The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-11-26
FSGtfsH CAPITAL.
The JFfsHissiRpf Valley society ana MS
RiMxis:

RMAmss
Hon. John Crossley, ofLondon, MEM
Der of parliament and president of the
Mississippi Valley society, has sent the
following circular for distribution In the
states of the Mississippi Valley:
Dear sir, ] have the pleasure to TOR
ward herewith a paper, Containing the
particiilars Of a. project which has beef
prepared by the executive Commute,
with the view to carry into effect one OF
the primary proposals of our society.
The two years experience which the
committee have had, as well as my W
observations while enjoying your hospl-
t~alities last autumn, has only served TO
strengthen the opinion we entertained at
the beginning, namely, that the best way
of promoting the direct business and
money operations which W e desire is to
bring our capitalits and business men in
to personal contact With our good people;
and enable them TO see. for themselves
the nature and extent of our resources,
and the fine opportunity your country
offers for the employment of capital and
labor, and for the prosecution OF trade
and commerce.
The committee regard the circum-
stances which now exist as peculiarly ia
vorable for making an effort in this di-
rection. Our trade is not so prosperous
as it has been-some of our leading
foreign markets having become tenn
porarily exhausted Il unemployed
capital is abundant beyond ~precendant,
and the difficulty of investing 1t is shown
bv the low rates at which it is offered.
The leading rates of the bank of Eng
land is now two per cent.-the lowest
point ever tOuched-while the money is
freely offered at one and one-half to one
and three-fourth per cent. on good COM
mercial paper. We are, therefore, pass
ing through a season of dull trade and
cheap money, two circumstances which
must dispose our people to seek for new
markets and safe foreign investments.
When to these is added the additional
fact that special attention is now being
directed to the United States by the
forthcoming centennial exhibition at
Philadelphia, which will be a powerful
induGement for many Europeans to visit
your shores next summer, l think that
the views of the committee, as to the OBJ
portuneness of the time for carrying our
desings into practice, will be shared by
all the members of the society.
l need hardly say that the scheme
herewith submitted is subject to modif-
cation.
The committee wish you to regard it
as a statement Of what this parent So
ciety consider desirable and practical,
and what they are prepared to under
take, provided the American members
are willing to cooperate earnestly in the
work. The committee do not propose to
take any active steps in the matter until
replies are received from the branches,
as it will be necessary to have all ar
rangements completed in the United
States before presenting the scheme in
this country.
1t will not be an easy matter, under
the most favorable circumstances. to in
duce a large number of our capitalists
and business men to undertake so long a
journey, Notwithstanding it may be
largely to their interest to do so, and the
committee deem it necessary to be able
to place before them a definite pro-
gramme, with as MANY advantages and
attractions as can possibly be offered.
In CONCLUSION, / am to urge Upon you
the necessity of giving this matter atten-
ton at the earliest convenient moment.
[ have already observed that no action
can be taken on this side until a general
understanding is come to with the Amer
lean branches. This will hardly be af-
fected without further correspondence,
and as it is most desirable that we should
be prepared to take action here by the
1st of December, you will readily under
stand that there is no time to lose. | re-
main, dear sir, yours truly,
JOHN C~ROSSILEY. president.