Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-07-27
The Organization nj MemPhIs-The
Mode Of Operations Pointed Ont

The Organization nj McmphIs-The
Mode Of operations Pointed Ont.
Gen. Pillow, Judge Wright, ]. w. CiaPp
and w. Ii. Cherry, under direction Of the
late Labor Convention at Memphis, have
Issued circular setting forth the plan OF
operations, as follows:
l. 1t is proposed that the company shall
have a capital stock of one million Of dol
lars, with the right to increase il if neces
sary, which shall be divided into shares of
one hundred dollars each. This stock
shall be subject to a call Of ten per cent. on
the organization of the company, and such
subsequent calls of Ten per cent AZ may be
made in pursuance OF the "articles of
agreement" at periods not OGtener than
once in every thirty days, each subscriber
to be liable only for the amount Of his in
diyidual subscription.
2. Books for the subscipIion of stock will
be opened in the principal town and cities
Of the Southern and Southwestern States,
appointed by the convention, and which
will hereafter be appointed by the UNDER
signed, as occasion msy require; and the
stock subscribed and paid in, will, of
course, constitute the means through which
the company is to carry on its operations
8. A complete organization will be effect.
ed by the election of necessary officers at
q meeting Of stockholders which is hereby
called, to take place in the city Of Mem
phis, on Saturday, the 18th day of August
next, the undersigned entertaining no
doubt whatever that the one hundred
thousand dollars of subscriptions requisite
10 authorize such an election, will be made
before that time, and an act Of incOrpOra-
ton obtained IA soon thereafter Al pracli-
cable.
4. After the organization of the COM
pany, the most efficient measures will at
once be adopted for securing the introduc
ton, at the earliest practicable period, and
at the smallest expense, Of Chinese labor
ers, of description and character adapted
to the wants of our people; and suitable
arrangements will be made TO receive and
provide for these laborers at the city Of
Memphis, until they are distributed as
contemplated by the "articles of agree
ment."
5 To effect this distribution it may, and
no doubt will, become necessary to esta5-
lish ancillary depots, and financial sgen-
cies at various points, subject, of course,
to the general direction and control Of the
company.
6. In the distribution of laborers, appli-
cants who are first, in point of time, will
be entitled to preference, but stockhold-
ers shall always have the priority over
those who are not; and as among stock
| holders themselves, when the demand ex-
ceeds the supply on hand, the company
| will reserve the right 10 make an equita-
| BILE or pro rata distribution, without refer
ence to precedence in point of time; and
| in all cases the right both of the labOrers
and the employer will be secured as far as
this il practicable, as a matter of written
| contract.
The undersigned would observe that,
while we have DO positive authority to
pledge the company, we yet feel assured
that when as much as q hundred thousand
dollars of stock shall be subscribed by the
citizens of any State, such subscribers shall
have the right to designate point within
the State where distributing depot shall
be established, as contemplated in item
five above; and these ancillary establish
ments would, it is hoped, prevent the for
nation of other and independent organ
ization, the obvious sffect Of which woulC
be by producing competition in the labo
market to increase the cost Of procuring il
| We further v, nture 10 express the opinion
and belief that a sum not greatly, If at all
exceeding 100000 will be sfficient to
meet the ordinary demands fthe company
and when this amount Of stock subscriI
tions shall be paid in, other calls viii
| perhaps, be unnecessary.