The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-10-14
ESTABLISHED. 1891.

placed on the record of the proceed
ings, a number of letters from Oul
foreign minister, showing his appro.
baton, and approving of the estab-
llshment of the line which he repre-
sented. lie asked to submit the fol
loving for adoption:
WHEREAS, The Mediterranean and
OfIental Steam Navigation Company
or New ork purposes to. tablish an
American line OF steamships between
Norfolk and other southern ports.
and Cadiz. Marcellias, Venice, Genoa
and other Mediterranean ports of
Southern Europe. and through the
SueZ Canal to the East Indies, where
By the great staple of the South may
have direct conveyance to Southern
France and Switzerland, and a large
immigration be brought by rapid.
safe and comfortable means to the
States OF the Union, Of an intelligent
class of laborers accustomed to the
culture of cotton. fax and the vine /;
aud
WHEREAS, Not single American
| line OF steamers Owned By Americans
now plies between the ports of the
United States and the Southern Eu-
ropean ports; and,
WHEREAS, The esta blishment Of
an American line of steamers manned
and othcered By citizens of the United
States, and sailing under the flag OF
the Union, will be Of immense I'm
portanee, and will be a powerful en-
glDe IN restoring our commerce to its
former prosperity, and especially Of
bringing into the South class of i'm.
migrants very essential to her welfare;
therefore, be it
ResoLUed, In view of the combined
opposition of the powerful foreign
steamship lines, which now mOnopo-
llze our foreign commerce hostile to
any American enterprise, that the
Convention heartily approves of the
objects of the Mediterranean and
Oriental Steam Navigation Company,
and recommend to the legislation Of
the Southern States to aid and assist
the Company by legislation, offering a
bounty for the emlgrants introduced
into their respective States, said
bounty to be paid in State bonds
bearing not less than SIX per cent
interest, payable in twenty years,
which together with tho postal money
accruing for carrying the mails. shall
be deposited at such place as may be
designated, to form a sinking fund
for the benefit of the same Company;
and further be it
ResO5Ued, That this Convention
recommend to the United States
Congress to aid the company by
authorizing the Postmaster General |
to give to the company the convey
ance of the mails to said foreign ports |
during the corporate existence of said |
company; also, to endorse its corpo. |
ratiVe bonds, running twenty years,
bearing interest not to exceed six per |
cent, to an amount equal to the ag- |
gregate of said Southern States bonds, |
and such postal money so deposited |
aud accruing as aforesaid as a sinking |
fund for said company.
Mr.. Clark asked the reference Of |
his resolutions to the Committee on |
Foreign Affairs.
Mr.. 10th, Of Cincinnati, offered tho |
following:
WHEREAs, the Secretary Of the |
Treasury has Of late made It prac-
tice to sell part of the gold coin in the |
Treasury, and with the proceeds there
of has purchased fve-twenty bonds at |
a high premium, and
WHEREAS, we consider such pro
ceedings as unjust, impolitie, and a |
great disturber Of the legitimate com
merce Of the whole country; there
fore
BE II ResolU q, That the honorable |
Secretary Of the United States Treas.
ury be requested to desist, either
in selling the reserved gold,
coin. or 10 buying the Five-twenty
bonds; that it is certainly below the
dignity of the United States to go into
open market and sell at high pre-
MUM its gold coin for currency which
brings q price below what on its face
the United States promises to pay,
thus showing to the world that the
Government Of the United States ac-
knoWledges its own currency to be
below par, while they also plainly
show that gold is designed to be used
as a speculative medium. 1t is also
below the dignity of the Republic that
the Secretary of the Treasury should Z
buy the 520 bonds; for if these 520s
are redeemable in gold, the Govern
menJ should at once redeem at least
Sl5, 600, 900 Of them, and continue to
take them up at an appointed time In
specific numbers. Such a course
would be honorable to pursue, and
would have the gratifying effect of
bringing 5-20s up to gold par, and be
TO the credit of our Government We
could negotiate new loan at per
cent. and call ia our 6 per cent.
bonds. If its the sense Of the nation
that the 5-2Q bonds are redeemable
in currency, why buy them at such a
high premium. Let our Government
commence at the earliest moment and
pay them at the rate of eight millions
of dollars per month in currency,
such currency to be legal tender.
Also, to be receivable at the Custom
House on foreign imports, namely: |
About two o-thirds payable in gold and !
one third In currency. Either OF |
these methods would relieve our com
merce aud bring US speedily to a (
specie basis, and relieve the agrlcul-
tural and manufacturing interests OF
the Government from the mercy OF
reckless spectators. Referred TO the
Committee on Finance.
Gen. WaIbridge, of New York, in
trodueed the following resolution.
He desired to put 1t Immediately on
its passage, but the rule of reference
to the committee was insisted upon.
the Chair concuTring:
Res0IUed, That this Convention
heartily approves the recent sale of
gold in the city Of New York by the
General Government, and the thanks
of this Convention are hereby tender
ed to the President of the United
States, for his prompt authority to the
Secretary of the Treasury to state such
measures as would prevent the exten-
sion of a financial crisis, which was
already deranging all the channels of