Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-10-19
Commercial and Fiaane,aI Couvea,iou,


Commercial and Financial CoHventiOn.
SECOND DAY.
From the Macon Ca Telegraph. OCT. I6I
MACOS, Oct. l5.-The meeting was opened
with prayer by the Rev. J. L. Evans.
Tue minutes Of the afternoon session of the
day previous were read andconfrmed.
4 number Of delegates having arrived the night
previous, they came forward and enrolled their
names at the Secretary's desk.
b. 5. Bib and J. NJ. Bib, of Ala; r. Fl. d.
Souell, of Texas, and 5. D. Heard, Of Georgia,
were added 20 the committee on Finance and
Commerce.
The convention then listened with marked at
trntiOu and interest 30 a recapiIulatiOn OF some of
the manufacturing enterprises aud mineral re-
sources of that good old state, North Carolina,
by w. Mel. Mckay, Esq. The speaker was
greeted with storms Of applause during its de-
| livery. He exhibited specimens OF wooden socks,
manufactured for the army at 81 70 per dozen,
a very sericeahle article indeed; specimens OF
cloth for ladies' dresses, homespuns, and some
spool cotton, 900 wards 10 the spool at "a cents
per dozen. He suited that the South need no
longer rely upon the ClsTks, Coates, Wilson's,
Stewards & Co. for their sewing thread, marked
200 wards, when it only run out about IS yards,
not half 50 far as a Yankee could when q south
erncr was after him. We hope Mr.. Mckay will
write out bis speech for publication, although
being an impromptu a1lir, II may be rather diff
icult for him to do so.
Several resolutions and memorials upon cotton
exports, the sequestration act, and other sub
jects were then presented and referred TO the
standing committee.
The standing committee submitted the fol-
lowing report upon the subject Of the Seques-
tration Act;
WHEREAS, by the law of nations, debts dHe
to alien enemies are suspeded, and bear No int
rest duringathe continuance Of war,
ReSolUod therefore, That in the opinion Of this
convention, the SequestTatiOn act adopted by
the Confederate Congress AZ its recent session,
should not require the payment OF debts due by
our citizens to alien enemies during the exist
enCe Of the war; but that il should require only
the evidence OF She indebtedness to be returned,
and placed upon record by the receiver.
That in cases, wherein the debtor 10 an alien
enemy is also a claimant Of indemniry for dam
age sustained by the act or acts OF the govern
meut of the United States, or Of the people
thereof, the balance (when against the citizen Of
the Confederate S'ates,) should alone be the
amount demanded.
That the Sequestration Act should take effect
at and from the date OF It's passage, and not
from the 2lSt OF May, as now provided.
The government of the Confederate Statas
having assumedth the place Of the alien creditor Of
the Confederate debtor, should stand on the
same footing with all other creditors.
That committee soreports the following reso-
| ~lutiOns for The action OF the convention
RcS0iesd, That the Insurance companies
throughout the Conledoracy be respectfully re-
commended 10 insure the cotton stored bv the
planters in the towns of the interior, or on their
plantations, to the extent Of three-fourths OF the
market value Of the DAY.
The above resolution was passed.
ReSoIps3, That IN the opinion Of this conven-
ion the proposed issue Of treasury notes to be
made by the government, and the issues Of bank
notes in the ordinary course of trade, aud under
the resolution of the banks TO make advances
to planters, who shall subscribe "A portion of
their crops in aid OF the government, will To-
gctheT furnish an adequate currency for the
country, and viii Obyiate the necessity sor any
Intervention Of the government.
On motion, 1t was ordered that The report of
the committee on the sequestration act be print
ed, and that its consideration be postponed
aud set down for ten O'Clock tomorrow morning.
The following resolution Of Mr.. Trenholm. Of
Charleston, was then read
ResOtUed, That the convention recommend to
the Legislatures Of the several States OF the
Confederacy so to modify the usury laws as 10
give greater freedom in the use OF capital. and
they would suggest as a suitable means Of pro-
noting this end, that the ~diseountiDg OF CONNER
lciai notes and drafts at not more than eight
months date, be legaIzed at such rate Of inter
est as may be agreed upon between the parties
to the negotiation: PrO5iied, that the banks,
being public institutions, with privileges granted
10 them, to he restrained by Law 20 the legal rate
OF interest in the States respectively.
On motion to adopt said resolution, a spirited
debate arose, which was participated in BY
Me>srs. Tate, Trenholm, Lamar, Green, Hub
bard, Lee, and others.
Pending the discussion, a motion was made
10 strike out the pFovisO annexed TO the resolu-
ton.
The resolution was, on motion, indefinitely
postponed.
On motion, a committee was appointed to CO.
operate with 81 committee appOinted,by the Plan
ters' convention 10 arrange the terms of ANAL
gamating the two conventions, who retired, and
after a brief absence, returned and reported that
| the committee of the Planters convention had
agreed 10 combine with them, retaining their
own officers, and the previous action of this
convention, subject to reconsideration if so de
sired. The report was adopted, and the presi-
dent of the Plantcrs's convention. james NJ.
Chambers, appeared and took his seat on the
platform with President Andrews, and the Plan
teTS' convention took appropriate seats.
Mr.. Bib, Of Ala, offered the following:
Resolred, That this convention recommend to
the Legislatures Of the several States TO legal
ize the suspension Of specie payment by the
banks during the existence Of the war, and for
twelve months thereafter, conditioned neyerthe-
less that the said banks shall advance at the
rate of FIVE cents per pound on middling cotton
Ia the holders Of the same, and the sums so
advanced shall not be collectlble except at the
discretion OF the debtors, until the blockade OF
the ports shall be removed, and trade in the ar
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