Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-09

they will not even take them for goods and
property. | say in advance, that now will
take them for debts, bagging and ties, or
will sell real estate for them. The banks
need not hesitate to take them if a mer-
chant comes in with part cash and part
certificates, for it is better security than
any merchant paper They need not even
hesitate to receive them on deposit, for
they have customers who will willingly re-
ceive them in payment of their deposits,
for they would get 10 per cent interest
bearing security, and that security fully
equal to anything the bank can offer.
That cotton is king has never been so
near demonstration as at this moment; and
it will be for want Of action on the part of
the merchants Of the South if this financial
revolution does not result in securely eStab-
fishing it upon its throne. This throne
forever and forever by the memorable logic
Of events, stands ready and waiting to be
occupied. EnthrOne this powerful COM
mercial monarch and at once viii he issue
his decree to the gamblers who in New
\ Ork are selling the value Of cotton down
at the rate Of one-fOurth to One-half cent
per day, thus far and no farther shalt thou
go" For such associations will be Or
ganiZed from Galveston to Charleston,
and then these gamblers will comprehend
the power of united South, determined
upon averting bankruptcy; and in their
efforts to cover their short interest, they
will put cotton up two to three cents per
pound.
The Bank OfEngland. determined to stop
the flow of gold to this country, has adj
vanced the rate of interest to per cent.
and will keep advancing it until that object
is attained, even though it bankrupt the
South and Manchester too.
Is it not evident then that if wecOntinUe
to force cotton upon them, that up will 90
the rate Of interest, down, down, will 90
the price Of cotton. Europe will get the
crop for half its value and leave the South
helpless and bankrupt.
The prompt organization of these assOci-
ations will avert this otherwise inevitable
result. The cotton will be put upon the
market only as there is a reasonable and
healthy demand for it.
The price will thereby be sustained: con-
fidence in cotton and the cotton goods trade
will be restored, and this will impart
strength and confidence to every other de-
paTtment of industry, trade and commerce.
We have all been accustomed to bOasting
of the wonderful resources of the South,
and now we have the opportunity of demon
Strating to the commercial world the un-
qualified truth of this assertion.
The general adoption Of this plan will
place the commercial credit of the South
upon a more solid and enduring basis than
that Of any community on this continent or
in Europe. For you can show them Your
mighty power when you establish the fact
that you have a magical product which can
III times OF great financial and CONNER
cial crises like the present, be slowed away
and banked upon with as much ultimate
safety as upon gold itself.
Gentlemen, the plan is before you; it is
not the ont cropping of enthusiasm, half di-
gested and gotten up for a sensation, but is
simple in its construction, UndOubted in
the security it offers, and widely diffusiye
in its effects, and can only be productive of
good, and | am satisfied will grow upOIr
you the more you think Of it.
Its practicability | am fully satisfied of,
but as to the necessity for its adoption that
is a question entirely with you. l have
no personal interest in that; indeed the pc
cuniary interest of the firm of which am a
member is against it, but if it can be made
holders of the South, l am not selfish
enough to think of personal interests in
times like the present.
After a short discussion, in which Mr..
WheleSs' plan for putting the cotton on
the market was generally commended,
motion for the appointment of a committee
to thoroughly investigate the matter, and
report at an adjourned meeting next Tues
day evening, it the committee deemed adj
visable, was carried. The following named
gentlemen were appointed on the commit
tee:
J. F. Wheless, Judge Whitworth, j, A.
McAlister, NJ. Burns, Leonard Parkes,
Edgar Jones, w. b. DOrtch, Sam COwan,
W. fl. Evans, II. b. Bucker, Geo. OBryan,
J. F. DemOville, i. II. Lanier.
The meeting then adjourned.