The southern enterprise. [volume] (Greenville, S.C.) 1854-1870, 1869-06-02
The Memphis Convention.

The great Commercial Conven-
tion at Memphis adjourned sine
die on Saturday afternoon, after
passihgresolutions of thanks to the
citizens and press of Memphis.
From the reports of the proceed
ings Of the Commercial Conyen.
tion, on Wednesday, published in
the Memphis papers, we make the
following extracts
I Mr.. w. S. Hastie, of South Car
olina, submitted the following:
Whereas, the disasters of war
have destroyed the banking capi-
tai of the South and as tho high
rates of interest paid by, the plan
ters 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 planters oil the sea. coast, whose
crops have failed for three succes-
sive years and as 1t is an acknowl.
edged fact that no agriculturist can
safely pay more tEan seven per
cent. per annum for loans depen-
dent upon the chances of the pro-
ducts of the soil and, whereas, in
view Of our large national debt, if
it is of vital importance to the in
terests of the United States that
the production of cotton, tobacco,
rice and sugar should be stimula.
ted therefore, be it .r q.f,.f .
ReS0lceI, That the Finance Com.
mittee of the convention prepare a
memorial to the Congress of the
United States for relief, and to
submit said memorial to this con.
vention for its approval. The basis
of the relief asked to be founded
npon the hypothecation of the
bonds of the several Southern and
Southwestern States with the Uni
ted States said bonds Of the States
having twenty years to run, and
bearing an interest of six per cent.
per annum, payable semi-annual-
ly, and receiving in lieu thereof
the bonds of the United States
bearing six per cent. interest per
annnm, payable semi-annually,
and the bonds maturing at even
time with the State bonds (twenty
years .a.fre -f .ar,. 81 -.sa.,,..
10 The funds realized from the sale
ofthe United States bonds to be
invested in a national, bank, to be
located in each State, with such
checks and balances as the wisdom
of Congress may direct. sa .
The amount asked for in no event
to exceed one-fitth of the banking
capital possessed by each State on
the 1st of January, 1860. Refer.
red to the Committee on Finance.
Mr.. HASTE presented a long
communication from John A. Wag.
ener, Commissioner OF Immigra.
tion for South Carolina, in which
that gentleman expresses his be-
eff that Baron Beust, the enlight.
ened Austrian Minister, would
readily enter into arrangements to
promote trade relations between
that empire and the Southern
States. He also recommends the
establishment of direct steam.
ship line between Charleston and
Trieste, the Austrian port on the
Adriatic.
| A COMMUNICATION from Commo
dore Ingrahain was also referred
to the same committee, in which
that officer expresses his opinion
that, although the distance be
tween Charleston and Trieste world
be greater than upon the Northern
route from Bremen, the advantage
Of weather would, especially II
winter, be in its favor.
To the committee on other basi
ness anc agriculture was referred
a long communication from Sena
tor +. A. Sawyer, OF Charleston
regrettipg his inability to be pres
ent at the convention, and express
l ing the hope that irritating topic,
would be avoided. The write,
fears that too large q proportion o
the people, of more than one race
are non-producers. Let the mani,
work from industry and ihe res
be shamed into IL by their neigh
bors, and our prosperity is solved
Providence has supplied priceless
gifts |; let us use them by our labo
that is, make capital, build rail
roads and levee rivers. If the con
vention can teach this lesson Of Ia