Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-05-05
THE CITY.

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of the Commercial Insurance Compan
and organized by selecting Col. s. D. No
gan President, and appointed Col. A. 1
Colyar Secretary.
The President stated the objects of th
meeting, aud intfedaeed w. B. Table
Esq. OF Huntsville, Ala, to the Board q
a gentleman Of large experience and skill
in manufacturing, who comes amosg us t
make our interests his. -eaf
On motion of Hon. Jas. Whitworth
the following resolutions were read, an,
unanimously adopted:
Resolved, By the Board of Commits
sloners, That Books for Subscription o
Stock shall now be opened at the office O.
the Commercial Insurance Company, il
the city of Nashville, and at such Other
places as may be determined on and thai
said books be held open for the subscrip.
tion of stock for thirty days, unless the re-
quisite amount of $500, 600. shalt be sooner
subscribed; at the end Of which time the
Commissioners shall close the books, or
hold them open longer, as they may deem
best.
Resolved, That the President of the
Board of Commissioners shall appoint as
many committees and agents as he NAV
deem best 10 solicit subscription of stock
to the Tennessee Manufacturing Company.
Resolved, By the Board of Commission. .
ers, that the first installment, to be paid On
each share of stock subscribed, shall be So
per share, and that the same shall be paid
on demand. @
Col. Asa Faulkner, of MeMinnyille.
being present, BY invitation, made some
remarks to the Board, statins that diff.
dence had been his curse from childhood,
yet he knew something about making
cloth, which he could tell in his plain
way. at would be presumption in me-"
said he, ito attempt TO enlighten those en-
terprisiDg gentlemen who have managed
their own affairs so we'll. | may assure
you your undertaking il laudxble, and in
strict accordance with what nature has
planned for you; and you show your Wis
dom by reading the design of nature, in
making Middle and East Tennessee,
North Alabama, North Georgia, and por-
lions Of North Carolina the finest mann
featuring districts in the world Sections
lacking the natural facilities that abound
here, can never overcome the obstacles 10
their way 30 as to compete successfully
with these regions, if their people will
only go to work in earnest in building up
manufactures. .-.. y.
He spoke of cheap subsistence, and no
place under the sun il ahead of this
Don't go 10 Northwest or TO the South,
but take the belt of country designed bv
nature and you will be successful. Don't
send abroad for your labor. Get few
men skilled and honest, and let them tesch
others to run the works. 4
Had made Up his mind to rely on ma
tive labor and not On the loiterer. He is
running 60 looms. Six Sons all busy
making goods at 2 cents yard. Needed
watchfulness, energy, and economy, and
profits would follow certainly. Labor is
dearer in Massachusetts, than in Tennessee.
Don't fear, You can get plenty of labor,
and reliable labor, aad they will help You,
and you, in turn, will be able 10 help
them.
Judge Whilworth spoke Of the vast i'm
portance it would be to our city and
country to establish manufactures. Showed
how every producer and workman CONTRIB
buted to build up all our material inter-
eats, and how each department Of enter
prise proved mutually beneficial and also
to the public good. Contrasted the profits
of Lowell with those of Nashville. Just
stop what ia sent there for two years to get
their manufactured articles, and it would
enrich Tennessee. Ours is to be the
greatest manufacturing region in the world.
We have all the elements Of success If we
but use them Alright. We must not
wait for others to plan and do for US
what We can and should do our
selves. We must invest our money in
what will build up all the material
interests Of our city and country, and then,
and not till then can we reap the harvest
Just now in our reach. We ought to teach
our children and the young men to be self
relying and self-sustaining, working out
the great problem of life in labors that
build up character and give success. We
must direct our capital and our energies in
the proper channel, or others will take the
lead and manage for us. We are in duty
bound to teach our children the importance
and dignity of labor. IL we do not sup
port our people by manufacturing, We will
have 10 do it by contributions. We mnst
work, and put all our people TO work
He spoke of Mr.. Tabor as 4 gentleman
Of ekill and experience, possessed of all
thole traits we admire and need 10 one 10
aid us in our new field, and commended
him to our people Judge WIS remarks
were lengthy and Impressive, ard We have
only given \ very brief synopsis.
Mr.. Colyar spoke % to the price of coal,
and the probabilities Of its being reduced
in price, showing all the difficulties
they had to contend with ia getting to
point where they could send out ak thou
sand bushels of coal per day. The COM
pany had done this during large portion
of the past winter. The enterprise had
lsbored under great difficulties, but as it
increased the quantity of coal sent to mar
ket, it had reduced The cost, and for two
years this company had sold coal in
Nashville to parties for manufacturing
purposes at not exceeding three dollars
Der ton. Much coal had been sold for less.
Mr.. c. said the purpose of this company had
been to reach a point where cheap coal
conld be sold, and this depended upon the
quantity got out and shipped. He now
had associated with him in the enterprise,
in addition to the gentlemen who had been
connected with him from the beginning,
Judge WhitEorth, Mr.. l.. 3. Fife and
=. II. MaIbury. The latter had taken
charge of The work, and the fixed purpose
was 10 make money by selling large OMAN
titles of coal at small profits. The parties
working this property believed this was
their interest. Coal for manufacturing
purposes had been sold here for two years,
cheaper than 10 Philadelphia; and, with
out making pledges or promises, it was
enough, perhaps, TO say that the ine1haus-
tible character Of this mine and the facili.
ties of the Company TO send coal
to market being fully equal to 5000 BUSH
els per day, was the best guarantee that
cheap fuel would be furnished. Mr.. c.
said Col. Marbury who had taken charge of
the work, agreed fully with him in bis
leading idea, and that WAS that money was
to be made by selling large quantities at
small profits, instead of big profits on
small quantities. This was the fixed policy
of the company, and would be adhered to.
Mr.. G. said manufacturing interests wonld
spring up in Tennessee, and if Nashville
did not 90 TO work other places would
oyershadow it. That Tennessee, and es-
pecialIy Middle Tennessee, was destined
to be manufacturing country. Mr.. G.
said after a thorough examination he
was prepared TO state that iron could
be made along the lius of the Nash
vile and Chattanooga Railroad cheaper
than at Pittsburg, by several dollars in the
ton. A good article of ore could be de-
liyered along this road at cost of not ex-
ceeding two dollars per ton; whereas four