Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-10-22
SOUTHERN COMMERCIAL CONVEN-
THAN
Especial Correspondence Of the Appeal
MACON, October I8, 1861.

ers, the opening OF our ports free to all the
worlds commerce, and allowing the expectation
of cotton in return for implications, has already
reached you. But there was one important
matter passed over which requires the early and
earnest attention Of the country. l mean the
resolutions proposing the needful preparatory
legislation to prevent our trade and finance fall
ing again under the control Of New York.
These resolutions l think expressed the seuti-
ment of the country, as they certainly did aim
a deadly blowat the North, as appeared upon the
debate. They were:
list. To place a discounting duty of twenty
per cent. on all foreign goods imported into the
Confederate States through or for account of
northern parties for a period Of ten years.
I'd. To place a direct income tax" upon all
northern exchange or bills payable there, for a
similar period.
Sd. Recommending our banks and merchants
to make all our cotton produce bills accepted
payable in Europe, at least to the extent of our
foreign importations.
These resolutions were known as the " Direct
Trade Resolutions" The friends Of direct
trade taking the position that because of the
artificial means employed in the late Union 10
divert our trade North, it became absolutely
necessary for the South to aid southern trade
by legislative enactment to break away from
the restraint upon our commerce so long and
so unjustly imposed by the American govern
ment.
These resolutions Were postponed in the
business committee and passed over from time
TO time until it was too late to debate them.
They were, however, called for by the conven-
ton in the last hour of its session and would
have passed but for the argument put forward
by Gen. Duff. Green as chairman of the commit
tee, followed by d parliamentary movement
which cut of the debate and laid them on the
table.
The position taken by Gen. Duff. Green, was,
that these resolutions We're so fatal to northern
commerce with the South. so destructive Of al
hope Of New York ever again participating in
the importation OF orr goods, in our wealth
through the discount Of our cotton hills and the
control Of our exchange, that 10 pass them would
be to prol0ng the war. That the direct trade
resolutions, in fact, would make any adjustment
with the North impossible and prevent any RE
CONSTRUCTION Of the commercial and fnancia.
connections between the Northand South. These
views suddenly put forward, had great weight
with the conventions. All debate being cut of
by nature OF the motion with which Gen. Duff
Green closed the argument, the direct trade
resolutions =" were tabled.
The greatest excitement followed this unex
pected vote. The direct trade men were only
the more convinced Of the Importance of these
measures, from the fact that Aleir opponents
considered them too dangerous 10 tie North. They
believe chat the free trade resolutions, unless
practalized by " direct trade would not give
to the South the full measure of commercial
benefit desired. 1t was also conteEded for, and
| think with great force, that one Of the objects
ifnOt the paramount object of the convention
was to indicate the necessary preparatory mean,
to prevent the North from ever again having any
control over our trade. For one, l am free t
confess that the objections urged by Genera
Green were, 10 my mind, the very reason why
the direct trade resolutions should have been
passed. Tie fact shat they We're so dangerous
to the North, is the best evidence Of their neces-
sity to the South.
In order to allow the utmost harmony to pre-
vail, it was agreed TO suppress the exciting de-
bate which flowed from this unexpected position
of Gen. Green. But understand that the III,
rect trade resolutions VIII be- taken up soon in
another form and pressed upon the cousidera.
ton Of the government.
Outside Of the interest to the mercantile com
muniiy which these resolutions possess, n sig
~niticant and important political element is devel
Oped by their defeat as above stated.
There is no Doubt that the result was brought
about BY a powerful Georgia influence, and that
parties in high position in fhe government from
this State are opposed to disrupting by legisla-
ton those commercial and financial ties which
are only suspended and which are to be preserved
as an iHdHcc8leni for pence 70 the North, as well
as a basis of adjustment Of terms Of that peace
lWhat the ultimate social and political result OF
such commercial and fHaRciai reconstruction viii
be, is a matter Of grave concern 10 the southern
people. As your correspondent, l give the sim
pie facts. They are certainly significant and
pregnant with great events hereafter.
I herewith append the direct nade resolutions
and the address to the convention offered by
Mr.. Vernon
TO he Members IF che Cgasestoa
Your attention is called to the accompanying
resolutions, which have been referred 10 the
business committee for consideration.
We are free 10 confess that we aim, in these
resolutions, 10 strike q decisive and deadly blow
at northern trade and New York banking infu-
ence. The people Of the South have learned
what value 10 place on mere professions. We
desire acts, and acts SO unmistakable rs 10 settle
this question az once aad forever. We propose
TO tax northern coastwise Importati0ns. We
/ IlnNNTi ~ AAA = net fAAhNANa - tf4'fNHI
to tax northern shipping. We propose to open
our ports to the Of the world, during
the war. We propose, Though king cotton, to
shatter that blockade to atoms. But above all,
we propose TO utilize and convert the cotton
crop, thus giving relief TO the government and
the planter. This we propose to do by declaring
all cargoes free that run the blockade, allowing
the ships to take back cotton. We propose,
also, to place a general European insurance
upon our entire crop, under the operations
OF which Lincoln dare not touch a bale Of our
cotton. We propose to do this, by making all
the original bills, drawn upon the faith of the
cotton crop, payable abroad. This lifts our ex-
changes over the head Of New York, introduces
our produce bills into the cheap money markets
tthpre, and being hypothetical in forming a
basis Of credit, gives Europe, to the extent OF
such hypothecation or advance, a p~Te-emptOry
right in our crop, subject to the conditions we
may impose.
The placing of our cotton bills in Europe is
a simple process. The planter draws upon his
factor, who gives the,usual acceptance with this
difference, that, instead of accepting payable at
the South or in New York, be accepts payable in
Europe at the point most convenient to the
banker. The insurance Offices, by issuing pol
icies of insurance upon cotton plantations, per-
fects the security.
With these explanations, the following reso-
| lutions are submitted for your consideration
If we are in earnest-if we mean to act as well
as talk, il is only necessary to strike at the root
/ Of the present financial and commercial policy
Of the South. Let the policy indicated in these
resolutions be adopted, and there will be no need
OF hayrassing our own merchants, and middling
cotton will, in four months, bring twelve cents
apound, cash, in every southern market. Util-
ize our cotton crop, open our ports, strike down
northern exchange by legislation and by making
all cotton bills payable abroad-these are meas
ures at once simple, direct and effective, which
we need.
Res0irei, That an extra or discriminating duty
of twenty per centun be laid, by Congress, by
special enactment. OF added 70 the tariff bill
upon all importations, the production or manu-
facture of foreign countries, which shall be inn
ported or shipped from or through any port OF
city Of the United States Of America. and a duty
Of one dollar per tun register on all bottoms en-
teTing any port Of the Confederate States from
any port of the United States.
ResolUeG, That a direct Income tax" OF
twenty per ceutum shall be levied by Congress
for the period Of ten years, upon all foreign bills
of exchange drawn through, upon, or RENTED
through, or negotiated in and for account OF
parties resident IN the United States Of America,
as well as ten per centum upon all bills, notes,
or other obligations Of debt, or contract, made
payable in any city or place in the United
States Of America, for Il similar period Of ten
years.
R~esoired, That our ministers plenipotentimy
accredited to foreign courts, be authorized "a
.,4, t-c,tv gtipulatioue for n t.rr1 of years