Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-12
the majority Is Il progressed on its ouward

bers could make q Cotton Exchange.
It was hen decided to vote On the in
strument section by section.
Mr.. Crisman wanted to know II IL wEs
the intention to vote on the sections with
the view of making that sction 3 finally,
Or would the constitution be submitted as
q whole after the changes and amend
ments mentioned should have been
efiectedf
The chair said the constitution would
have to be adopted as q whole.
Mr.. J. O. johnson was of opinion that
when the constitution WAS adopted sec
ton by section that ought to be enough.
II the opponents of the affair wish to
break il down they might as well 90 st It
now, at ono and spend their dIrest force
upon 1t and not walt until 80 much time
and trouble would be thrown away
upon it.
Mr.. Lacey said IL was the determination
of b opponents OF the measure to, first
engraft az many Objectionable features as
possible on the constitution ss 1t went
along In its first ordesl OF debate and
then come down with Rl their energy on
the perfected document and defeat It.
They would put In as many bad features
as possible and strike out all the good
ones with the view Of breaking 1t down
OF its final passage.
The constitution was then read section
by section aud adopted seriatim.
After the reading of the second section
Mr.. Crisman said the preamble WAS not
voted on yet. That IL an important por-
ton Of the document and inssmuch as
it sets forth the offsets and purposes Of
the proposed organization 1t ought to be
read and adopted er rejected. Certainly,
some decisive action on that matter
seemed necessary,
MI. Lacey moved to suspend the regu-
lar order of business and adopt the pre-
amble, the report of the committee on
the constitutional provisions. "Let 1t
be-" remarked Mt. Lacey, 'adopted
as the sense Of this meeting. There
is no necessity for making it part of the
instrument itself.
The preamble wss then read. Mr.. Hills
man said 1t has nothing TO do with the
body of the constitution. The report was
adopted as the n of the meeting,
Mr.. 8. NJ. Anderson then moved that
the constitution be adopted as q whole.
The motion fell for want of q second, and
the reading Of its provisions went on as
before.
Mr.. Foster objected to the third section
because it excluded persons from the ex-
change who do not buy or sell cotton.
Mr.. Lacy explained, showing that Mr..
Foster was laboring under q mistake. No
nj not & resident of Memphis could be-
come g member.
The third section wa then adopted.
In explanation of the fourth article the
chair said that the constitution would be a
nullity until IL Unassigned by seventy-fYe
gentlemen In the cotton business.
Mr.. Bsyliss said the word "future''
ought to be left out Of the constitution al
together, that word being very objections
bic to many gentlemen, daughter
PRKss
Mr.. Proudft, on the question Of fees,
made 6 short speech to show thst It would
take ten thousand dollars to run the new
institution properly, and anything less
than n hundred dollars fees would
prove insufficient. One hundred MEM
bers at one hundred dollars each would
barely suffice, Anything less than that
would leave the concern In q dragging
condition like the chamber of commerce..
It is Just as good to put It at q hundred
as less, and il there were anything left at
the end Of q year thsre could be q division
of the surplus.
Mr.. Hill said that depended altogether
on how many members would be in the
organic asion. II two hundred members
would join, then fifty dollars would be
enough. He was of opinion himself that
five hundred members could be got in
Memphis.
The secretary, Mr.. Curtis, explained
that the New York cotton exchange
charged $500 admission fees and SIS per
year sfserwsrd. Every mGn had to pay;
no matter II there we're ten in the firm, all
had to pay.
Colonel Pinson rose to ssy that the
Memphis chamber of had not
dragged, f." as was charged or insinustsd
by = recent speaker. Eighteen months
ago it was $500 in debt; it was now
entirely out Of debt and In q mora -four
condition than ever before; and if
anything was owed by the chamber, they
were ready to pay it.
Mr.. Hill said the discussion was out Of
Mr.. Crismsn moved that Colonel Pin
son be allowed to speak
Colonel Pinson said he felt called upon
to vindicSte the fnsncisl condition Of the
chamber Of comm rec, That was ell
he wished to say. he did not like g false
impression to 90 abroad in regard to the
pecuntsry character Of the chamber. He
then sat down. He could not be induced
get up again, though cries Of "Pinsoni
rose from sll parts Of the house.
Mr.. Proudht then REQUIRED again to the
fee question, and moved that the annual
fee be enc hundred dollars, and no initi-
alton fee.
Mr.. Foster argued against It, though he
was in favor Of 1t, he said; but such an ar
rRngement would keep a good many peo-
pie out Of the Exchange, he would pre-
Ter to hsvs it tNenty-hv dollars st the
start, and If more were wanted another
five dollars could be called for. It
would be better to draw on the members
gradually,
Mr. Carroll moved to lay Proudht's mo-
ton on the table. There was some confu-
zion in taking the vote, but the chair de
clsred the lRst motion on b table.
Nh. PettigreW rose TO ask for informs-
ton. BE wished to inquire If It was the
intention of those who were running the
mschins to exclude all from the Exchange
save those who had signed the call 10 get
lt up.
The chair said he thought no one else
would be admitted to the right TO vote In
''tboss proceedings"
meant to exclude sll ave those who
the call for those meetingsf
The chair said ''yes"
Mr.. CriHmSn hen wanted the roll called
and 8 'ibEr" established, so that all those
who did not belong to the ring might be
put outside It.
Mr.. Foster then moved that everybody
any way engaged in the cotton business
Memphis be admitted to participate In
pIOC6cOluk5 auu IG o1tltACu " NOSos
A voice: "All those who have aligned
he call may be regarded as members al
The motion admitting sll cotton men to
was then carried.
MI. Crismsn said every man In business
the city ought to be admitted. The
whole trade of the town depended on cot
on, and every one was connected with
he business one way or another.
A vote was then taken on 3 question
which no one could understand, some
aging 1t Was one thing and some another.
rhe chair, however, decided the "syes"
lad it. A division was called for but was
lot taken.
Mr.. Crisman said when that question
vas brought before the house he would
INFORM the gentlemen Of his views on the
On motion OF Mr.. Williford, the PROPOSE
ion of Mr.. CrismEn was laid on the table,
nd the fee as laid down in the constitu-
ion was adopted.
The. reading of the remaining articles
hon wen on very smoothly to the end,
nd then q motion to adopt g. a whole
vas made.
Nh CRIsNAN's SPEECH.
Mr.. Crisman said he was not ready TO
Tote. Cries of question, question"
we're heard in all directions. He said he
would not press his views in opposition to
he wishes Of the gentlemen present. II
hey did not wish to hear him he felt no
to speak. A general cry OF
go on, go on, - and Question, question:"
vss rsised amid which the gavel Of the