Decatur Eagle, Volume 1, Number 45, Decatur, Adams County, 18 December 1857 — Page 2

11-1 . — —* ■ - ■ ~ - President’s Message /'tiling Cltizeng cf the Senate, and Hw:st of Representatives: In obedience to the commanl of the constitution, it has now become my duty "to give to Congress information of the state of the Union and recommend to their consideration such measures” as I judge to be "necessary and expedient.” But first and above all, our thanks are due to Almighty God for the numerous benefits he has bestowed upon this people, i and our united prayers ought to ascend to Him that he would continue to bless our great republic iu time to come as He has blessed in time past. Since the adjourment of the last Congress our constituents have enjoyed an unusual degree of health. The earth has yielded her | fruits abundantly, and has bountifully re-i warded the toil of the husbandman. Our great staples have commanded high prices and, till within a brief period our manufacturing, mineral, and mechanical occu-| pations have largely partaken of the gen eral prosperity. We have possessed all ■ the elements of material wealth in rich abundance, and yet, notwithstanding all these advantages, our country, in its mon-| etary interests, is at the present moment in a deplorable condition. In the midst; of unsurpassed plenty in all the produc- ; lion’ of agriculture and in all the elements of national wealth, we find our manufac-; tures suspended, our public works retar- . ded, our private enterprises of different kinds abandoned, and thousands of useful laborers thrown outof employment and I reduced to want. The revenue of the government, which is chiefly derived from duties on imports from abroad, has been , greatly reduced, whilst the appropriations made by Congress at its last session for the current fiscal year are very lagre in amount. Under these circumstances a loan may be required before the close of your present session; but this, although deeply to be regretted, would prove to be only a slight misfortune when compared with | the suffering and distress prevailing a tnong the people. With this the govern-j merit cannot fail deeply to sympathize, j though it may be without the power to extend relief. It is our duty to inquire what has produced such unfortunate results, and whether'their recurrence can be prevented? In all former revulsions the blame might have been fairly attributed to a va-; riely of co opperating causes; but not so upon the present occasion. It is apparent that our existing misfortunes proceeds from our extravagant and vicious system <■l paper currency and bank credits, exciting the people to wild speculations and ) gambling in stocks. These revulsions, must continue to recur at successive internals so long as the amount of paper currency and bank loansand discounts off, the country shall be left to the discretion of iourtcen hundred irresponsible banking j institutions, which from the very law of; their nature will consult the interest of their stockholders rather than the public i welfare. The framers of tlie 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 oi l an excessive and irredeemable paper cur-1 rency. They are not responsible for the ! existing anomaly, that a government eu-, dowed with the sovereign nttiibute of coining money and regulating the value ' thereof, should hare no power to prevent! others from driving this coin out of the country and filling up the channels ufi circulation with paper which docs not represent gold and silver. It is one of the highest and most re-' rponsible duties of the government to in- 1 sura to the people u sound circulating' medium, the amount of which ought to , be adapted with the utmost possible wis-j dom and skill to the wants of internal ( trade and foreign exchanges. If this be cither greatly above, or greatly below the ( proper standard, the marketable value ot < very man’s property is increased or diminished in the tame proportion, and in , justice to individuals as well as incalcu-' iable evils to the community are the con-; sequence. Unfortunately under the construction of the federal constitution which has now I prevailed too long to be changed, this im- ; portaut and delicate duty has been dis- , severed from the coining power and vir-( tually transferred to more than fourteen i hundred State banks, acting independent; of tach other, and regulating the paper; issues almost exclusively by a regard to the present interest ol their stckholders. I Exercising the sovereign power of provi-l ding n caper currency, instead of coin, for, the country, the first duty which these' banks owe to.the public is to keep in tiieir vaults a sufficient amount ot gold mid sil- ' ver to insure the convertibility of their notes intp coin at ail limes and under all , circumstances. No bank ought ever to be chartered without such restriction on its, business as to secure this result. All ot.li- ; er restriction* are comparatively vain — This is the only true touch stone, the on-j Iv efficient regulator of a paper curency— ■ the only one which can guard the public , against over-issues and bank suspensions.l » colateral and eventual security, it is doubtless wine and in all cases ought to be ; required that banks hold an amount of Uni- , led States nr State sciunlie* equal to their note* in circulation and pledged for their; rardemptiou. This, iiowevei, furu'ahes xo adeou.ate security against over-issue*.

i On the contrary, it may be perverted to inflate the currency. < ble by this means to cw. . ot the United S - .•’ nents into bank iiui<.< •», ~■•«. <uteriuce to the specie required io redeem them — However valuable these securities may be in themselves, they cannot be converted into gold and silver at the moment of pressure, as our experience teaches, in i sufficient time to prevent bank suspensions and the depreciation of bank notes. In I England, which to a considerable extent a paper money country, though vast! • b»’I hind our own in this respect, it was deemed advisable, anterior to the act of Parliament of 1844, which wisely separated the issue of notes from banking department, for the bank of England always to keep on band gold and silver equal to one \ third of its combined circulation and deposites. If this proportion was no nitre than sufficient to secure the convertibility of it* notes, with the whole of Great Britain, to some extent the continent of Eu- ( ; rope, as a field for its circulation, rendering it almost impossible that a sudden , snd immediate run to a dangerous amount should be made upon it, the same proportion would certainly be insufficient under our banking system. Each of our four- i teen hundred banks has but a limited cir- ! cureference for its circulation, and in the course of a very few days the depositors and note-holders might demand from i such a bank sufficient amount in specie to; compel it to suspended, 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 Bank through ' out the Union has been required by its (charter to keep this or any other propor- ' tiou of gold and silver compared with the . amount of its combined circulation and I deposits. What has been the consequence? In a recent report made by the Treasury Department on the condition of.' the banks throughout the different States, ; '■ according to returns dated nearest to Jan- 1 uary, 1857, the aggregate amount of ac 11 tual specie in their vaults is 858,349.838 ' ol their actual circulation 8218,778.882, ■ 1 and of their deposites, 8230;351,352. — 1 Thus it appears that these banks in the ■ 1 aggregate have considerable less than ! 1 one dollar in seven of gold and silver com - '' pared with their circulation and deposits ’ It was palpable, therefore, that the very ’ ’ fir't pressure must drive them to suspen- j’ sion, and deprive the people of a conver- ,' tible currency with all its disastrous con- i 1 sequences. It is truly wonderful that!' they should have so long continued to ; 1 preserve their credit, when a demand for ■' ' the payment of one seventh of their im- ; I mediate liabilities would have driven i ' ; them into insolvency. And this is the i condition of the banks, notwithstanding I that four hundred millions of gold i from California have flowed in up- j on us within the last eight years, and the ; tide still contiues to flow Indeed, such ! has been the extravagance of bank cred- | its that the banks now hold a considerably i less amount of specie, either in proportion , to their capital or to their circulation and ' deposits combined than they did before j the discovery of gold in California.—j Whilst iu the year 1848 their specie in j proportion to their capital was more than equal to one dollar to four and a half. In ; 1857 it does not amount to one dollar for ; every six dollars and thirty-three cents of: i their capital. In the year 1848 the spe-! ! cie was equal within a very small fraction ; (to one dollar in five of tlisir circulation ■ | and deposits; in 1857 it is not equal to ! one dollar in seven and a half of their cir- ( culation and deposits. From this statement it is easy to ac- ( ' count for our financial history for the last; , forty years. It has been a history of extravagant expansions in the business of ( j the country, followed by ruinous contracI (ions. At successive intervals the best ' ! and most enterprising men have been ! ; tempted to their ruin by excessive bunk ' loans of mere paper credit, exciting them to extravagant importations of foreign goods, with speculations, and ruinous and demoralizing stock gambling. When I the crisis arrives, as arrive it must, the ! banks can extend no relief to the people. ; In a vain struggle to redeem their liabil- i ities in specie; they are compelled to con- | tract their loans and their issues; and at I last, in the hour of distress, when tiieir! assistance is most needed, they and their ' debtors together sink into insolvency. ; It is this paper system of extravagant I expansion, raising the nominal price ofi 'every article far beyond its real value,! wlwn compared with the cost of similar articles in countries whose circulation is ! wisely regulated, which has prevented us j from competing in our own markets with . foreign manufactures, has produced exI travagant importation*, and has counter-, ! acted the effect of the large incidental protection afforded to our domestic mmj ufactures by the present revenue tariff.— But for this the branches of our manufactuits composed of raw materials, the pro-i duction ol our own country —such as cot- i ' ton, iron and wolk-n fabrics—would not only acquired almost exclusive poses&iou 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, we may yet ; indulge in bright hopes for the future.— (No other nation has ever existed which [ (could have endured such violent expansions and attractions of paper credits with- ! ogt lasting injury; yet the buoyancy of vouth, the energies of our population, \ an i the spirit which never quails before I difficulties, will enable us soon to recover j ! from our present fintuciai embarrasaient.,

■> I and may even occasion us speedily to for- ■ ■•V I’xve taught . u. i.s puwei, io aid in alleviating the suf- . feriugs of the people occasionally by the > suspension of the banks, and to provide 1 against a recurrence of the '.he same caf lamnity. Unfortnnatelv in either aspect > of the case, it can do but. little. Thanks i to the independent treasury, the governi ment 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 . I and silver. Its disbursements in coin will pass into circulation, and materially 1 assist in restoring a sound currency.— From its high credit, should we be comi pelkd 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 lim- ‘ iced to the lowest practicable sum. I have therefore, determined that whilst no useful government works already in progress shall be suspended, new works, not already commenced will be postponed, if this can be done without injury to the ; ; country. Those necessary for its defence ! ; shall proceed as though there Lad been ' ! no crisis in our monetary affairs. But the Federal Government cannojrl do much to provide against a recurrence jof existingevils. Even if insurmountable constitutional objections did not exist ! against the creation of a National Bank, ; this would furnish no adequate preventive ; 'security. The history of the last Bunk of tlie United States abundantly proves,; ■ the truth of this assertion. Such a bank could not. if it would, regulate the issue I and credits of fourteen hundred State ~ Banks, in such a manner as to prevent j, ! the ruinous expansions and contractions ; lin our currency which aflicted the coun- |, ' try throughout the existence of the Ute | bank, or secuie us against future suspen- , sions. In 1825 an effort was made by!, the Bank of England to curtail the issue of the country banks under the most fa- ' vorable circumstances. The paper currency had been expanded to a ruinous extent, and the Bank put, forth all its powers to contract it in order to reduce prices, and restore the equilibrium of the foreign exchanges. It accordingly commenced a ' system of curtailment of its loans and is sues, to the vain hope that the joint stock and private banks of the kingdom would be compelled to follow its example. It found, however, that as it contracted they expand, and at the end of the process, to employ the language of a very high official authority, 'whatever reduction of the paper circulation was effected by the Bank of England (in 1825) was more than made up by the issues of the country I banks ’ But a bank of the United States would not, if it could, restrain the issues and loans of the State banks, because its duty as a regulator of the cnrrency must often ! be in direct conflict with the immediate! interest of its stockholders. If we expect one agent to restrain or control another, their interest must, at least in some degree.be antagonistic. But the direc- , tors of a Bank of the United States would ■ feel the same interest and the same inclination with the directors of the State Banks to expand the currency, to accomodate their favorites and friends with ( loans, and to declare large dividends.— I Such has b“en our experience in regard to the last bank. After all, we must mainly rely upon the ! patriotism and wisdom of the States for ' rhe prevention and redress of the evil.— ;If they will afford us a real specie basis .’ for our paper ciculation by increasing the 1 denomination of bank notes, first to twen- ' ty, and afterwards to fifty dollars; if they will require that tiie banks shall at all times keep on hand at least one dollar of gold and silver for every three dollaisof! i their circulation and deposits; and if they . will provide by a self-executing enact- j ment, which nothing can arrest, that the moment they suspend they shall go into liquidation, I believe that such provi-; sions, with a weekly publication bv each bank of a statement of its condition, t would go far to secure us against future suspensions of specie payments. Congress, in my opinion, possesses the ! power topass a uniform bankrupt law applicable to all banking institutions throughout the United States, and I strongly recommend its exercise. This would make it the irreversable organic law of each batik’s existence, that a suspension of specie payments shall produce its civil death. The instinct of self-preservation wonld then compel it to perform its duties in such a manner as escape the pen- ; alty and preaeve its life. The existence of banks, nnd the circulation of bank paper, are so indentified ' with the habits of our people that thev ' ( 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 1 them hum administering to lite spirit of wild and reckless speculation by extravagant loan* and issues, they might be con , tinned with advanrage so the public. But this I say, after long and much I I reflection, if experience shall prove it to I be impossible to enjoy the faculties which well-regulated banks might afford, with-; out at the same lime suffering the calamities which the excesses of the banks; have hitherto inflicted upon the country, it would then be far the lesser evil to deprive them altogether of the power to is : sue a paper currency and confine them to the function* of banks of deposit aud dis- , count. Our relation* with foreign government*;

■ are upon the whole, in a satisfactory cani ditioo. ... . I The diplomatic difficulties wmeh existed between the government of the Um ted States and that of Great Britian at the : adjournment of the last Congress have been happily terminated by the appomt- ; m »nt of * British Minister to this country,. who has been cordially received. , Whilst it is greatly to the interest, as I am convinced it is the sincere desire of the crovernments and people of the two countries to be on terms of intimate friendship with each other, it has been our misfortune almost, always to have had some irritating if not dangerous, outstanding ( question with Gt ent Britain. Since the origin of the government we ' ■ have been employed in negotiating treat- j I ies with that power, and afterwards in ; discussing their true intent and meaning, in this respect, the convention of April 19. 11850, commonly called the Clayton and Buiwer Treaty, has been tl.e 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 I States, we beleive that this treaty would 1 place both powers upon an exact, equality by the stipulation that neither will ever! I 'occupy, or fortify, or colonize, or as- ■ ■ sume or exercise any dominion' over any j part of Central America, it is contended by the British government that the true construction of this language has left them in the rightful possesion 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 pert of the United States of the right of Great Britain, either as owner or protector, to the whole extensive coast of Central America, sweeping round from the Rio Hondo to the port and and harbor ol San Juan de Nicarragua, together with the abjacent Bay Islands, except the comparative!) small portion j of this between the Sarstoo : and Cape Honduras. According to their construe- ; lion the treaty does no more than simply prohibit them from extending their possessions in Central America beyond the present limits. It is not too much to assert, that if iu the United States the! treaty had been considered susceptible of i such a construction, it never would have | ! been negotiated under the authority 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 traditional and time honored policy and to stipulate with a foreign government never to occupy or acquire territory in the Central American portion of our ; continent, the consideration for this sac- | i rifice was that Great Britain should, in this respect at least, be placed in the I same position with ourselves. Whilst we I have no right to doubt the sincerity of ! the British /orernment in their construej tion of treaty, it. is at the same tune my deliberate conviction that this construction is in opposition both to its letter and it* spirit. Under the late administration negotia- ; tions were instituted between the two gov- • ernments for the purpose, if possible, of! removing these difficulties; and a treaty having this laudable object in view was signed at London on the l 7 th October, 1856, and was submitted by the President to the Senate on the following 10lh of December. Whether this treaty, either in its original or amended form, would | have accomplished the object intended! without giving birth to new and embar- ! rasing complications between the two governments, may perhaps be well questioned Certain it is, however, it was rendered much less objectionable by the different amendments made to it by the Senate. The treaty, as amended, was ratified by me on the 12th March, 1856, i : and was transmitted to London for ratifi- ' cation by the British Government. That government expressed its willingness to concur in all the am-ndments made by the Senate with the single exception of ; the clause relating to Ruatan and the othislands of the Bay of Honduras. The article in the original treaty, as submitted ;to the Senate, after reciting that these Islands and their inhabitants “having by a convention bearing date the 27th day > of August, 1856, between her Britannic Majesty and the Republic of Honduras,' constituted and declared a free territory, I under the sovereignty of the said Republic of Honduras,” stipulated that the two i contracting parties do hereby mutually engage to recognize and respect in all future time the independence and rights ofi the said free territory i.s a part of the Re-1 public of Honduras. i Upon an examination of this convention between great Brilian and Honduras of , the 27th of August, 1856. it was found that, while declaring the Bay Islands to be “a free territory under the sovereignty ' of the Republic of Honduras,” it deprived that republic of rights without which its sovereignty over them could scarcelv be 1 said to exist. It divided them from the remainder of Honduras, and gave to their ■ inhabitants a sepearate government of. i their own. with legislative, executive, and judicial officers, elected by themselves.— It deprived th# government of Honduras of the taxing power in every form, nnd exempted the people of the islands from ;the performance of military except tor i tiieir own exclusive defence. It also prohibited that republic from erecting fortifications upon them for their protection—thus leaving them open to invasion'rom ! any quarter; and. finally, it provided, ! “that slavery shall not at any time hereafter be permitted to exist therein.” Had Honduras ratified this convention

she would have ratified the establishment j i of a Mat« substantially independent with-. i in her own limits, and a State at all times |; subject to British influence nnd control. < Moreover, had the United States ratified ; with Great Britain in its original form, j we should have been bound "to recognize ; ; and respect in ail future time” these stipulations to the prejudice of Honduras.— I Being direct opposition to the spirit and ; meaning of t layton and Bulwer treaty as understood in the United States. The Si nate rejected the entire clause, and substituted in its stead a simple recognition ' of the sovereign right of Honduras to these islands, in the foilowing language: “The I 1 two contracting parties do hereby mutu-;, 1 all v engage to recognize and respect the I (islands of Ruatan. Bonaco, Utila, Barba-; retta, Helena, and Morat, situate in the [ Bay of Honduras, and off the eoaet of the ; Republic of Honduras, as under the sovereignty anti as part of the said Republic ! of Honduras.” ' Great Britain rejected this amendment,! ■ assigning as the only reason, that the rat- , ification of the convention of the 27th oi August, 1856, between her and Honduras, bad not been "exchanged, owing to j the hesitation of that government.” Had ; > ; this been done, it is stated that “Her ma-1 ■ jesty’s government would have had little difficulty’ in agreeing to the modification ; i proposed by the Senate, which then would ! have had in effect the same signification; as the original wording” Whether this; would have been the effect; whether the mere circumstance of the exchange of the 1 ratifications of the British convention with Honduras, prior in point of time to the ■ ratification of our treaty with Great Bri-; I tain, would, “in effect,” have had "the! same signification as the original wordjing,” and thus have nullified the amend- 1 ment of the Senate, may well be doubted. It is, perhaps, fortunate that the question I has never arisen. British government, immediately after I rejecting the treaty as amended, proposed : ( to enter into a new treaty with the Unii ted States, similar in all respects to the treaty which they had just refused to ratify, if the United Slates would consent to add to the Senate’s clear and unqualified I recognition of the sovereignty of Hondur- ( as over the. Bay Islands the following conditional stipulation: ‘Whenever andsoj (soon as the republic of Honduras shall! have concluded and ratified a treaty with Great Bi itaiu shall have ceded, and 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 i recognize the British, 1856, with full j knowledge of its contents, it was irnposi sible for, me necessarily ignorant of ‘the (provisions and conditions’ which might be contained in a future covention between the sume parties to sanction them in advance. The fact is, when two nations like Great Britain and the United States, mu- | tually desirous, as they are and I trust ! ever may be, of maintaining the most ; friendly relations with each other, have ; unfortunately concluded a treaty which they understand in senses directly opposite, the wisest course is to abrogate such a treaty by mutual consent and to commence anew. Had this been done promptly, all difficulties in Central America would most probable, ere this, Lave been ( adjusted to the satisfaction of both parties. , The time spent in discussing the meaning ;of the Clayton and Bulwer treaty would ( have been devoted to this praiseworthy purpose, and the task would have been the more easily accomplished, because the interest of the two countries in Central America is identical, being confined to securing safe transits over all the routes ; across the Isthmus. ; Whilst entertaining these sentiments, I shall nevertheless not refuse to contri- ; bute to any reasonable adjustment of the ; Centra) American question which is not practically inconsistent with the American interpretation of the treaty. Overtures for this purpose have been recently made by the British government in a friendly spirit, which I cordially reciprocate; but whether this renewed effort will result in I success 1 an not yet prepared to express ;an opinion. A brief period will deter- , mine. With France our ancient relations of friendship still contiue to exist. The French government have in several recent ; instances which need not be enumerated, • evinced a spirit of good will and kindness towards our country which I heartily re- 1 ' ciproc-ate. Il is, notwithstanding, much' ’to be regretted that two nations whose productions are of such a character as to ' invite the most extensive exchanges and freest commercial intercourse, should con-' tinue to enforce ancient and absolute rc-' ■ strietton of trade against each other — j Our coraineicial treaty with France is in this respect an exception from our treat- ! - ies with all other commercial nations. It I jealously levies discriminatingduties both ( ion tonnage and on articles, the growth, | produce, or manufacture of the one couuI try, when arriving in vessels beionjjinw to I the other. ’ More than forty years ago, on the 3d of March 1815, Congress passed an act offering to all nations to admit their vessels laden with their national productions into the poris of the U nited States upon the same terms with their own vessels, provided they would reciprocate to us suni-, j lar advantages. This act confine J the rc- , ciprocity to the productions of the respec- i tive 'oreign nations who might enter into (the proposed arrangement with the Uni-; ; led Slates The act of May 24. 1828. removed the restriction, and offered a

similar reciprocity to all such vessels wi- ’ out reference to the origin of their goes. Upon these principles our cial treaties and arrangements have ' founded, except with France: and k/ hope thattbis exception may not longex : -V Gur relations with Russia remain they ever have been, on the must friend ly footing. The present Emperor, ss Wt! j as his predecessors, have never failed when the occasion offered, to manifest their good will to our country; and thtir friendship has always been highly apn ciated by the Government and people ol the United Slates. With all other European governments except that of Spain, our relations are a* peaceful as we could desire. I regret to say that no progress whatever has been made, since the adjournment of Congress towards the settlement of any of the numerous claims of our citizens agains ti le Spanish Government. Besides, the outrage committed on our flag by the Spanisb war-frigate Ferrol ma. on the high seas on the coast of Cuba, in Marc!:, 1855 by firing into the American mail-steamer El Dorado, and detaining and searching her, remains unacknowledged and uni fill ressed. The general tone and temper of the Spanish Government towards that of the United States are much to be regretted. Our present envoy extraordinary and minister plenipotentiary io Madrid has asked to be recalled; and it is my purpose to send out a new minister to Spain, with special instructions on all questions ! pending between the two governments, and with a determination to have ti.tm 'speedily and amicably adjusted, if this be ; possible. i In the mean time, whenever our min(ister urges the just claims of citizens on ! the notice of Spanish government, he is met with the objection that Congivss has never made the appropriation recommended by President Polk in his annual message of December, 1847, 'to be paid to : the Spanish government for the purpose of distribution among the claimants in the Amistad case.’ A similar recommendation was made by my immediate prodecessor in his message ol December, 1853; and entirely concurring with both in the opinion that this indemnity’ is justly due under the treaty with Spain of the 27th (October, 1795, I earnestly recommend I such an appropriation to the favorable consideration of Congress. A treaty of friendship and commerce was concluded nt Constantinople on the 13th December, 1856, between the United States and Persia, the ratifications of which were exchanged at Constantinople ;on the 13th June, 1857, nnd the treaty was proclaimed by the President on the 17th August, 1857. This treaty, it is believed, will prove beneficial to American commerce. The Shah has manifested an earnest disposition to cultivate friendly relations with our country, and has expressed a strong wish that we should be represented at Teheran by a minister plenipotentiary, and I recommend that an appropriation be made for this purpose. Recent occurences in China have been unfavorable to a revision of the treaty with that empire of the 31 of July, 1841, with a view to tbs security and 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 case the two governments 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 yesr* expired on the 3d of July, 1856; but long beiore that period it was ascertained that important changes in the treaty were necessary; and several fruitless attempts were made by the commissioner of the United States to effect these changes.— Another effort was about to be made for the same purpose by our commissioner, in conjucntiou with the ministers of England nnd France; but this was suspended by the occurrence of hostilities in the Canton river between Great Britain and the Chinese Empire. — These hostilities have necessarily interrupted the trade of all nations with Canton, which is now in a state ol blockade, and have occasioned a serious loss of life nnd property- Meanwhile the insurrection within the empire against the existing imperial dynasty still continues, and it i* difficult to anticipate what will be the result Under these circumstances, I have deemed it advisable to appoint a distinguished citizen of Pennsylvania envoy extraordinary and minister plenipotentiary to proceed to China, and avail himself of 'any opportunities which may ofer to us- , feet changes in the existing treaty favor ' able to American commerce. He kit the United States fur the place us his destination in July last in the war steamer Min- ( nesota. Special ministers to China have also been appointed by the governments of Great Britain and France. Whilst our minister has been instructed ;to occupy a neutral position in reference jto the existing hostilities at Canton, he will cordially operate with the British and French ministers in all peaceful measures I to secure by treaty stipulations; those just concessions to commerce which the nat ions of the world have a right to ex- ' pect, and which China cannot long be permitted to withold. From assurances re- ; ceived, I entertain no doubt that the three ministers will act in harmoniou-i concert to , obtain similar commercial treaties for each of. the powers they represent. Concluded next week. m »<—> —* — A secret is like silence you cannot talk about it and keep it. It is like money when once you know there is any concealed, it i« half discovered.