The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-05-26
The Memphis Convention.

DE-
The Memphis Convention.
The great Commercial Convention at
Memphis adjourned sine die on Saturday
afternoon, after passing resolutions of
thanks to the citizens and press of Mem
phis. From the reports of the proceedings
of the Commercial Convention, on Wednes-
day, published in the Memphis papers, we
make the following extracts:
Mr.. W. S. Hastie, of South Carolina,
submitted the following:
Whereas, the disasters of war have de.
stroyed the banking capital of the South,
and as the high rates of interest paid by the
planters Of the South and Southwest for
loans of foreign capital for the last three
years, has swept away the profits of those
who have made partial crops, and almost
ruined the plan ters on the sea-coast, whose
crops have failed for three successive years;
and as it an acknowledged fact that no agri-
culturist can safely pay more than seven
per cent. per annum for loans dependent
upon the chances of the products of the soil
and, whereas, in view of our large national
debt, if it is of vital Importance to the inte-
rests of the United States that the produc-
tlon OF cotton, tobacco, rice and sugar
should be stimulated; therefore, be it
Resolued, That the Finance Committee of
the convention prepare memorial to the
Congress of the United States for relief,
and to submit said memorial to this conven-
tlon for its approval. The basis of the re-
lief asked to be founded upon the hypothe-
cation of the bonds of the several Southern
and Southwestern States with the United
States; said bonds of the States having
twenty years to run, and bearing an interest
OF SIX per cent. per annum, payable semi
annually, and receiving in lieu thereof the
bonds of the United States bearing six per
cent: interest per annum, payable semi-an-
nually, and the bonds maturing at even
time with the State bonds (twenty years)
The funds realized from tho sale of the
United States bonds to be invested in a na.
tional bank, to be located in each State,
with such checks and balances as the wis
dom OF Congress may direct.
The amount asked for in no event to ex-
ceed one-ffth of the banking capital Dos
sessed by each State on the 1st of January.
1860. Referred to the Committee on FL
nance.
Mr.: Hastio presented long communica-
tion from John A. Wagener, Commissioner
of Immigration for South Carolina in
which that gentleman expresses his belief
that Baron Beust, the enlightened Austrian
Minister, would readily enter into arrange.
ments to promote trade relations between
that empire and the Southern States He
also recommends the establishment of o. di-
rect steamship line between Charleston and
Trieste, the Austrian port on the Adriatic.
communication from Commodore In
graham was also referred to the same COM
mittee, IN which that officer expresses his
opinion that, although the distance between
Charleston and Trieste would be greater
than upon the Northern route from Brep,en.
the advantage of weather would, especially
in winter, be in its favor.
To the committee on other business and
agriculture was referred long communica-
tion from Senator F. A. Sawyer, of Charles
ton, regretting his inability to be present ct
the convention, and expressing the hope
that irritating topics would be avoided.
The writer fears that too large proportion
non producers. Let the manly work from
industry and the rest be shamed into it by
their neighbors. and our prosperity is
solved: Providence has supplied priceless
gifts; let us use them by our labor-that is.
make capital, buil1 railroads and levee
rivers. If the convention can teach this
lesson OF labor to our people, it will have
done more than politicians and projects of
all kinds. 70f'7
Mr.. G. H. Walter. Of South Carolina.
submitted the following, which was referred
to the Committee on Railroads:
Whereas, tho Blue Ridge Railroad. to
connect Knoxville, Tennessee, with point
on the Greenville aud Columbia Railroad.
in the State of South Carolina, by Acts re-
Gently ratified, has provided for the endorse
ment of the bonds of the said company to
the extent of $4,000, 900; and whereas, by
the completion of this road and the connec
tion of Knoxville with Cincinnati by rail, a
continuous line of railway from the great