Arkansas true Democrat., 1857-09-22

system Is the use now made of railroad bonds. and especially the purchase of foreign iron at high prices with these bonds at the depreciation at which they are sold
 As our railroad system has absorbed. and must of necessity continue to absorb. so much or our capltai aiId labor and the purchase of 1ore'gh ron With railroad bonds must subject us us more ana more to the financial policy of the Bank ot England; and as it is now well under. s.oou Chat the policy of that bank is to regulate the exchange so as to make London the heart oi the financial world; and as she can under our present system recruit her stock of bullion by exporting our specie at less cost than she can obtalnl 1t elsewhere; and as the purchase of Eng 1 llsh iron with our railroad bonds increases the power of the bank over our currency. it is ap- parent that an organization by which Ameri- can iron can be supplied to our railroad compa- nles at less cost than is now paid for foreign ron would greatly promote the general welfare and prosperity of this country. That this may be done the undersigned, after much research. believes, and he ventures to say that he has ar ranged the details of organization by which it may be accomplished.
 As these details require the concurrence of the Executive and Congress, and of those in. terested in railroads and in the manufacture of iron, he respectfully invites the co-operation of those who are interested, and suggests that convention of delegates be held in this city on the first Monday of January next authorized to confer with the President and Postmaster General and with Congress on the subject lie respectfully suggests, further that the l plan which he proposes to submit embraces an organization, under acts of incorporation in all the States in which they can be obtained with sufficient capital to be invested in railaoad bonds and other good securities; that it shall be the duty of this association to act as trustee and agent for railroad companies in the sale | of therr securities, and from the proceeds of such sales and their own capital, to furnish funds to aid in the manufacture of iron for rail roads; that there shall be fixed duty upon iron, sufficient to protect the capital invested Tn Its manufacture, and the currency from the contingencies affecting the price of foreign iron produced by the financial policy of the B ,nl of England; that the laws regulating mail con- tracts be so modified to authorize contracts with railroad companies for the permanent use Of thelr roads; and that, instead of payments on 1 contracts as now made there be delivered to such companies coupon bonds, chargeabe on | the revenues of the department, redeemable at the pleasure of the government, and bearing | Interest at the rate of two and half per cent | for sum, the interest upon which at Der cent would be equal to the payments made for such service under the present system; that the 1 whole proceeds of tha public lands be transfere red to the post office fund; and that whenever the funds of the department and the surplus Tn the treasury, beyond sum to be fixed by law, will permit, it shall be the duty of the government to purchase up at par such of these coupon bonds as may have been deposited, under the laws of any of the States, as d bass for bank lsSues in the order of the registry of such bonds at the treasury by the banks making such deposits
 It will be seen that by giving a sufficient post office fund, and thus approprating the proceeds of the sales of the public lands and the surplus Tn the treasury, several questions winch now disturb the legislation of Congress, will be advantageously disposed of.
 As the subjects to be discussed in this con. veution embrace matter of vital importance to the whole country, and a> its chief object will be ;o demonstrate to the satisfaction of the President and of Congress that wise reIult- | ton ot our foreign commerce and of our cur rency will enable us to furnish good American l iron at less than the cost of bad foreign ron the undersigned respectfully invites the coop eratlon of the pless and and of all persons who may be enabled to impart any important fact or suggestion bearing, however remotely, on the matters to come under consideration. And, ! that the convention may avail themselves of 1 the mass of facts and valuable suggestions which, 1t is hoped, will be contributed, he re- l spectfully invites that all such contributions, whether of facts or suggestions, be sent to him at Washington, that they may be digested and arranged ln advance of the meeting of the con ventiOn.
 As the great point to be established, Is what Il ,,f, I .I system will be, he respectfully asks for details as to the localities in which iron may be ad- vantageously produced, and especially as to the quantity, character and cost of mining of iron and other ores, and of the quantity, character and cost of fuel, etc, so that knowing the cost ot the raw materials, may estimate the cost of producing iron.
 As 1t is important that the information be minute in it, details, it Is also important that specimens of ores and coals, with details as to location, quantity and quality be submitted 10 the convention and to the examination of meln- bers ot Congress, the undersigned therefore re- Specttuily asks that specimens of valuable Ures with details as to quantity, quality and cost of inning and delivery, and that specimens of coals with ike details be forwardcl to him in Washington by members of Congress, the dele gates to the convention, or such other means of conveyance as may offer.
 In concluson:-This circular is addressed to all persons interested in the manufacture of iron and in railroads but it will be seen that it also refers to an organization of the capital now invested in railroads and to be so invested and to the currency. All such as are interested in these are also invited to aid Us as delegates to the convention, or by such suggestions as they may desire to make; and as it Is impossible for the undersigned to know personally all of Chose to whom such circular should be addressed, he asks the aid of newspapers to distribute it, and bess all who are able and willing to aid in the measures proposed to receive 1t as addre,- sed to them personally, and to communicate with him accordingly. DUFF GREEN.
 WASHINGTON CITY, Aug. l5, 1857