Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-12-14
COMMERCIAL CONVENTION.
RIver improvements.


Improvement of Rivers and Harbors report.
ed series of resolutions memorializing Con
gress to appropriate sufficient funds 10 pay
outstanding bonds issued by authority OF
Congress for the Improvements ofthe Louis
vile canal and hereafter collect only such
tolls as shall be sufficient to keep said canal
in repair; that the work of improving the
Mississippi river at Desmoines and Rock
Island Rapids be completed as soon as pos
sible in accordance with the recommends
tons of the engineers in charge, and urg-
ing Congress to appropriate sufficient sum
for that purpose; reco intending Congress
to establish system of signals and light
houses along nayigable rivers SINH
lar to those now in use
on the seaboard; urging Congress to con-
tinue the improvement of the Tennessee
river according to the recommendation Of
the Engineer OF the War Department; ask
ing Congress to make an Appropriation for
the construction of the James River and
Kanswha canal; also to remove snags from
the Missouri river, and otherwise plOtect its
navigation.
The committee to whom was referred the
propriety of consolidating the Commercial
Convention with the National Board OF
Trade, reported adversely to snch PROPOSE
ton.
Permanent Organization.
The Convention then, after some discus
sion, adopted general plan for permanent
organization, and decided that the next
meeting of the Convention should be at
Pittsburg, on the first Monday Of next Sep
| tember.
The plan for permanent organization Of
the National Commercial Convention as
submitted by Col. Grosvenor OF st. Louis,
provides for the appointment of an Execu-
tive Committee Of one from each State to
see that matters favorably acted upon by
the Convention are brought before Con-
gress and the State Legislatures; to investi-
gate subjects referred to it, and to prepare
reports for the information of the next
| Convention; to establish means for the CON-
| pilatiOn of statistics for the next COnven-
ton; to communicate with other CONNER
cial bodies and business men generally, urg.
ing cooperation with the next Convention.
On motion Benz. E. Crane, the Presi-
dent Of the Convention, was made ex-OffciO
| Chairman of the Executive Committee, and
| Col. VIM. Ii. GrosVenor of st. Louis, Sec
rotary. E. A. James is the member from
| Tennessee.
Except These Bonds.
The committee to which was referred the
subject of aid to railroads by State or local
authorities reported adversely to the en-
| dorsement of local enterprise, nor were
they prepared to recommend general rules
| for aid. The convention was national in
| its character, and this matter was one for
State consideration.
| ~ Id "a
ton by Mr.. Elliott, of Indiana, was adopted
that railroads as common carriers should
receipt in lUll for all property transported,
and that the several States should enforce
| this rule by appropriate legislation.
Freedman FIske ON Pacific Railroads.
Gen. Fiske, of St. Louis, from the COM
mittee on Transportation and Continental
Railroads, submitted lengthy report to
the effect that additional railroads across
the continent were needed; that 8 road be-
| low the snow line over the route marked by
nature for dense population was impera-
| lively demanded. Railroads were to do the
great work in peopling the plains. The
present roads were inadequate to the de-
msnds of trade, and facilities equal to
the calls of constantly increasing COM
MERGE must be provided. The trade with
China and Japan, and its enormous increase
within few years, were cited to prove this.
There necessities could best be supplied by
roads along the 35th and 32d parallels.
! Resolutions accompanied the report COM
mending the subject TO all the commercial
organizations and communities of the ma
ton, recommending an organized effort to
secure the building of roads below the
snow line to secure the development of the
country and home and international trade.
After some discussion, which resulted in
striking out such parts as referred to the
35th and'32d parallel roads, the report was
adopted.
Insurance.
Miles Sells, of st. Louis, from the Com
mittee on Fire and Marine Insurance, made
a long report, which declares that the laws
of the several States should rigidly compel
each insurance company to hold its capital
ard assets so invested that should the day of
reverse come, all its resources may be made
availa BILE in meeting its obligations; that a
fund should be created by the reservation
of all profits over ten per cent. on the CAPT
! tai stock until such reserve equals the tech
| meal reinsured fund. If taxes are imposed
| especially on premium receipts, they should
be levied only upon the remainder or net
amount after deduction of losses and ex-
penses of collection. The whole system of
| deposits for security Of policy holders should
| be abolished, as experience has shown that
| it is too Insignificant in its operation as
| safeguard TO be worth maintaining. No
company should be allowed to put more
than one-twentieth of its capital on any one
risk, and risks should be widely distributed.
The report elected quite an animal ed dis
cussion, but after one or two slight amend
ments it was adopted.
The Georgia Canal.
Mr. Weems, of Georgia, again presented
his report in favor Of the Atlantic and Great
Western canal between the Tennessee and
Coosa rivers with those parts expuDged
which were objected to yesterday, and it
was adopted.
Postal Telegraph.
The postal telegraph question then came
up and the majority and minority reports
were submitted:
The majority report by four of the COM
mittee enters into the subject at some
length rejecting, somewhat severely upon
the Western Union Company and making
several errors of statement. 1t urges upon
Congress the speedy acquisition on equit-
able terms of the telegraph franchises of
the country, and the Incorporation of the
sans into the postal system Of the United
States, and that the recommendation Of the
President and Postmaster General for the
appointment of a special commission to
consider and report to Congress system
of postal telegraphy in the interests of the
whole people meets the hearty concurrence
Of this Convention.
The minority report by three of the COM
mittee is as follows:
Whereas, Private enterprise has given to
the entire country a system of rapid and in
telllgent communication of thought, ideas,
incidents and general news of the day,
commercial, secular and historic, by mag
netic Telegraph; and whereas, private en-
terprise has also united different continents
by the magnetic telegraph, transmitting in.
formation in few moments to all parts
of the world, thereby increasing the f&cili-
ties for commercial transactions, and the
general growth of the civilization of this
century; and whereas, the said Geographic
communication is increasing in a ratio
equal to the demands of science, commerce
and the social welfare Of the people: there
fore,
Resolved, that this committee think it in
eXpedient and unwise for the United States
government at the present time TO take