The Sun.
London, England, 1869-11-06 00:00:00

THE CONVENTION AT LOULsVILLE.

(From the Anglo-American Tim's.)

The Southern Commercial Convention met at
Louisville, Kentucky, on the 12th October, organiz-
ing with ex-President Fillmore in the chair, and a
number of distinguished men around him. He made,
on election as president, a good speech, stating that
he now belonged to no political party, and desired
to confine the objects to the purpose for which the
meeting had been called. These were explained at
the session of the next day, when standing com-
mittees were appointed, each composed of members,
one from every State represented, to consider the
following subjects :
" Southern Pacific Railroad, railroads generally, trade
with Europe, emigration, finance and banking, manufac-
tures and mining, Mississippi levee improvements, Ten-
nessee river improvements, river navigation, canals and
other improvements, agriculture, continuous water line
communication between the Mississippi River and Atlantic
seaboard, removal of obstruction'. and a cheap and easy
outlet through Mississippi and the Gulf, and imports ; and
on the motion of Mr. Hilliard, the subject of the protection
of labour and the reduction of taxation was made an order
of business."

Mr. Loth, of Cincinnati; brought forward a re-
solution, censuring the Secretary of the Treasury
for selling gold and buying Bonds. He considered
it to be beneath the dignity of the United States
to buy its currency with gold at a price below what
on its face the country promises to pay, thus ac-
knowledging its own currency to be worth less than
par. We cannot see why a Government is not to
acknowledge a fact known to the whole world, nor
do we perceive what good can result from ignoring
that to which mankind bears witness. Mr. Loth's
very crude plan for paying off the debt was referred
to the finance committee ; but it might now be sup-
posed that men had tired of such quack remedies,
these universal panaceas and pursuit of the elixir
of life, that philosopher's stone which gives to irre-
deemable paper the value of gold. General Wal-
bridge, of New York, then brought forward this
resolution, desiring its immediate:consideration, but
the chair concurred with an objection which re-
ferred it to a committee :

"That this Convention heartily approves the recent
sale of gold in the city of New York by the General Go-
vernment, and the thanks of this Convention are hereby
tendered to the President of the United States for his
prompt authority to the Secretiry of the Treasury to
take such measures as would prevent the extension of a
financial crisis, which was already dragging down all the
branches of trade, and but for such action would have re-
sulted in wide-spread commercial disaster in every sec-
tion of our extended country."

Expression of regret on the death of ex-President
Franklin Pierce forined the next resolution, and
the meeting adjourned for that clay, to be preceded
on the next meeting by a grand trades procession
extending for nine miles, and taking three hours to
pass one spot. The Committee of Emigration then
submitted a report recommending the appointment
of Matthew FountaineMaury, the well-known scien-
tific sailor and officer of the Navy, first of the United
and then of the Con federate Service. The appointment
acted on by the legi-latures of the Southern States
will answer in Europe, where it is proposed to send
Captain Maury as an agent, for be is here known
and honoured as the man of science, not as the
rebel officer. What the Convention advises is that
a man of weight should be delegated to Europe
with means to organise bureaux for spreading in-
formation and giving the South a fair chance of
benefiting by the emigration of Europe. It is
alleged that according to the first census of the
United States in 1799 the population was equally
divided between the North and South, while the
census of 1860 showed that the North had increased
to 19,000,000, and the South to but 12,000,000, a
disproportion due to an immigration almost wholly
confined to the North. Estimating each immigrant
as worth $1,500 to the country, the gain on this
bead alone to that section may be imagined. The
Committee thought that Europeans are not only
ignorant about the Southern States, but prejudiced
through misrepresentation, and it is to counteract
these prejudices and to spread truthful infor-
mation among the British, Germans, Dance,
Swedes, and Norwegians, that Captain Maury's
appointment is recommended. He will find on
inquiry that whatever prejudice exists in Europe
against the South has simply resulted from African
slavery. It would have been almost an insult to
ask a free labourer of the Caucasian race to emi-
grate to a country to compete against a negro slave.
Where slaves do the manual labour, labour is de-
graded, and those whose stock-in-trade is labour
will not carry it to such a market. Circumstances
have wholly changed in the South, and Captain
Maury will be welcomed in Europe, more especially
in England, where the mass is now surging towards
an exodus, and the sooner be comes with all the in-
formation he has to give, the better. Special refer-
ence was made to the Oriental Mediterranean New
York Steamship Company in connection with emi-
gration to the South. Although the Committee on
Banking and Financ3 made its Report, the discus-
sion was adjourned the next day, 15th Oct. After
epitomising their conclusions, the following resolu-
tion was proposed :
" That Congress be requested at once to enact a free
banking law, with efficient and certain measures for
prompt redemption of the currency, with a provision that
currency is to be issued only as fast as the Legal-Tender
notes are redeemed and destroyed until specie payments
are restored. Second—That Congress direct the Secre-
tary of the Treasury to cancel and destroy all Legal-
Tender notes that come into his possession as fast as the
net means of the Government will allow; in case the Na-
tional Bank currency is applied for faster than it can be
furnished under the conditions here stated, preference to
be given first to the South, and second to the West, until
the whole currency in circulation be equalised upon the
basis of population. Third—That Congress direct the
Secretary.of the Treasury to regulate all his action by the
wants and necessities of ►he Government, and leave the
people to manage their money markets and business in
their own way.' _ . _ _

The improvement of the Mississippi and its tribu-
taries was discussed, and the memorial to Con-
gress adopted, as was the Report on Agricul-
ture, wherein Congress was requested to repeal
the law enforcing the land tax in the South. A con-
tinuous water line from the Atlantic Ocean to the
Mississippi was approved, as was the Report on
simplifying, equalising, and reducing the taxation.
A full and exhaustive majority report on a railroad
to the Pacific was read, when General Sprague, in
an able speech, favoured a Southern line. As re-
gards direct trade, fleets between Europe and
Southern ports are recommended, as well as the
modification of the Navigation Laws, so as to
allow the purchase of foreign ships, and abolish the
tax on shipbuilding materials. The final meeting
was on Saturday, the 16th October, when the im-
provement of Southern ports, especially Mississippi
navigation, was pressed. A majority report fa-
voured Chinese immigration, the minority being
in strong opposition thereto. Messrs. Walbridge, of
Texas, and Massey, of Virginia, supported the ma-
jority, Messrs. Shorter and Hill the minority, but
the whole subject was voted down. A city in
the Mississippi Valley was recommended to Con-
gress for holding the World's Fair of 1871, and.
Cincinnati, Ohio, was selected for the next Con-
vention. The chairman was unanimously instructed
by the committee to report against any scheme for
the Government to work the telegraph. In closing
the proceedings ex-President Fillmore spoke of the
Convention in eulogistic terms, anticipating benefit
to the country, and he added that he would never
again appear in a public Convention. The reports
must have been of an able and voluminous character,
touching on every commercial subject.

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