The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-05-24
TIE MEMPHIS CONTENTION.
The Adjournment-CIosing Proceedings
"Details by Mail.

"Details by Mail.
The great Commercial Convention at Mem
phis adjourned sine die on Saturday after
noon, after passing resolutions Of thanks t.
the citizens and press of Memphis. Among
the closing proceedings we're the adoption o
resolutions requesting Congress to put the
telegraph lines under the control of the Post
mas.er-GeperaI, and proposing the erection
bridges above the mouths of the Missouri ant
| Ohio rivers, the former to be of not less thar
400 feet span and the latter not less than 800
From the full reports of the proceedings o
| the Commercial Convention, on Wednesday
| published in the Memphis papers, we make thu
following extracts -:
AID FOR PLANTERs-A NEW BANKING sCEEME
Mr. W. s. Hastie, of South Carolina, sub
mitted the following
| Whereas, The disasters of war have destroy.
ed the banking capital of the South, and as the
l high rates of interest paid by the planters o
| the South and Southwest for loans OF foreign
capital for the last three years has swept away
the profit Of those who have made partial
| crops and almost ruined the planters on the
seacoast, whose crops have failed for three
| successive years; and as it is an acknowledged
fact that no agrlculturist can safely pay mere
| than seven per cent per annum Tor loans de-
pendent upon the chances of the products OF
| the coil and wh.reas, in view OF our large
national debt, if it is OF vital importance to the
interests OF the United States that the produc,,
| ton Of cotton tobacco, rice and sugar should
be stimulate /, therefore, be it
Resolved. 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 convention for Its ap-
proval The basis OF the relief asked for to be
founded upon the hypothecation 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 bear
ing 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.
annually, and the bonds maturing at even time
with the State bonds (twenty years..
The funds realized from the sale of the
United States bonds to be invested in Ma
tional Bank to be located in each State, with
such checks and balances as the wisdom OF
Congress may direct.
The amount asked for in no event to exceed
one fifth Of the banking capital possessed by
each State ON the 1st OF January. 1850.
Referred to the Committee on Finance.
IMMIGRATION FROM AUSTRIA.
Mr.. HASTE presented long communication
from John A. Wagner. Commissioner OF Im-
migration for South Carolina, in which that
gentleman expresses his belief that Baron
Beust, the enlightened Austrian Minister,
would readily enter into arrangements TO pro.
mote trade relations between that empire and
the southern States. He also recommends the
establishment Of direct steamship line be-
tween Charleston and Trieste, the Austrian
port on the Adriatic.
& communication from Commodore Ingra-
ham was also referred to the same committee,
Ia which that officer expresses his opinion that
although the distance between Charleston and
Trieste would be greater than upon the North
ern route from Bremen, thu advantage OF
weather would, especially In winter, be in its
favor.
s THE LESSON OF LABOR.
To the committee on other business and
agriculture Was referred long communication
nom93enator F. A. Sawyer, Of Charleston, re-
grett.ng his inability to be present at the con.
ventions and expressing the hope that trrita
ting topics would be avoided. The writer fears
that too large proportion OF the people, OF
more than one race, are non-producers. Lev
the manly work from industry and the rest Dc
shamed into it by their neighbors, ..ad our
prosperity is solved. Providence has supplied
priceless gifts; let US use them BY our labor
that Ia. make capital, build railroads and levee
rivers. II the convention can teach this lesson
Of labor to our people, it will have done more
than politicians and projects OF all kinds.
THE PACIFIC RAILROAD.
The following is the report made on Thurs
dsy by the Committee on the Southern Pacific
Railroad which was unanimously adopted amid
great enthusiasm.
Resoloed, That IN the opinion of this con-
vention the interests Of the whole country, es-
pecially by those OF the Southern States, could
be served BY main trunk railroad line rom
San Diego, California, through Junction River,
Colorado, and along the Valley Of the Gila,
south Of that river, to FL Paso, on the kio
Grande, and thence to convenient central
point near the thirty-second parallel OF iatl-
tude east Of the BRACES River, Texas. from
which feeder.roads should lead nom 81. LOUIS,
CAIRO, Memphis, Vlcksburg, New Orleans and
other points. all Of which feeder.roads should
have equal rights Of connection with the main
trunk, with similar feeder-roads from San
Francisco and other points on the Pacific coast,
With like equal rights Of connection.
Resolved, That the President Of this conven-
ton be requested to forward a copy Of this re-
solution to the President Of the United States
and 10 the Vice President aud Speaker OF the
House Of Representatives, with request that
they present the same to the two houses OF
Congress.
The committee, which was composed OF re-
preseptatiyes from seventeen States, including
three members OK Congress, give the following
reasons for the report: FIRST. It ls the shortest
line connecting the Gulf Of Mexico and the
Valley OF the Mississippi with the Pacific coast.
Second. 1t is the line, Of all those now unoccu-
pied, Of the most easy grades, and permitting
OF the cheapest construction. Third. 1t passes
through less inhospitable and barren 60 IN
try. and over more fertile and hospitabie lands
than any other unoccupied route proposed.
Fourth. The line is touched by water transpor-
tation at three points, affordng the greatest IA
clllties for construction, consequently Fastening
and cheapening such construction. Fifth. The
line will open to the world the great mineral ro-
sources OF Arizona and Sonora, and render
more valuable the stock-ralsing districts OF
Texas, New Mexico and Northern Mexico, and
thus enjoy an unrivaled traffic. Sixth. 1t
would inevitably attract numerous feeders
from Mexico, and thus not only stimulate en-
terprise there, but draw to our shipping ports
q greater portion of the bullion which now seeks
Europe by hazardous conductas and smuS-
Cling vessels. Seventh. 1t would open new
cotton-growing area IN Texas, New Mexico ard
Arizona, in the lands OF the cotton. growing
belt now useless for the lack of facilities for
transportation. Eighth. Some Of the roads
which would be the feeders referred to have
not only been projected, but are already in ac-
tive course Of construction without waiting for
government subsidy or encouragement. Ninth
and last though not least. The construction OF
this hpe more than all else beside would en-
oorra VIII wa feel tO he the