Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-05-22

on his way hither. Leave was given him
to read It and he did so. IL was a motion
that the Convention endorse a memorial
to Congress ~petitiOning aid for the Au-
gusta, Charlotte and Norfolk Railroad.
Before action could be taken on il, Mr..
T~rezevant was insisting on leave TO put
his motion. On a representation that it
was very short and germane to the sub
jeet, he was allowed 70 read il. IL was as
follows:
ResO{ued, That in order to promote the
speedy completion Of railroads through
out this country, this Convention memo
r1alize congress to Femove the tariff on
railroad iron.
This, he said, was Of interest to the rail-
0 interest from Maine to California.
tax on railroad iron is S30OQ.per mile
in gold, or $500, 000 on 200 miles, Or 90 per
cent. Of the whole cost,
b report OF the committee was then
called up, and Gen. Chiffon moved the
previous question.
Mr.. Melet1, of South Carolina, said be-
fore voting he would like 10 have section
eight read again.
After it was read he moved that the
previous question be called only on the
first seven paragraphs adopted.
Nj. Aellett then asked II Congress had
the right to grant a charteE over individual
8N-eN III - - = ann AEDlLE IL kE
commenced. The Hon Erastus Wells
defended the paragraph, and said that
there was such a thing as too great te-
naeity to States rights.
At the close Of his remarks il was
moved to adjourn, but the motion was
not entertained
The debate on the eighth section then be-
came general. A Georgia delegate moved
to table t.. In the curse Of his remarks
ha uafA that Inn1raaa r~au The u-nan nur
rupt body that eyer existed. For this he
was called to order.
Gen. Chiffon moved TO reject the para
graph, and moved the previous question.
which being called, the obnoxious para
graph was voted down.
A gentleman from Kentucky introduced
a resolution left by r. W. Smith, OF Ala
bama, relative to the Northeast and
Southwest Railroad, endorsing the enter
prise, etc. Rules suspended and theSreso-
luton adopted.
THE COMMITTEE on TnIE AND PLACE OF
ADJOURNMENT
Announced that they were ready to re-
port, and through their chairman did 50,
AZ follows:
Your Committee having met and care
fully considered all the questions submit
ted to il, have the honor to report:
L. That it was unanimously resolved
that the next meeting of this Convention
be held az the city Of Louisville, ny.
,. That the time for holding such Con-
ventiOn shall he the 18th day Of October,
1869.
Stfndry resolutions referred by thnsOn-
ventiOn to your COMMITTEES have been
acted upon, and their essential points are
embodied in the following resolutions,
unanimously recommended by your Com
mittee.
l. That a committee Of one be appointed
by the President Of this Convention for
the permanent organization OF the South
ern Commercial Convention, and to report
the same TO the next meeting OF the Con-
vention al Louisville, Ky; said report 10
embrace the mode OF appointing dele
gates, the ratio of representation and the
credentials required
:. Asa temporary basis. of representa-
ton for h guidance of the mex meeting
1t Louisville, the committee report:
That the city authorities of each city of
inhabitants shall appoint one dele
gate, and large cities shall appoint one
delegate for each additional 1909 inhabit-
That the Governor Of each state and
Territory shall appoint a delegation at
large, not exceeding one from each Con-
gressiOnal District.
That each incorporated railroad, steam
boat, manufacturing OF mining company,
ia actual operation, shall appoint one DEL
egate.
That zach Chamber of CoaAherce or
Board OF Trade shall appoint oAe delegate
for every TOO members or fractional han
bred.
The gentlemen invited BY the Commit
tee Of Arrangements Of the place where
the Convention is 10 be held, be cOnsid-
cred as honorary members Ofthe C0nven-
ton, entitled 10 the privilege of the floor,
but be not entitled to speak or vote.
). That the Standing Committee of the
present Convention be requested to hold
over and prepare business for the next
meeting Of the Convention.
All Of which is respectfully submitted
and your committee ask TO he discharged.
JNO. G. BURCH, Chairman.
T. DELEoS, Cecretary.
ReSO{red, That the delegates in this
Convention from the city OF Louisville,
with Col. BlantOn Duncan as Chairman,
shall constitute the COMMITTEES OfArrange-
TO confer with Mayor and Councils,
the Board ofTrade, and.the various bust
ness men of that city, relative 10 proper
preparations for the sitting of the COnven-
lion and heinyitation ofdelegates thereto.
4 gentleman moved to substitute
Charleston, but being told that it had been
decided 10 hold the spring Convention in
that city he withdrew his motion.
Mr.. Marshall, of Mississippi. also found
fault, but also withdrew his motion
10 amend.
The previous question was called and
the report unanimously adopted.
Mr. Halstead. of New Jersey, requested
10 be allowed to present a supplemental
report of the Finance Committee. He
hen proceeded TO read the following
SUPPLEMENTAL REPORT
Resolutions offered by Gen. o. :. Hal
stsd. jr., Of New Jersey.
ReSOtCed, That, a. a measure Of relief
from the scarcity OF capital, and a certain
Of the high rates Of interest in
she Southern States. il is the deliberate
Judgment of This Convention hat Con-
press should. by law, so regulate the Ope-
Of the Treasury of the United
States that the revenues received may
constantly appear as a money power OF
he markets of New York, Boston, and
of our chief cities: and that all
balances remaining over should be loaned
10 the people, from time to time, at mod
crate rates Of interest.
RsSOiCed, Thai. with an average Of from
90 to 100 millions of gold in the Treasury,
Unemployed for long periods of time, the
Government. directly withhOlds from the
people that amount of capital, which
should De used Tor tneir Benent, IN their
tally business transactions.
ReSOired, That we deem it desirablean
ust to the business men of the country
hat a large proportion of the specie thus
held should be placed within their reach,
n the form of gold notes, making part of
he Government currency.
ResOiUed, That the practice of the banks
u loaning money on securities OF the
government is not consistent with The
and intention of their creation and
heir assumed duties, and tends 10 with
iraw capital from Legitimate business oPe-
and foster and encourage specu-
alton, stock and gold gamblings in the
interest of the few at the expense and to
he disadvantage of the many; that the
reasury alone should become the receiver
# Government bonds under a well regu-
ated system. which would enable those
Iepositing to secureshe mount of legal
ender currency they might require di-
from the Government INSTEAD of
banks, with the privilege of r~eturn-t
az the same whenever deemed necessary, |
securing a stable, and at the same
ime elastic circulating medium.
Resolved, That we deem the direct eff
bet Of the adoption of the foregoing re-
concentrations viii be to cOunteract and
revent the tendency of capital to accu-
lulate and consolidate in the great cities