The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-07-23
NnlIonnI COTTON E1chnnrc.

hhEENbhlEh W hllE EDulIftEh DfhlNub |
W. Va, July 22. !
The second days session OF the National
Cotton Exchange Convention commenced
this morning; the Committee on Perma-
nent Organization presented the cOnstitu-
tiOn and by laws, each article being read
and discussed Singly, and after general
discussion were unanimously adopted;
the first article provides for an OrganiLa.
tion which Is to be called the National
Cotton Exchange Association; the second
defines objects 10 promote efficiency and
extend usefulness Of local cotton ex.
changes, TO secure their united and har.
moniOus cooperation to obtain more
reliable and precise statements with re.
gard to the extent and movements OF
crops. Provision Is then made for the
regular biennial meetings. The officers
will be President, Vice President and
seven Directors, who will form an Ex.
eCutive Council and will act as Board Of
General Management, and appoint a
Secretary, Treasurer and assistants as
they may deem necessary, and have pow
er 10 levy assessments and disburse such
sums as may be raised, but will not be al
lowed TO incur expenses not provided by
assessments, all such assessments 10 be
upon exchanges In proportion to their
representation, this representation 10 be
according TO the number OF bales handled.
The Exchanges handling 2j,OOO bales to
be entitled to two delegates and one addi.
tiOnal delegate to every 100000 bales in
excess thereof.
The next article provides that the Ex.
ecutiye Council shall have power 10 add
to the constitutional amendments as shall
be passed by vote Of twO.thirds Of The
representatives Of each convention, pro.
vided that said twO-thirds shall represent
n clear majority Of the constituent EK-
changes. This article caused considera.
bic discussion, Two other forms being pre-.
scented and rejected. The first provided
that solely a majority should represent
two.thirds Of the Exchanges, but the
New Orleans party thought this would
throw thebalance Of power In the hands Of
small exchanges and strongly opposed II.
They proposed an amendment by which
a majority should represent twO.thirls OF
the delegates. This was just as objection.
able 10 the small exchanges, who say they
would he swamped by the members Of The
delegations from New Orleans, Savannah,
New York, &C., and the article In form
given above was presented, and being &C.
ceptable to all parties adopted. The by.
laws were adopted without much com.
ment. Recess was taken In the morning
session. The question Of nomination was
postponed till tomorrow morning. The
matter Of locating national exchange
Office was referred to a committee 10 re.
port tomorrow morning.
John Scott, late U. y. Senator, who
strongly endorsed Gov. Hartranft and
Henry Rawle and the candidates respec.
lively for Governor and Treasurer, and
ably discussed the present issues between
the two political parties. He spoke at
length upon the question OF currency and
strongly commended the system Of nation
al currency, and urged that tbe brought
TO and kept on a par with gold
He asserted that the Democracy
would destroy, II placed IN power
our whole system Of finance and carry Us
back 10 the irresponsible currency Of State
banks. He maintained the right Of The
government 10 regulate Interstate com.
nerce in fixing the maximum rates Ol
transportation. He predicted deter.
mined effort on the part Of the Southern
Democracy 10 secure indemnity for
their war losses from the general
government. lie congratulated The
party on ia unanimily and good organl-
cation and predicted an overwhelming
scccess at the polls; the meeting was also
addressed by 1ion 3. Kollie, oiihe Union
Company, Hon Henry NJ. Hoyt, Chair.
man Of The State Central Committee and
Others; the Opera House was closely fill-
ed, and the ratification OF the late party
nominations isdeemed most encouraging
arguing certain success.