The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-27

the WITHDRAWAL OF the insecure bank notes ISSUED by the
numerous so called banks. paper currency was ne.
cessity country and this currency being equally
valuable In every part Of the Union would stimulate pro-
duction, trade and commerce 10 degree.
Another great point in their was the that
large portion OF these debts held VIII oh
had issued them therefore their own people were in
teested in the resumption Of the payment of the vi
dends The basis OF the committees operations would
So,e % and adna an no e arrears up to The presen.
| IN advance, into bonded debt, bearing the
same rate Of interest as the original loans,
such sinking fund should insure the payment Of this
new debt within twenty years As OF justice
nc ought to mention that the proposed settlement had
einanated from corporation IN the States and from
this side OF tho water The corporations found to
awe 70 thcir posilon but as yet tho individual IN
deped States had made sign, and this the reason
why II was proposed that the bondholders should take
the initiative In selecting committee extremely
desirable that the gentlemen nominated should have
some speciality which particularly lifted them for the
position The individual chosen should have tho advan
age OF having personally been resident the States,
he should represent large and influential
in those debts In the majority Of the he should
submit to the meeting speciaes were COM
bined and for himself he might mention that in his
early years. he resided upon in the ncighborhood OF
many OF the spots which had since become famous as
the battleeds Of the South In concluding, Mr. Hase
wood introduced to the meeting Dr. Black, whom he de-
scribed as an American gentleman who deeply in
Dr. BLACK said the chairman had expressed himself
clearly and fully and much the point in every
TO his part Of Americahe Southern States Generally
Speaking the people Of country knew little about the
people OF another; and perhaps II was one OF the
stfangcst things in nature how slightly national aggre
ga on in one part Of the world really acquainted
with another Moreover in the present instance, the
commerce OF Engand with the United states had been
chiefly carried ON through the ports Of the North. The
consequence was that the small amount Of accurate
knowledge which the English people had Of America
related almost entirely the North In this country he
round was common opinion that the South was pes
enai region that in the greater part Of It, especially
Tor its grand products cotton and tobacco the negro
must be employed and that other than the black la.
borer could exist there. That, however great mis-
and ha .el.,.
ducts OF the South aud their amounts from which
men oil sense the meeting would that great
country which produced those articles such quantities,
must upon the whole be sanbrous. There could be no
doubt that the existence OF slavery In the South
curse IL had been so from the beginning OF time 10 every
community that had adopted IT, and he sorry
to say that there scarcely spot upon earth where II
had not existed; but nation after nation had at length
discovered that that which they deemed valuable
in reality the most mschievous influence that fell
upon society With regard to the southern States Euro
pean emigration and the labor of the white hands exist
ing there both stopped by the presence OF the
negro. All agricultural operations in the South
slovcnly aud badly performed as il was possible
Tor them 10 be. The country, as u was situated
before the late war. and with greater extent
Of cleared and cultivated lard, ought to have
produced twice much it had done; and England,
Instead OF the amount Of cotton IL had imported ought
long since to have received double the quantity Nay
more; IL white men and white mems energy had been
employed England would have had IL too Now that
slavery abolished, and Northern men OF energy
and European enterprise and labor were introduced we
ght confidently expect that in few years this country
would get from the Southern States far larger quantities
of cotton and tobacco than it had got before Ac
cordng to tho latest official returns from Washington the
states which, until lately, had been slave had
the year 1850, just before the broke out, pro-
duced Of wheat IS 600 900 bushels Of Indian maize
(Which was the grain they chiefly used),
400 100000 bushels; Of oats 2s,000,0OO bushels;
Of of beans noo and peas @ bushels Of batter
900 lbs and OF tobacco 400 0O0 whilst In pro-
portion to their population they had always been
any other part CT the United States H. asked them
whether country that raised these products in such
abundance could be regarded insalubrors Along
ioral and among the sea islands and swamps It
doubt unhealthy, and nobody but the negro could
live and work there; but in ary all parts in the
ror was healthy country II stretched from Mary
land to Texas, from the Atlantic Ocean the ctls
Rocky Mountains on the west and them tho Pa
OF the United States With soil rich n climate
salubrous, freed from the and the blight Of
slavery, aud far better adapted th1n any other portion
Of the world yet known for the production Of cotton
article important TO manufacturers throughout
tho globe, when once labor was made honorable
industrial enterprise and energy introduced, and its
resources fully developed not loosely and sothfuly
had heretofore been the case how was IL possibe-bat
country like that could be checked in the Amer
can advancement Hear, hear He had made these
observations the hope Of being able to In
slight degree what too common n misrepresentation
amongst Englishmen The subject OF the capabilities or
the sOuth. tienr hear.
The CaArRMAx then NOV ed-'That the following zen
tcmen do form committee with power 10 add 10 ihcir
number represent the holder. stocks bonds
the states and corporations OF the United States where
ON the dividends are now in arrear, vz:-Mr l.. II.
Hasewood Mr.. Scholcled, VI. T.. Mr. George Gowan
Mr.. Edward Haslewood and DR.. Black
BoNDnoLER Il that nothing oild be satisfac-
tory than the statements of the Chairman and DR. Black,
but he would like some further explanation 10 the
course OF action contemplated by the committee.
The CHAIRMAN replied that the l,rst step would he TO
address circulars 10 governors ana OF States
nqurng how they proposed the demands the
bondhoders and telling them that II they prepared
to fund the arrears and pay them Oh within reasonable
period, the comm ttec would recommend the proposal
the Adoption of the bondhodcrs. IL desirable. too,
that the dividends that might b. given the stock
should be made payable IN this country. That very
important point aud the cominttce would iight very
hard 10 get IT, Hear, hcarl The old debts fol-
low The tate OF the greenbacks That could not be
helped
Boynuc LpEn hoped that every consideration would
he allowed Tor the present position OF the Southern
States. They were high nnocd and honorable Of
people, and II they only had time 10 pat Their affairs to
rights everything would cDd well very short time
DR. B1ck, though southcrncr, had always been a
Onion man, and bclicvcd there example b,
found In history OF great blunder the southern
people had recently committed. Never hcIcss they
were manly people aud while they had made blum
ders, the biunders those OF proud There
no canncss 10 the Southern character and the
resources oil the South became Developed he
hdcnt that IL would not only be perfectly able 10 meet
It's liabilities, but most anxious 10 DO
The notion appointing committee, was agreed 10
unanimously.
resolution was also proposed by the CnaaxaS TO pro.
vide for the OF the committee aud tile
endorsement of the expenses 10 be incurred In the
prosecution Of their labors, al foliows:rhai, N con
sdoraon Of the committee giving their time and aten
ton TO the prosecution OF these claims and undertaking
the issue of the bonds, commission OF on1
que coupon, diVdenu, beinK years intfrest,
shall be given TO them gu, OF each settlement TO tepay
the expenses incurred and rcinuncrac them forheir
oxertons and trouble.
A BoSpnoLpsR inquired whether the three per cent
coupon would apply 20 the gross amount VI Virginia
bonds, or only 10 the bonds overdue
The CgAiRsAS-ro the whole capital
BosDHoLphR-was 1t the intention Of the committee
TO proceed for the recovery OF oil overdue dividends
American stock only those which have fallen
rear sincc the commencement OF the late war;
The CHARMAS--Ihe abors Of the committee would
terminate with the very last claim against America
ing out Of any public transactions with corporations or
indebted states
BosDHoLpER requested clear definition OF what this
liability would really be.
The CHAIRMAN explained that, surprising person TO
hold f10 900 Of Ave per cent South Carolina bonds
which four years arrear, the committee would
have to claim his behalf e. 600 for and he
would have TO give the committee ESQ This would be
ten per cent on the amount overdue.
BoxDHoI suggested that might be prudent, In
in Inc saaca M