Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-13
COTTON STORAGE ASSOCIATION.
The Plan Approved by the Commit
tee, but Action Postponed for the

The gentlemen appointed by the PreSi-
dent Of the Board of Trade, at its meeting
on Saturday, to consider and report upon
the plan submitted by Mr.. j. I. WheleSS
for the organization Of a Cotton Storage
Association, held meeting yesterday at
the Office of the Commercial Insurance Co.,
at which there was very full attendance.
Judge Whitworth, as chairman, called
the committee to order, and after some
general remarks, Mr.. Wheless stated that
the plan was fully matured in the COM
mencement of the panic, but he deferred
any definite action in regard to it until
Thursday last, when there was a decline
on cotton of fully &c. in two days. 1t
then seemed that the time for presenting
the matter had come, and he called upon
few prominent merchants and the officers
OF the various banks, and the suggestions
were so tayorably received that it was pre-
scented to the Board OF Trade for action.
But since the public discussion OF the sub
iect, financial affairs have assumed much
more cheerful aspect, and but Tor the COM
plicatiOnS now beginning 10 appear IN Lon
den financial circles. it would be safe to in
fer that We were quite through the worst OF
our troubles. and that matters would con-
tinue to improve. Under the change OF
surroundings, he was Of the opinion that 1t
would not be necessary to organize the as
ISOLATION unless there should occur very
serious complications abroad, but in that
event he was satisfied it would be the only
means Of relief for the South.
Mr.. Demoville thought the plan compre-
hensive and eminently practical, and could
in the event Of urgent necessity be made a
measure of great relief to both merchants
and planters. Indeed, he was ready to be
lieye it might become permanent lnstltu-
tion Of great value to our people. Still, as
Mr.. WheleSs had given the subject careful
thought, and had thoroughly matured the
plan so that it could be put in operation at
any time, he was willing to accept his view
of the situation; but as it was by no means
certain but what there would be further
trouble in England, he was anxious that it
should not be finally disposed Of He
would therefore move that the committee
express their approval Of the plan as sub
mitted by Mr. Wheless to the Board of
Trade. and adjourn subject to a call from
the President, upon the request of two or
more of the members.
This resolution carried and the commit
tee adjourned.
That the clear and forcible manner III
which this subject has been put forth has
excited interest in commercial circles IS ev-
ident from the full attendance at the meet
ing Of the committee, composed OF MeSSrS.
Judge Whtworth, James A. McAlister, NJ.
Burns. Edgar Jones, J. F. DemOville, l..
II. Lanier. Geo. OBIyan, II. b. Buckner,
Samuel Cowan, Leonard ParkeS, and j. +.
ITbalaCS all of whom were present
We trust that the hopeful view OF the sit
uation taken may prove correct, and that 1t
may not be necessaryto take further action,
but should it be, we are satisfied that the
plan proposed contains the elements OF
a powerful resource whenever it is necessa-
~ to call it into operation.