruatan Bonaco Utila lena and Morat situate ic the Bay of Hon and coast of tho of havo employed in negotiating treaties j Honduras as under tho sovereignty and as part tho said Republic of Honduras Great rejected this amendment Great Britain Since tbo of tha Government we with that power and afterward their true intent and In this re- the of April 10 1850 j as the only reason that tho commonly called the Clayton and of tho Convention of tha treaty has been the moat unfortunate August 1850 between her and HOIK the two Governments place directly up by issues of the country But a Bank of the United States wo if it and of tho State Banks because ita dut would as a and contradictory on its first and mcst important Whilst in tho United States wo believed that tins treaty would place both powers upon exact equality by the stipulation that neither ever occupy or fortify or or assume or exorcise any inion over any part of America it ia contended by tho British Government that the construction of this language has left them in tho rightful possession of all that portion of Central America which was in their occupancy at the treaty in fact that tho treaty is a virtual tion on tho part of tha United States of the right of Great Britain either 13 owner or protector to tho whole extensive coast of Central America swooping round fiom the Rio Hondo to tho port and harbor of San Juan de Nicaragua together with tho Jacent Bay Islands except small portion of this between tho j and Cape Honduras According to their construction the ty does no more than simply prohibit them from extending their possessions in America beyond tho present limits It is not too much to assert thai if in the United States tho treaty had bean considered susceptible of such a construction it would have been negotiated the authority of tho would it have received tho approbation of tho ate The conviction tho Uni- ted State that when our Government to violate its traditional and time th of loud hud not exchanged owing to tbs of that Government Had this been done it ia suited that Her Majesty's Government would have hud littlo ty in agreeing lo the modification ed bv tho Semite which then would have in tho same signification as the wording Whether this would have been tho whether the mero circum- stances of tho of the ratifications the Convention with Honduras prior in point of time to the ratification of treaty with Great Britain would in had thu same signification as the and thus havo nullified the amendment of the Senate may well be doubted It is perhaps fortunate that tho question never arisen Tho British Government immediately ter rejecting tho treaty as to enter into a new treaty with the United States similar in all respects to tha treaty which they had just to ratify if tho United States consent to add to the Senate's clear and recognition of tho sovereignty f Honduras the Bay Islands tho following conditional lation Whenever and so soon as the re- public of Honduras shall have concluded ana ratified a treaty with Great by which Groat Britain ceded and tho republic of Honduras shall have ted tho islands subject to the provision and conditions contained in such treaty This proposition was of course rejected After the Senate refused to recognize tho British convention with Honduras of honored policy and to stipulate with a tho August with full foreign Government never to occupy or edge of its contents it was impossible for t I 4 1 enterprising men hav ruin by excessive by paper credit exciting them to extravagant importations of foreign goods wild nud ruinous and demoralizing stock gambling When tho crisis arrives as ar- rivo it must tho hanks can extend no relief to the people In a vain struggle to redeem their liabilities in specie they are compelled to contract their loans and their issues and at last in the hour of distress when their assistance is most needed they and their debtors together sink into insolvency It h this paper of extravagant expansion raising tho nominal price of regulator of the must often bo in dircei conflict with the immediate of its stockholders If we expect one agent to or control another their interests must at ic degree bo tic of a Bank of the U S Ic feel the same interest and the sime tion with tho directors of tho S Banks to expand the currency to their and friends with and to declare largo dividends Such has been our experience in regard to tho List Bank After all we must mainly upon patriotism and wisdom of the State for the prevention and redress of evil If thoy will afford no a real specie basis for our per circulation by tho tion of bank notes first to twenty nnd terwards to fifty dollars if they will re- that the banks shall at all times keep on hand at least one dollar of gold or silver for overy three dollar of circulation and deposits and if they provide by a self-executing nothing can arrest the moment they they shall go into liquidation I behove that such provisions with a weekly publication by each bank of a of its condition quire territory in the Central American tion of our own Continent the tion for this sacrifice was that Great Britain should in this respect at least ba placed in the same with ourselves Whilst we no right to doubt tho sincerity of the British Government in their tion of the treaty it is at tho time my deliberate convict on tion is in opposition both to ita letter its spirit TJnder the late Administration tions were instituted between tho two fur tho purpose it possible of re- moving these difficulties and a treaty ing laudable object in view was signed at London on tho 17th October 1850 and was submitted by the President to the ate on the following 10th of this treaty either in its original or amended form would havo accomplished the object intended without giving birth to new and complications be- tween tlie two Governments may perhaps ba well Questioned Certain it is however it was rendered much less objectionable by tha different amendments to it by tho Senate Tho treaty ns amended was fied by mo on tho 12th of March 1857 and was to London for ratification by the British Government That ment expressed its willingness to concur in all the amendments made by the senate with the single exception of the clause re- to Ruatan and the other islands in the Bay of Honduras The article in tho original treaty as submitted to the Senate after reciting that these islands nnd their inhabitants having been by a Convention the of her Majesty and thu Re- overy far beyond its real value when i of bank paper are so identified compared with the coit of similar articles in I habits of our people that they cannot at countries whose circulation is wisely j this day bn suddenly abolished without would go far to secure us against future j public of Honduras constituted and pensions of specia payments in ed a free under tho sovereignty of iny opinion possess tho power to pass a un- bankrupt law applicable to all rupt throughout the United States and recommend ita exercise This would make it tbo irreversible organic law ef each bank's existence that a sion of payments shall produce its civil Tho instinct tion would thon compel it to perform its duties in such a manner as to escape the penalty and preserve its life The existence of banks and the lated which has prevented us from com poling in our own with manufacturers has produced importations and has contracted tho of tho incidental protection afforded to our domestic manufactures by the ent revenue But for the branches of our manufactures composed of raw rials productions of our own country as cotton iron and woolen would not only have acquired almost ex- possession of tho homo market but would havo created for themselves n foreign market throughout the world Deplorable however as may bo our ent financial condition we may yet indulge in bright hope for the future No other Nation has ever existed which could have endured such violent expansions and con- tractions of paper credits without injury yet Iho buoyancy of youth the en- orgies of our population and the spirit which never before difficulties will enable us soon to recover from our present tho said Republic of stipulated that the two contracting parties do hereby mutually engage to recognize and respect in all future time tho independence and rights of the said free territory as a part of the Republic of Honduras Upon an examination of this convention between Groat Britain and Honduras of the August it was found thai whilst declaring the Bay Islands to ba a free territory under tho sovereignty of the Republic of it deprived that Republic of rights without which its over them be snid to i exist It divided thorn from the to tho of Honduras and save to their less speculation by loans and Government of Honduras of the issues they might bo continued with ad- er form auj exempted tho people vantage to tho public But this I say after long and much ro- of islands from tho performance of mil duty except for their own exclusive flection prove it to bo jt prohibited that Republic impossible to enjoy the facilities which well fortifications them for regulated banks might without at tho sarao time suffering the calamities upc their leaving thorn open to invasion from any quarter ind finally which tho excesses of tho banks have t Slavery shall not at any to inflicted upon tho country it would then timo hereafter bo permitted to exist bo fur tho lesser evil to deprive them i altogether of the power to a paper currency and confino them to the functions of banks of deposit and discount Our relations with foreign governments are upon tha whole in a very satisfactory condition The difficulties which tho Government of the United States nnd that of Great Britain at tha ad- financial embarrassment and may even i of tha last have boon casion us to forgot the lessons j happily terminated by the appointment of I Office in Eighth Street I on the contrary it may bo verted to inflate the currency Indeed it which they have taught In tho it is tho duty of the by all proper moans within Had Honduras ratified this she would have ratified the establishment of a State substantially independent within her own limits a State at all sub- ject to British influence and control over had the United Stains ratified the treat with Great Britain in its original form we should have bean bound to nize and respect in all future time these stipulations to the of Honduras g in direct opposition to the spirit and j a British miniver to this country who has meaning of tho Clayton and Bulwer treaty been very cordially received a3 understood in tho tho ma necessarily ignorant of the provisions and which might be contained in a future convention between the sarno parties lo them in advance The fact ic that when two nations like Great Britain and the United States tually desirous as they are and I trust ever may be of maintaining the most friendly relations with each other havo Iv concluded a they in senses directly opposite tho wisest course is to abrogate such a treaty by tual consent and to commence anew Had this been done promptly all difficulties iu Central America would most probably era this have bean adjusted to tha tion of both parties The time spent in discussing the meaning of tho Clayton aud Bulwer treaty would have been devoted to this praiseworthy purpose and the task would have been tho more easily because the interest of the two tries in Central America is identical being confined to securing safe transits over all tho loutes across tho Isthmus Whilst entertaining these sentiments T not refuse to contribute to any reasonable adjustment of the tral America questions which is not cally inconsistent with the American inter- of the treaty Overtures for purpose have been recently by the British Government in a friendly spirit which I cordially reciprocate but whether this renewed effort will result in success I am not yet prepared to express an opinion A brief period will determine With Franco our ancient relations of friendship still continue to exist The French government have in several recent instances which need not be enumerated evinced n spirit of good will and kindness towards our country which 1 heartily It i3 notwithstanding much to bo regretted that two nations whose tions aro of such a character aj to invite tha most extensive exchanges and freest commercial intercourse should continue to enforce ancient and obsolete restrictions of trade against each other Our commercial treaty with France is in this respect an ex- ception from our treaties with all other com- It jealously levies duties both on tonnage and on ar- the growth produce or of the ono country when arriving in vessels belonging to tho other Mora than forty years ago on the 3d of March Congress parsed act ing to nations to admit their vessels den with their national productions into the ports of the United States upon same terms with our own vessels provided they would reciprocate lo us similar advantages This act confined tho reciprocity to the of the respective foreign nations who might entor into the proposed arrange with the United States Tho act of May removed tho restriction and offered a to all such ssli without reference to tbs origin of their cargoes Upon principle our com- treaties and arrangements have been founded except with France and let us hope this exception may not long ex- ist Our relations with Hussia remain as they have been on tho most friendly footing The present Emperor tin well his predecessors havo never failed when the occasion offered to manifest their good will to our country and their friendship has always been highly appreciated by the ment and people of the States committed on our flag by tho Spanish on the high soas oft the coast of Cuba in March 1855 by firing into American mail steamer El Dorado and detaining arid searching her remains and The general tone temper of the Spanish Government towards that of tho United States are much o regretted Our pre- sent envoy extraordinary and minister to Madrid has asked to re- called and it ia my purpose to send out a now Minister to Spain with instruct tions on all questions pending between the two Governments and with a tion to hava them speedily and amicably adjusted if this bo possible the lime whenever our Minister tho claims of our citizens ou the notice of the Spanish Government he is with tho objection that Congress never made tlie propriation recommended by President Polk in his annual message of 1847 to be paid to tho Spanish ment for tho purpose of distribution among the claimants in iho case A similar recommendation was made by my immediate predecessor in his message of Dec 1353 and entirely concurring with both in the opinion that this indemnity justly due under tho treaty with of Oct 1795 I earnestly such tin appropriation to tho con- sideration of Congress A treaty and commerce was concluded at Constantinople en tho D 1850 between the United and Persia the ratifications of which exchanged at on tho 13th Juno 1857 and tho treaty was proclaimed by the President on tho 18th This treaty it is believed will prove to American commerce The Shah has manifested an earnest disposition to friendly relations with our country and has expressed a strong wish that wo should be represented at Teheran by a ister Plenipotentiary and I recommend that an appropriation be for this pose Recent occurrences in China have been ia possible by this means to convert all the debts of States ncd State Gov Whilst it is greatly to the interest as I Senate clause and sub its power to aid in alleviating the am convinced it is the sincere of the i in ita simple recognition of ings of the occasioned by the Governments and uf two tho right of Honduras to thoso of the bants and to provide against to bo on terms of intimate friendship with j islands in the following The a recurrence of the same calamity each other it has been our misfortune j two contracting parties do hereby mutually With all other European except that of Spain our relations aro as peaceful as wo could desire I regret to say that no progress whatever has boen made since thi adjournment of Congress towards the settlement of any of tho erous claims of our against th unfavorable to a revision of the witH that empire of tho July 3 1844 with a view to th's and extension of our commerce Tho article of this treaty for a revision of it in case should prove this to be requisite lii which case tha two governments will at of twelve years from the date of convention treat amicably concerning he same by means of suitable persons jointed to conduct such negotiation These twelve years expired on July 3 1850 long before that period it was ed that important changes in the te and several fruitless empts were made by the Commissioner of he United States to changes Another effort was about to made fur the arae purpose by our Commissioner in con- unction with the Ministers of and France but this was suspended by the occurrence of hostilities ia the Canton er between Great Britain and the Chinese Empire These hostilities have tha trade of all nations with Canton which ii now in n state of blockade and have occasioned a loss of life tmd property Meanwhile insurrection the tha existing im- serial dynasty still continues and it is to anticipate the result Under those circumstances T havo nand it advisable to appoint a ed citizen of Pennsylvania Envoy dinary and to coed to China and to avail himself of any opportunities which may offer to effect in the existing treaty favorable to American th United States for the place of his destination in y last in tha war Special Ministers to China have also betn by tha of Great Britian and France Whilst our minister lias instructed to occupy n neutral position cncc to the cx- at Canton lie will cordially operate with the ami French in nil peaceful securo treaty just to commerce which tlie nations of the world have 1 lo expect and which China cannot long bo to withhold From I no doubt the three will net in harmonious concert similar treaties for each of the powers they represent We cannot fail to feel a deep interest in that concerns the of the independent on our own continent as as tbo of Brazil Our difficulties with New which short time since bore so threatening an are it is to be hoped in a fair train of in a manner just and honorable to both parties The of America including of is tho highway the and over which 1 portion of commerce of the world is ed to pass The United States nre more ly ihan any other nation in ing the freedom and security of all tho isthmus It our duty therefore to take care they shall not be in- pted either by from our country or by wars between the independent States of America Under our treaty with Granada of thn 12th December arc bound to the neutrality of tho oi through which the passes as well as the rights of nnd property which Granada and possesses over the Territory obligation is founded upon equivalents by the treaty to tlie government and tho United States Under these circumstances I recommend to Congress the passage of an act authorizing tha President in of to employ land and naval forces of the United States to carry into this guarantee of neutrality and protection I also recommend similar tion for the security of any other route across the Isthmus in which we may acquire an inter- est by treaty With the independent Republics on this con- it is both our and pur t tho relation can
