Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-06-25
Meeting Of the Merchants, Bankers and
Business Wen Of Eemphis-IRter-
rational Trade.
The Mississippi Valley Society Of Lon
don-Speeches Of Mr.. Grifing aud
TX President Davis.
Steamship Lines 20 be Esta bVshed Be-
tween New Orleans and London
and LiTeTp9ol-The Pres
peet, Etc.

merchants, bankers and leading business
men Of the city were convened ia the
hall ol the chamber Of commerce to lis
ten to Mr.. Grifling's exposition of the
plaLs, purposes and mode of action Of
the Mississipp! Valley society Of Lon
don.
Mr.. Pettigrew, president of the cham
Der, presided, and, after briefly stating
the purposes Of the meeting, introduced
Air. Gufii0g, who in a lengthy ad-
dress, almost the counterpart Of that de-
liyered by him in New Orleans some
months since and published in the AP-
PEAL, explained the oil jeCts, purposes
and DIOd1t5 OpeTondi OF the society, Of
which our readers are well apprised. We
do not, for that reason, even make room
for an outline Of it, preferring TO make
room for q necess sarily brief report Of the
very interesting remarks of Mr.. Jeffer-
son Davis, who dwelt at length upon the
virtues Of the society which had
served him well in England and won his
unlimited confidence.
When Mr.. Pettigrew stated, after Mr..
Grifiing closed bis address, that Mr..
Davis would speak, there was as great
applause a. that which had greeted the
admirable speech Of Mr.. Grifiug.
Mr.. Davis began his most instructive
. pleasure on meeting those who greeted
him 50 warmly. AdveTting to his at
tachment for his home, and for this city
. and people, he said cOllt1l non dHiHlUgl
. nlufdYgt qlti trans mare clyFTGtat. He in
sisted, with earnest, simple elOquence,
] that there wss no such country as this
/ none having a soil so eXUbeEant, a eli
/ mate so fGuitless, a river so majestic.
! He had crossed the ocean, but, a. assert
/ ed by the old Roman poet, he never for
( got the land Of his birth; and, however
/ distant, he stil drew after him that
"lengtheniBg chain" Of which be spoke
( who wrote like an Angel, and talked
I Ike poor Poll. 1t often happens, con-
tinued Mr.. Davis, that the w0rthiest en-
terprises Of States and corporations in
the south are wholly discredited in Eu-
rope when deserving the unlimited con-
Hdenee Of capitalists. There are three
great and potent Oracies in London
determining the credit of American
securities - the Trust and Loan
company the Foreign Council
of bOndhOldeTs; and this society Of the
Valley Of the Mississippi Of London.
BY the first two Of these. Tennessee secu- /
rites were put under the ban; but that /
trustworthy information affecting the (
condition and purposes of Tennessee 4
given the Mississippi Valley society /.
caused marked change IN the .
market value Of Tenn essee securities
He had said to the secretary of /
the parent society in London that .
the financial condition OF Mississippi .
might be most fortunate for tax
payers, since those levying taxes |
and issuing bonds in Mississippi could,
by no pos ibiIity, make these bonds saIa-
BILE. This society is now thor
oughly well informed by its cor
respondents in leading cities along the
Mississippi and its tributaries, and no
such gross injUsties will be done trust
worthy and reliable enterprises as in re-
cent years. The utility Of the parent So
cietY, having trustworthy sources of in
formation, will prove quite as servicea-
be in Obstructing fraudulent schemes as
in promoting those of honest worth.
Bogus stocks based upon bogus mines or
paper railway lines cannot be palmed /
of upon those who have access to the
books and correspondence of the Missis-
sippi Valley society Of London. of So
cial aud personal advantages given those
who went from America commended to
the London society, il was needless to
speak. 1t happened that he had been
presented to Sir Edwin Pearson Of this
OF the international association, having
branches everywhere in Europe as well |
as in the valley o the Mississippi, were
thoroughly discussed. II was in an in
tervieW with members OF the society
that he had suggested the Inauguration
of 8 system Of direct trade between
England and the valley OF the Missis-
sippi He had shown how the interme-
diate agency Of Atlantic coast cities was
ruinous to English merchants, and that
great losses were sustained for the same
reason by the people of cities and States
along the great American river. There
is no necessity for the Intervention of
middlemen and middle cities now alb
sorbing all profits incident to CONNER
cisl Intercourse between the great val
ley and the worlds commercial capital.
Il is needless to say that British
statesmen, merchants and bankers COZ
siitutiug the society in London approved
the plans defined by Mr.. Davis, and
readily agreed to furnish three-fCurths OF
the capital required TO inaugurate the
enterprise, and establish 3 successful
steamship line from New Orleans to
Liverpool or London. MIR. Davis said
that the largest vessels possible Of the
greatest possible tonnage should be built
or chartered. Barge lines from the re-
mote northwest and from st. Louis
should be used in connection with these
great se8-going steamers, into which
grain would be- transferred in bulk at
New Orleans. A gentleman named
Hirsch had constructed a vessel having
a double keel and having the capacity Of
six thousand tOhs, drawing sixteen feet
water and one drawing twelve feet Of
three thousand tons. one Ofthese steam
..1f I'm 81 Tho MssNf frsr ]
auean, and II sesworthy and staunch as
represented By the scientific Mr.. Hirsch,
the problem of direct trade was already
solved. aud our discussion Of the means
Of securing a perfect waterway from
New Orleans 10 the sea was already
needless. This falling, We must still
resort TO dredging. This can be
effectively done The river was
kept opeu without difficulty when
NJ. Davis was secretary Of war during
Pierce's administration. Then the
dredging was fairly and honestly done.
Tsnfoli eater difficulties are sur
mounted ia keeping open the mouth Of
the Clyde, a shallow stream, dredged
thirty miles, and deepened till the
heaviest and largest ships that bear the
British fiag 60 in and out at will.
Whether steel ships may be built and
Successfully Y lltshi8 gaze ln5 OttaIfOi llgul- Z
draught but Of irrefrageble strength, is q
question not yet solved. But we must
act IN this matter. A steamship line
must be established, and the people
here must own one-fourth Of the proper
ty. II we do not demonstrate our earn
estness Of faith 10y Tisking One-fourth as
much as our English friends the line
will perhaps never be established. Trade
runs in very deep groves, and its habits
are changed With the greatest difficulty.
Mr. Davis thinks the steamship line will
be most proftsble and its route across the
ocean, which he has pprs6d was safest.
ami certainly most delightful. lie had
drifted with the gulf stream of Cape
Hatteras, or the Grand Banks, and
thence to Albion's cliff of chalk, and, re-
turning, had drifted with the same balmy
summer of the sea by the Azores and |
West Indies, going out OF the Gulf of 1
Mexico on the northern, and returning 1
on the southern side OF Cuba. There is |
every advantage Of comfort and security /
in following the southern or gulf stream |
route in both directions scross the At !