The times. [volume] (Richmond, Va.) 1890-1903, 1895-04-07
TINE MrMPHIs CONVENTION.

At largely attended meeting OF COM
mittees from the Cotton, Merchants and
Inrnbermen's Exchanges, the Manufac-
a. tuNrs' Association, and the Young Mems.
upon the law sague held In Memphis day
Al, ok. resolutions were adopted
The Sta, a convention to assemble in Mem
ing frop, Tenn, Thursday, May-23. 1895.
to be composed of delegates chosen by
the people of the Southern States who
believe In the necessity for a sound and
stable currency and better banking facili-
ties in order to fully restore and in the
future TO maintain prosperity among the
people.
The cooperation OF all commercial
manufacturing. agricultural and indus
trial organizations. as well as all good
citizens, was cordially invited. The
meeting was addressed by Congressman
Patterson. of Tennessee, who assured
Il that the Secretary of the Treasury
would visit Memphis in May for the
purpose of discussing financial questions
before the convention. and that the move
mcnt had the hearty endorsement of
Mr. Cleveland.
This is the best news that we have
soundest men all over the South should
be sent TO. and should attend, this con-
vention The national bank act, which
practically confines banking to the COM
mercial centres, and deprives the peo-
pie of their natural right to open their
local banks to furnish them the media
of exchange so indispensable TO them.
has for thirty years inflicted upon the
people Of the South punishments as cruel
as conqueror ever imposed upon a con-
quered people. and the Southern people
naturally rebel against the hard and un-
just lot that this act makes theirs. But
in their frantic protest against it, their
aim is instructed. What they really
want is money that is of a ixed, GER
tain and Interchangeable value, and then
liberty to establish their local banks to
issue their promises to pay that money.
which viii circulate around through the
region where that bank is known. and
furnish the people in that region with the
instruments OF exchange. without which
they are unable TO transact their affairs.
II is OF no consequence to the people Of
that neighborhood whether the people in
another state will or will not accept
those notes. They answer the pur-
poses of the people of that neishborhood.
and II any of them stray away they
will come back at once 10 be redeemed
In the money of the country. and that
fact will keep the bank always in a
condition TO redeem them all when money
Is demanded for them.
The last thing on earth that the peo-
pie OF the South want is debased
money. and II they put out an unlimited
quantity OF silver dollars containing only
81 Ia grains OF silver. they will put out
nominal dollars that are really worth
only Atty cents each, which viii utterly
ruin all business that It becomes In
volved with. unless the Governments fat
that II shall be a dollar can really make
IL one. Great numbers Of the Southern
people believe that the Governments fiat
can do this. The great work for a
body like the Memphis convention to do
Is TO organize a movement for discussing
this question fully before the people Of
the South, that they may be taught that
the present silver dollar. worth only
nifty cents. is not kept UP to the value Of
a dollar by the Governments fat but
by the fact that the Government receives
Il as a full dollar In payment OF every
tax for full dollar that It lays When
the people OF the South are made TO
understand this. we believe they viii
abandon their clsmor for free silver, and
xiu turn Il In IT, true dissction-thst IL,