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

ton of the n ss9' y
the luntry. There Mere S eN rra
sanf Committee for their investi-
cation. but, Mr.. President and Gentlemen,
We saw at once The impossibilny OF the
Committee preparing, in a few hours, 10
undertake to recommend any material
change of the financial system OF the
country. The Committee WORLD noli
therefore, be understood as being saIlsneu
with the present system, by no means;
We do believe that a better system coulu
be devised but we believed that this i'm
movement was the best that we could de-
| wise in the time allotted us. This much l
say for the Committee; as for myself
do not believe any financial
| system safe or wise that is not based
upon gold. [Applause.l This our clreu-
| lation is not. 1t is credit based upon
credit. Such a system can never MAKE
| any country PROSPEROUS OF happy. IL Is
easy. however. for a physician to know
| that a natient is sick, or for a patient 10
know Thar he is sick, but for the physician
/ Ia nreseribe 50 as to cure the malady IS
| sometimes difficult. We know that We
/ are financially sick, and physicians diner
as to the remedy TO be apphed.
| in four wears discussion, has failed TO ma
a remedy. Not that there is no remedy,
but we are like sick children-do not
want TO take the medicine. But we Will
I have it to do. The remedy viii Owe the
| Drices Q~fprOducts, Of industry, and Of the
soil. There were several propositions
laid before the committee, some OF them
of much merit, but the committee had no
time. We were unwilling to send out
ANYTHING to the world that we were not
| ready to endorse and sustain before the
whole wOfld. In u report we make
simply these points. We state the
fact of the unequal distribution
of the currency, and we say
to Congress it must be remedied. We do
not endorse the present system, but we
say if this is the only system, BAD IS II
may be, give US our share otlt W nave
a right to it, and we believe we viii obtain
it if this Convention, composed of the
whole Southern and a portion OF the
Western Statesask it. Congress has been
engaged in discussing it for two years,
andsThev came very near doing il once or
twice. We ask a redistribution, but whlle
we would prefer it, an increase would be
better than not TO get any. The gentle
. man then went on TO discuss in a similar
manner the other two portions OF the re-
port, winding mp moving thar the report
be adopted.
4 gentleman from Ohio said he dis
liked 10 take mp the time Of the
Convention. He heartily approved
of every word of the committees
report except one, and that is about the
increase Of the circulation. While l am
anxious, said he. 10 get zach to the West
and South 4 fair a"ppOrtioument OF the
currency, 1 am opposed TO asking Con
grcSs to increase the currency. l believe
the Government has a firm grip on the
currency. and can keep it in control"
The gentleman further said he was IN
favor of a redistribution. Let the North
and East, that had the first chance at the
national banking law, be made 10 divide
their surplus with Is.
Judge Williams, of Kentucky, said he
had a resolution which he would like to
offer us an amendment 10 the report, and
would like to he heard on the subject.
He presented and read the following:
Res0{reJ, That as a matter of security
to the public debt and of public justice TO
the citizens of the seeded Statesto enable
them 10 ~reOrganiZe their industrial pur-
suits this Convention recommend that the
United states loan TO the late seeded
States without interest for thirty years
five hundred millions of four per cent.
bonds and that a committee Ofhye be APP
pointed for that purpose.
Judge Williams then went into discus
sion Of the merits of his resolution. The
amount he proposed to borrow of the
Government was only one dollar in i've
of that the southern states had Invested
in slave capital before the war, and with
it the STATES could be put in a state of
prosperity uneXampled in the history Of
the world. The surest way, said the
learned gentleman, for the b~OndhOlders,
If they wish 10 make the South pay its
share of the national debt, is for them to
make the South feel as if she had an in
terest in that debt. He, therefore,
thought that it would be a good invest
ment for the bondholders. In
referring TO the white race, he said that.
inst 50 sure as white was the emblem of
purity, Of justice, and Of God, so sure the
white race would rule this country. He
alluded to the rising generation, and said
they would 500 be the power in the land,
aud our actions should be directed with q
view TO them. Referring to the Smell
ing" Committee, that came down to Ken
lucky to smell out the taint Of ~disioyaltv
against a Congressman of Kentucky, he
said they went home surprised and aston
ished. They came to Kentucky expecting
to be rebuffed and-iust here the Chair
called time " on the Judge.
Governor EOOte, Of Tennessee, arose
TO reply. He had hoped, he
said, that the report of the committee
would be adopted without discussion.
The offer of the amendment made it
necessary that he should offer his views
and say a few words in reply to the
learned and honorable gentleman who
offered them. In his mind, he said, the
Federal Government had no power given
it by the Constitution of the United
states TO make any such loan and he
would defy the gentleman from Ken
lucky with all his learning to b how
the Constitution could authorize a loan
from the General Government to Hndi-
yiduai States. fit were done il Nouldbe
the most alarming scheme OF consolidation
and Capitalization of power in the
General InyaruunAnT FhrF had s-af
been put forth. He objected to the re-
marks Of Judge Williams about the white
race. He had heard enough about this
being q white mans Government. In
censuring Judge Williams the venerable
gentleman himself began a political har-
angue which he continued amid silence
several minutes, until he was called to or
der by a gentleman from Georgia, who
said that he objected 10 the talk of the
hor0rable gentleman from Tennessee. II
was political, and therefore not in order
in this Convention. He tthe speaker
would like TO talk in that style, only on
the other side Of the question.
The Chair said that the point was not
sustained. There was no rule against in |
Producing politics into this discussion.
Mr.. Fo0te then proceeded and said that |
he had been misunderstood. He did not
mean to have it understood that1he was
opposed TO the sentiments Of the gentle |
man, hut he thought them out Of place.
Altogether il was 3 queer procedure on
The part OF the honorable gentleman from
but me quite characteristic Of
career. He wound mp his speech by
moving 10 lay the motion OF Judge vii
liamS On the table.
The motion received several seconds
aud was put aud carried.
Gen. Duff Green, the ven
cradle delegate from Georgia arose,
holding IN his hand a VoluminOus bulk Of
paper. He said he held in his hand an
elaborationsof some ideas and statistics
he wORld read To the Convention. |
Ii was proposed he take the stand. and nc
was conducted there amid applause.
\ gentleman proposed that the coHInu-
nicatiOn being lengthy, be referred to q
committee.
Gen. Green said he would only occupy
them a short time, and started to read the
paper, in voice, however, that could not
be heard except by those in immedi-
ate proximity to him. The document
was a compilation of statistics showing
ratio Of increase of population and
production in this country and England
gentleman stated that it was impossi1
bic &c hear anything that Gen. Green was
and again moved that the mat
ter be referred TO the Committee on Fl