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grpronvcle atU> Sentinel
WEDNESDAY JUNE 17, 1874.
THE EIGHTH DISTRICT.
The people of the Eighth Congression
al District would like to know if there if
an Executive Committee for the Dis
trict. They would like to know if the
remaining members of the committe.
appointed in September, 1870, considei
themselves empowered to act, and, also,
if they intend to act in the coming cam
paign. Let us hear from you, gentle
men. Say, "yes” or “no,” If we have
a committee let that fact be understood;
if we have none let the people in each
county take tho necessary steps towards
perfecting an organization.
ROBERT P. HIBLEY, ESQ.
At the annua! meeting of the Round
Mountain Iron Manufacturing Com
pany, of Alabama, held in this city yes
terday, Robert P. Sibley, Esq., wa
elected President. We understand tha
he has consented to serve and that his
acceptance will necessitate his removal
to Rome. This is a very unusual com
pliment to pay to so young a man, but
it is one fully deserved. Asa member
of the firm of Josiah Sibley k Sons—
one of the largest as it is one of the
oldest of our cotton houses—Mr. Sibley
has distinguished himself as one of our
most intelligent, practical and far-seeing
men of business. The corporation hai
been fortunate in securing his services,
and we predict that his administration
of its affairs will increase the reputation
which he has already achieved.
THE GOOD WORK IN CAROLINA.
We are glad to see that the good worl*
of bringing criminals to justice in South
Carolina continues, and that there is a
prospect of the people being able to ac
complish in the Courts a result which
they have been unable to obtain at the
polls. The Charleston News publishes
an encouraging exhibit' of what has
already been done in this direction; and
every week names are added to the list
of dishonest officials who have been
stopped in their career of corruption.
The last batch of thieves has been
caught in Edgefield county. The grand
jury which assembled last week (as we
learn from the Advertiser), has investi -
gated the practices of the three County
Commissioners, and found indictments
against them. Two of them are negroes,
and all of them are almost imbeciles. If.
however, they had been the most tal
ented developers in the South they could
not have squandered the people’s money
wit more profusion, and a full term in
the penitentiary will make of them
better if not wiser men. A gratifying
feature of this nffair is found in the fact
that of tho eighteen grand jurors who
found the bill nine were colored men.
This shows very conclusively that the
honost men of both races in South Caro
lina are combining to crush out the
thieves. Os their ultimate success there
can be no doubt.
PARTY ORGANIZATION.
Those who are sanguine of a sweep
ing Democratic victory in the coming
campaign had best see to it that their
expectations aro not disappointed. If
the organization of the party is not
maintained and its discipline vigorously
enforced; if harmony in the ranks and
concert of action bo not secured, we will
either lose tho State or else achieve
a half victory, whose consequences
will be to the full as disastrous as
those which would flow from de
feat. A fruitful cause of mischief
will bo found in a thirst for office and
an overweening confidence, which breed
independent candidates, a~d a disre
gard of party laws and party lines. The
immense Democratic majority of 1872
may provo a source of weakness in this,
that men who are anxious to obtain po
litical preferment may feel that the time
has come when they can afford to ignore
party usages without destroying party
supremacy. Already ominous sounds
conio from different sections of the
State. These notes of warning should
receive instant attention. Tho press
and people should promptly deal with a
malady which, if allowed time for de
velopment, may progress beyond the
curative power of tho physician. Two
noticeable articles in this connection ap
peared in the last issues of the papers
published in Rome—tho Commercial
and the Courier. The former says:
From present appearances we nre like
ly to have u general Scramble for offices
at tho Fall elections. There is no effec
tive organization of the Democratic party
in this Congressional District, and there
are several aspirants who are said to be
resolved on being candidates, regardless
of the action of any nominating conven
tion.
* * * * Wo must do something
to repress all this—or bring all this zeal
to bear in favor of the success of sound
principles. In tho meantime we would
be glad to hear from all aspirants for
Congressional honors, whether they are
for organizing and uniting the Demo
cratic party and whether they intend to
abide by aud support the action of the
party when expressed through its proper
organs.
The Courier, without going so far as
its neighbor, evidently nppreheuds the
same danger. It publishes a list of the
District Executive Committee aud makes
a strong appeal for harmony and speedy
and effective organization. Reports
come from other districts, besides the
Seventh,of independent candidates. The
safety of the party lies in crushing these
gentry out of existence. They must be
made to feel that tho man who claims
affiliation with aud the support of a
party, while disregarding its usages aud
violating its commands, is a more dan
gerous and obnoxious opponent than he
whose enmity is open and avowed. They
must be shown no countenance nor favor.
If they refuse to submit to the action of
a legally chosen aud fairly conducted
nominating convention, they must not
expect nor must they receive the vote
of a single Democrat. No quarter
should be given to independents.
Several papers iu Southwestern Geor
gia are opposed to the present system of
nominating candidates for office and in
sist upon substituting the ballot for
conventions. They suggest that the
Executive Committee appoint a day on
which an election shall be htld in each
county of a Congressional District and
select managers to conduct the same.
The candidate who receives the highest
vote shall be declared the nominee of
the party. The onh trouble about this
arrangement is that if commenced there
is no telling where it would stop. It
would apply as well to the Governor's
election as to the Congressional, and as !
well to the Presidential as to either.
The King of Hawaii, finding that his
sixty thousand subjects do not yield a
sufficient revenue for the comfortable
support of the crown, has deter
mined to imitate the example of his
American neighbor and issue an un
limited supply of paper cnrrency.—
If his Majesty desires the American
system in all its beauty, he should have
his paper money controlled by an
American Secretary of the Treasury.
The United States can spare him Mr.
Richardson even at the risk of breaking
np the Court of Claims.
The President is accused Os plotting !
the destruction of the Republican party.
If he does nothing worse thau that the
South will have little cause of complaint
Unfortunately, however, in compassing j
the downfall of the political organiza-;
tion of which he has been so long an ad- i
herent, he doubtless intends erecting a
Grant party upon its ruins. We may
find Gbaxtism wove even than Repub
licanism.
It is gratifying to know that Congress
intends tearing down the nest of jndi- ;
cial corruption known as the District
Court for the Western District of Ar
kansas. The committee tersely says
that it has cost three-quarters of a mil- !
lion in three years, and Las “been a very
•tench in the nostrils of the people.”
DEMOCRATIC ABSENTEES.
The Washington correspondent of the
Louisville Courier-Journal says that
when the vote was taken Monday upon
General Butleb’s motion to take np the
Civil Rights bill the Democratic ab
sentees were “ Baßncm, of Connecticut;
Cominoo, of Missouri ; Potter, Rob
ekts and DeWitt, of New York ; Wolfe,
of Indiana; Holman, of Indiana;
Mitchell, of Wisconsin ; Parker, ol
New Hampshire; Robbins and Wad
dell, of North Carolina, and Young, of
Georgia. Mr. Potteb had paired with
.Mr. Clements, a Republican ; but on
this occasion the motion to suspend the
rules being the only available one in or
der to get at the bill, Mr. Poiteb’s vote,
had he been present, would have been
equal to two Republicans. The same is
true of Messrs. Waddell and Robbins,
of North Carolina, and Young, of Geor
gia, who had each paired on only one
Republican. No thanks are due by the
eonstitutents of these absentees to them
for the failure of this infamous mea
sure.”
THE ENDURANCE OF GAMBLERS.
A curious illustration of the terrible
fascination of gambling even to a loser
is given in the Chicago Times. The
victim was a professional player, and he
fought the tiger in a faro room. He
commenced playing, lost, • won, lost
again, continued losing; and finally, at
the end of fifty hours, he quit the en
gagement, out of pocket to the amount
if $11,900. Daring this session of fifty
hours the game was unbroken. The
gambler never slept for a moment, never
-itopped to eat a meal, bat carried the
whole tremendous enterprise through
without rest, cessation or refresnment.
The Times considers the enormous en
durance shown by the loser as almost
w.thout a parallel. Men, it says, have
ridden, spoken and dene many other
things for twenty-four or thirty hours at
a stretch; but a case other than the
present one is unknown in which a labor
was carried through so long a period—a
labor which involved so tremendous a
mental wear and tear, and was, there
fore, trebly arduous in its effects upon
the system of the chief participant. The
event is also noticeable as showing the
absorbing power of gaming. One can
,not fancy any task which would induce
or force a man to deprive himself during
the same period of sleep" or refresh
ment.
THE CONSERVATION OF ESTATES.
However much the majority of Ameri
cans may cherish that provision of the
law which forbids the entailing of es
tates, it is certain that there are also
many especially among the very
wealthy classes—who would favor a law
which would prevent tho heirs of estates
from spending more than the interest
on the property. In our State a limita
tion cau be made for one life, but not
longer. The same law, we think, pre
vails over the whole Union. Asa gen
eral rule the man who succeeds in ac
cumulating a million of dollars by la
borious industry does not relish the
idea of having bis money squandered
after death compels him to leave it be
hind. Tho sons of such men are usual
ly spendthrifts, as if fate had ordained
that frugality should be succeeded by
prodigality. Even if they were not, the
builders of large fortunes do not wish
their means made subject to dissipation,
whether from extravagance or evil
fortune. We constantly witness at
tempts to preserve property unimpaired
by the limitation of heirs to a life estate.
But this policy only postpones, it does
not prevent the evil. Tho grandson
squanders what the hands of the son
were not permitted to touch. Many,
therefore, prefer to leave their fortunes
to educational, charitable, or public in
stitutions, which bear their name and
preserve their millions. It is pride more
tlian philanthropy which founds most of
our groat colleges, libraries and asylums.
The lutest manifestation of the aversion
which rich men have to a division of
their money is afforded by the will of a
Chicago merchant named Walker. He
has left several millions of dollars in
tho hands of trustees, who are to give
his two sons only a small annuity. Upon
the death of his children the money is
to be divided among the grandsons of
the deceased. If there are none, the
funds aro to be put out at interest for a
term of twenty-one years, and at the
end of that time applied to benevolent
purposes. Such a will is hard upon the
children but is a very soft thing for the
trustees.
| THE BT. LOUIS COTTON INTEREST.
| The Cotton Association of St. Louis,
! we observe, has taken action in regard
to the plau of stimulating trade in the
great staple at that point by the induce
ment of premiums to be awarded at the
State Fair in October. The official cir
cular says: “The Board of Directors
have offered SII,OOO in cash premiums
to the cotton interest, to be distributed
among the States as follows: Missouri,
Arkansas, Tennessee, $1,130 each;Texas,
Mississippi and Louisiana, north of the
32d parallel, $1,150 each; Indian Ter
ritory, $1,100; Sweeptakes (open to all
States), $1,000; and $2,000 to the larg
est shippers. The premiums are di
vided among each of the States as fol
lows: For the best bale, $500; 2d best,
$300; 3d best, $200; 4th best, SIOO, and
: sth best, SSO; making $1,150 to each
1 State. Total for the six States, $6,900.
The $l,lOO will be distributed to the
Indian Territory as follows: Choctaw
Nation, $275; Chickasaw Nation, $275;
I Cherokee Nation, $275; Creek Nation,
$276. These sums will be separated in
! to the following premiums: Best bale,
I $150; 2d best, $75; 3d best, sso—total,
I $275 for each nation, or $l,lOO for the
! Indian Territory. The sweepstake pre
mium for the best bale is open to all
I cotton producing areas, except the Sea
Islauds. These premiums, amounting
I to $9,000, will be paid at tire close of the
j State Fair, in St. Louis, next October,
j In addition there are $2,000 deferred
premiums, as follows: To the largest
■ shipper of cotton to the St. Louis mar
ket, $1,000; 2d largest shipper, $600; 3d
largest S4OO. These premiums will be
paid in October, 1875; making SII,OOO
i in cash offered altogether.
A letter from Frankfort to the New
York Herald states that the bonds of
the Brunswick and Albany Railroad,
illegally issued by Bullock, aud which
the Georgia Legislature has since re
fused to recognize, are quoted at three
cents on the dollar. This statement
would seem to convey the idea that the
Bond Ring have lost all hope of being
able to cajole or corrupt aJGeorgia Leg
islature, and that it is to their interest
to part with these spurious obligations
at their real value. Three cents is a ■
good round figure for them, in view of
the fact that they are not worth the
paper upon which they are printed, and
we would advise Clews and his confed
erates to unload before the market de
clines.
Cas not a man edit a Radical paper at ■
the South and be honest ? So far this
conundrum has been dead against the j
editors of Radical papers. The latest
answer in the negative comes from
Gainesville, where we believe the only
Republican paper in Georgia is pub
lished. Mr. Wm. R. Davis, the pro
prietor of the Advertiser, has been ar
rested upon a warrant charging him with
being a “common cheat and swindler.”
His offense seems to lie in a series of
successful swindling enterprises conduct
ed against the merchants of Gainesville
and his printers.
The friendly overtures of the North
have been cordially received and fully
reciprocated by the people of the South.
The telegraph informs us that on Deco
ration Day at Baltimore the graves of
the Union dead were ornamented with
flowers. The two sections are begin
ning to know and to respect each other.
COTTON EXCHANGE X’ONTENTIOX.
FIRST DAY’S SESSION.
Permanent Organization Effected—
Appointment of Committees—Order
of Business.
Pursuant to notice the delegates to
the Cotton Exchange Convention as
sembled at the Exchange yesterday
morning, at 10 o’clock.
The meeting was called to order by
Mr. W. B. Galbraith, of Memphis, who
moved that Mr. W. F. Herring, of Au
gusta, be elected temporary chairman.
Carried.
Mr. Herring said he had hoped a gen
tleman from New York would be select
ed as temporary chairman. But in or
der not to delay business he would act,
as they had chosen him. He acknowl
edged the compliment paid Augusta by
selecting it as the place of meeting, and
welcomed the delegates to the city.
On motion, Capt. Roswell King was
requested to act as Secretary.
Delegates.
Mr. Wheless, of Nashville, moved
that a committee on credentials, com
posed of five delegates, be appointed by
the Chairman. Carried.
The Chairman designated the follow
ing gentlemen as the committee :J. F.
Wheless, Nashville; B. P. Baker, New
York; W. P. Proudfit, Memphis; J. W.
Lathrop,Savannah;C. H. Strong, Atlanta.
The committee retired and after con
sultation reported the following dele
gates :
Augusta—W. F. Herring, Wm. M.
Read, M. P. Stovall, W. H. Warren,
Samuel Franklin.
Charles;on—W. L. Trenholm, B. G.
Pinckney, G. H. Walter, J. S. Murdoch,
Alfred Price, S. S. Howard.
New Orleans—John Phelps, H. G.
Hester, John Watts. John Chaffe. Fr.
Muller.
Memphis—W. B. Galbraith, J. T.
Pettit, W. P. Proudfit, John S. Toof,
B. Hughes.
Nashville—J. F. Wheless, T. B. Sam
ple, Irviue K. Chase, J. P. McGuire.
New York—C. A. Easton, B. P. Baker,
Wm. Whitlock.
Norfolk—W. D. Reynolds, W. W.
Gwathney, A. Savage, H. C. Williams,
H. V. Neimeyer.
Louisville—E. W. Kennedy.
Boston—B. R. Smith, Jno. W. Davis.
Charlotte— Jas. E. Stenhouse, Jno. F.
Wooten.
Atlanta—S. B. Wright, Mark W.
Johnson, C. H. Strong.
Athens—S. C Dobbs, J. R. Mathews,
John J. Thomas.
Galveston—M. Quin, J. M. Waltliew,
C. E. Richards, W. D. Berry, A. G.
Mills.
Savannah—J. W. Lathrop, John Nis
bet, J. Raurs, James H. Johnston, C.
W. Cunningham.
Mobile—W. H. Gardner, D. E. Huger,
T. K. Irwin, J. P, Billups, R. H. Bol
ling- „ „
Wilmington—J. W. Hinson, C. P.
Mebane.
Baltimore—Spencer L. France.
Montgomery—John H. Clisby, W. T.
Hatchett.
Opelika—W. S. Tamer.
The following gentlemen accredited
as alternates from Charleston were in
vited to seats on the floor : Frank E.
Taylor and Wm, A. Price, aud from Nor
folk, W. H. Holmes.
Mr. E. F. Ludwig, Superintendent of
the New York Gold and Stock Telegraph
Company, was reported as present.
On motion, Mr. Ludwig was invited
to a seat in the Convention.
On motion of Mr. Hughes, of Mem
phis, the report was received and adopt
ed.
Permanent Organization.
Mr. Wheless, of Nashville, nominated
Mr. John Phelps, of New Orleans, as
permanent Chairman. Adopted unani
mously.
Mr. Phelps took the Chair an id loud
applause. The compliment, he 'said,
was not paid to him personally, but to
the New Orleans Exchange. It had
seemed to the New Orleans Exchange
that such a Convention as this would
add to the facilities for obtaining more
reliable facts and figures in regard to
the production of cotton. He did not
wish to talk much. They were men of
action and not of words.
Mr. Sample, of Nashville, nominated
Mr. James S. Toof, of Memphis, as per
manent Secretary. Adopted unanimous
ly.
Mr. McGuire, of Nashville, moved
that the Chairmen of each delegation be
made Vice-Presidents of the Convention.
Mr. Johnston, of Savannah, said this
reminded him of an army of officers with
out any privates. He moved that three
Adopted.
Mr. CL 3. A*uf*ksta, thought
there sTioiild MHT Vice-Presidents.—
He moved, therefore, that the motion
just adopted be reconsidered. Adopted
Mr. Bacon moved that five Vice-Presi
dents be elected.
Mr. McGuire, of Nashville, moved
that the Chairman of each delegation be
Vice-President of the Convention.
Mr. Nisbet, of Savannah, moved that
only one Vive-President be elected.
Mr. White, of Atlanta, said that his
idea was that this was a permanent or
ganization and that the officers elected
would hold their offices for twelve
months.
Mr. Quin, of Galveston, thought dif
ferently.
Mr. Reynolds, of Norfolk, moved that
the whole matter be referred to a com
mittee of five, to report in the afternoon.
Mr. Walter, of Charleston, said the
business of the Convention could not
proceed until all the officers were
elected.
Mr. Quin’s motion was put and car
ried.
Mr. Watts, of New Orleans, nominated
Mr. Chas. A. Easton, of New York, as
Vice-President. Adopted unanimously.
Order of Business.
Mr. J. F. Wheless, from the Com
mittee on Order of Business, appointed
at the informal meeting Tuesday after
noon, reported as follows :
Augusta, June 10th, 1874.
To the President and Members of the
Convention of Cotton Exchanges of
the United States :
Gentlemen—ln compliance with a
resolution adopted at an informal meet
ing of the delegates to the Cotton
Exchange Convention, on the 9th inst.,
appointing the Chairmen of delegations
present a committee to draft and re
port an order of business for the Con
vention, we respectfully submit the fol
lowing
ORDEK OF BUSINESS :
Ist—Selection of Temporary Chair
man. 2d—Selection of Temporary Sec
retary. 3d—Appointment of a Commit
tee on Credentials, to consist of five
members, who shall report immediately.
4th. Receipt of report of Committee on
Credentials. sth. Permanent organiza
tion. Gtli. Determine the advisability
of requiring each member in addressing
the Chair to mention his name and point
from which he comes ; of allowing no
member to speak more than twice on
any one subject, unless by special per
mission of the Convention, and of lim
iting the time for each speech to ten
minutes. 7th. All resolutions to be
made in writing and referred to appro
priate committees withont debate, un
less otherwise decided by the Conven
tion.
Having thus secured a permanent or
ganization, and settled upon rules neces
sary to prompt dispatch of business,
and a ready aud complete understand
ing of the points to be brought up
discussion, your committee suggest that
yon observe the order annexed relative
to the regular business of the Conven
tion :
1. Division of crop and acreage re
ports, apportioning the labor so that
each Exchange compiles facts relative
to condition and prospects of growing
Crop iu sections immediately tributary
to it.
2. A more reliable and efficient sys
tem of compiling receipts and shipments
i at delivery ports, and a closer watch up
on the details, the figures to be obtain
ed from Cotton Exchanges instead of
from Associated Press and other sources,
as at present.
3. Figures for good ordinary, low
middling and middling, to be used in all
telegrams from commercial markets.
4. More complete reports of the in
terior movement, embracing towns ship
ping 30,000 bales or more, so spread
over the cotton belt as to give a compre
hensive view of what may now be termed
the invisible supply.
5. Counting stocks of cotton in presses
or warehouses and on shipboard on the
first of each month.
6. Southern consumption ; each Ex
change to keep a complete quarterly
record of cotton consumed in territory
assigned to its supervision, and of the
stock held at the mills at the close of
each quarter.
7. Northern consumption.
8. Overland movement. A special
committee to be appointed for the con
sideration thereof.
9. Compilation of total crop figures.,
10. Meteorological reports—Govern
ment aid relative thereto.
11. Telegraphy.
12. The adoption of a uniform stand
ard of classification for the United
States.
13. Rules and form of certificate in re
gard to reclamations on fraudulently
packed and unmerchantable cotton.
14. Counting damage and uniformity
in length of bales.
15. Foreign and domestic bill lading.
16 Advisability of organizing Conven
tion into National Association of Cotton
Exchanges,and the encouragement of ad
ditional Cotton Exchanges.
John F. Wheless,
Chairman.
On motion of Mr. Chaffe, of New Or
leans, the report was received and adopt
ed.
Mr. Proudfit, of Memphis, moved
that the Convention go into the ap
pointment of committees, and that a
committee of" five be appointed in each
department, the Chairman appointing
said committees and be given time to do
so.
Mr. Trenholm, of Charleston, sug
gested that the Chairman of each dele
gation famish to the President the
name of such delegate best fitted for
the several committees.
Mr. Baker, of New York, said it seem
ed to him that it would be best for the
Convention to discuss subjects this
morning on which it might not be nec
essary to have committees appointed,
such as the subject of classification, and
the President appoint the committees
during the recess of the Convention.
Mr. Walter, of Charleston, moved
that the Convention adjourn until one
o’clock, in order to give the President
opportunity to appoint the committees.
Mr. W. F. Herring, of Augusta, said
that a cooler hall, the Opera House, had
been provided, and suggested that
when the Convention reassemble it meet
at that place.
-Mr, Walter accepted the suggestion,
and the Convention adjourned.
Adjourned Session.
The Convention re-assembled in Gi
rardey’s Opera House, at one o’clock,
and was called to order by the Presi
dent.
The President announced the follow
ing committees :
Crop and Acreage Reports, &c., Bet
ter System of Receipts aud Shipments
and Closer Watch on Details, Figures
from Cotton Exchanges, Interior Move
ment and Larger Reports from Interior
Towns, Count of Stock Once a Month,
Southern Consumption, Northern Con
sumption, Overland Movement, Total
Crop Figures, Meteorological Reports,
Information and Statistics : New York,
C. A. Easton, Chairman; Augusta, Wm.
M. Read; Norfolk, W. W. Gwaltney;
New Orleans, H. Watts, H. G. Hester;
Boston, I. W. Davis; Montgomery, W.
T. Hatchett; Nashville, T. B. Sample;
Louisville, E. W. Kennedy; Savannah,
J. H. Johnston; Wilmington, J. W.
Hinson; Galveston, A. G. Mills; Mem.
phis, W. P. Proudfit; Baltimore, E. C-
Mathews; Athens, S. C. Dobbs; Mobile,
T. K. Irwin; Atlanta, B. Wight; Charles
ton, I. S. Murdoch.
Country Damage and Uniformity of
Bales—Galveston, C. E. Richards; Mo
bile, W. H. Gardner; Savannah, J.
Raurs; Charleston, W. L. Trenholm;
New York, P. B. Baker; Boston, B. R.
Smith; Nashville, J. P. McGuire; At
lanta, G. H. Strong; Augusta, M. P.
Stovall.
Uniform Classification—New Orleans,
John Chaffe; New York, P. B. Baker;
Galveston, W. D. Berry; Memphis, J.
T. Pettit; Charleston, B. G. Pinckney;
Savannah, John Nisbet; Mobile, D. E.
Huger.
Subject of Resolving this Convention
into a National Association and the Ad
mission of Additional Cotton Exchanges
—Savannah, J. W. Lathrop; Charleston,
G. H. Walter, Chairman; New York, B.
P. Baker; Charlotte, Jas. E. Stenhouse;
Nashville, I. K. Chase.
Telegraphy—New Orleans, H. G.
Hester; Galveston, A. G. Mills; Mem
phis, Jno. S. Toof; Savannah, C. W.
Cunningham; Mobile, R. H. Bolling.
Foreign Bills of Lading -New York,
Wm. Whitlock; New Orleans, F. Muller;
Norfolk, W. D. Reynolds; Memphis, B.
Hughes; Mobile, J. P. Billups.
Mr. Pinehney, of Charleston, offered
the following resolution ;
Resolved, That the Committee on
Uniform Classification be instructed to
take into consideration the subject of a
uniform system of weighing cotton at
the several ports. Adopted.
Mr. Proudfit, of Memphis, said he
had a preamble, series of resolutions,
and argument adopted by the Memphis
Cotton Exchange, and recommended for
adoption by the Convention. He read
the papers to the Convention. On mo
tion, the matter was referred to the
Committee on Country Damages.
Mr. Smith, of Boston, said that the
subject of tare on cotton was an impor
tant one, and he would move the ap
pointment of a special committee at the
next session, to take the matter into
consideration.
Mr. Watts, of New Orleans, moved
that the Chair be empowered to appoint
tvjo additional Secretaries. Adopted.
On motion of Mr. Sample, of Nash
ville, the Convention adjourned until 8
o’clock this morning.
The following additional delegates ar
rived yesterday afternoon and registered
at the Planters’ Hotel, where all the
delegates are stopping:
Cincinnati—C. W. Rowland, M. Hirsh
berg, W. W. Taylor.
St. Louis—Theo. G. Meir, D. W.
Marmaduke, M. P. Snryock.
New York—Thomas Fenner.
A graud barbecue will be given by the
citizens of Augusta to the Convention,
at the Canal Locks, to-morrow.
The Personnel of the Convention.
The Convention is undoubtedly one of
the fiuest bodies of men who have ever
assembled in this country. It embraces
some of the most influential and best
known business men in the United
States, and its deliberations will be pro
ductive of important benefits to the com
mercial interests of the nation.
SECOND DAY’S PROCEEDINGS
Reports Adopted—The Convention Re
solved Into a National Exchange.
The Convention assembled at Girar
dev’- Opera House yesterday morning,
at 8 o’clock, pursuant to adjournment,
Mr. John Phelps, the President, iu the
chair. The minutes were read and con
firmed.
The President announced that he had
appointed Mr. C. W. Cunningham, of
Savannah, and Mr. A. G. Mills, of Gal
veston, Assistant Secretaries.
Committee Reports.
Mr. J. W. Lathrop, of Savannah,
Chairman of the Committee on Perma
nent Organization, reported as follows :
Your committee to whom was referred
the subject of permanent organization
and admission of additional Cotton Ex
changes, beg to report that they
have given the subject the attention
which the limited time permitted, and
are impressed with the importance of
such an increase of Exchanges at the
various cotton centres of the country as
would facilitate the more certain collec
tion of statistics as to the great staple
and production. They recommend,
First—That this Convention take defi
nite form by a permanent organization,
to be known as the National Cotton Ex
change, and with its present officers to
hold over for twelve months. This being
effected, they further recommend that
all encouragement be rendered to the
formation of Cotton Exchanges through
out the country—Exchanges representing
the net receipts of 25,006 to 100,000
bales to be entitled to one delegate and
one vote in the General Convention, with
an additional vote for every 100,000 bales,
and Exchanges representing over 500,000
bales be entitled to two delegates, with
one vote for every 100,000 represented.
By this means the general meetings of
the organization would not become too
unwieldy, while the relative influence of
the larger Exchanges would be main
tained.
Signed : J. W. Lathrop, G. H. Wal
ter, B. P. Baker. Jas. E. Stenhouse. Ir
vin K. Chase.
Mr. Baker, of New York, from the'
Committee on Credentials, reported the
following additional delegates:
New York —Thomas Fenner.
Cincinnati—C. W. Rowland, M.
Hirshberg, W. W. Taylor, B. W.
Wasson.
St. Louis—Theo. G. Meir, D. W.
Marmaduke, M. P. Shryocb.
He stated that Messrs. J as. R. Cren
shaw, of New York, and J. C. H. Grace,
of Macon, were present and moved that
they be invited to seats on the floor. —
Carried.
Mr. Nisbit, of Savannah, moved that
the report of the Committee on Per
manent Organization be received.—
Adopted.
Mr. Nisbit, of Savannah, moved that
so much of the report up to where it re
fers to towns receiving^twenty-five thou
sand ball's be adopted.
Mr. Baker, of New York, moved that
the word “country” be substituted for
“South” in the report. The chairman
of the committee accepted the amend
ment.
Mr. Read, of Augusta, moved that the
title of the Association be the National
Board of Cotton Exchangesof the United
States. The amendment was lost.
The portion of the report referred to
bv Mr. Nisbit in his motion was adopted.
*Mr. Nisbit moved that the report be
referred back to the committee for per
fection. There was nothing said in it
as it now stood about time and place of
meeting and other important details.
Mr. Baker, of New York, hoped that
there would be some discussion about
representation in the Association before
the report vas Referred back.
Mr. Sample said tbat he did not think
that the representation should be ac- '
cording to the number of bales received.
All should stand upon the same basis.
Mr. Quin, of Galveston, said that he
thought that one or two delegates from
each Exchange would be better than
fixing the representation upon the num
ber of bales received.
Mr. Shryock, of St. Louis, thought it
would be better for the Convention this
morning to take up all the minor points
in the report and disenss them, in order
that the committee might know how to
act.
Mr. Hester, of New Orleans, thought
that each city should be represented ac
cording to its receipts.
Mr. Rowland, of Cincinnati, offered
the following amendment:
Resolved, That the report be amend
ed by adopting as a basis of representa
tion that each Cotton Exchange hand
ling 25,000 bales or more be entitled in
the National Board to two delegates, and
that those Exchanges handling more
than 100,000 bales be entitled to an addi
tional delegate for each 100,000 of addi
tional receipts.
Mr. Dobbs, of Athens, thought each
Exchange should have at Last two dele
gates.
Mr. Reynolds, of Norfolk, moved as a
substitute that the remainder of the re
port be adopted.
Mr. Walter, of Charleston, and Mr.
Wheless, of Nashville, advocated the
adoption of the report as a whole. Mr.
Walter did not think the committee
should be instructed as to details. The
Convention at its next session might de
sire to change everything. Their pres
ent business was simply to effect a per
manent organization.
Mr. Johnston, of Savannah, moved to
amend by substituting “three” for
“two” in the resolution, in regard to
delegates, offered by Mr. Rowland.
Mr. Rowland, of Cincinnati, thought
that the smaller Exchanges would not
consent to come into the Association on
an inferior basis to the larger. He
moved that the word “one” be stricken
out of the report, wherever it occurs,
and the word “two” substituted.
Mr. Nisbit withdrew his motion and
Mr. Rowland’s resolution was adopted.
The report, as amended, was then on
motion of Mr. Hester, of New Orleans,
adopted.
Mr. Baker, of New York, moved that
a committee of five to draft a constitu
tion and by-laws for the government of
the National Exchange, to report at the
next annual meeting, be appointed.
Mr. Read, of Augusta, moved that
the President of the Convention be ex
officio Chairman of the committee.
Mr. Baker accepted the amendment
and the motion was adopted.
The President said he would announce
the committee at the next session.
Credentials.
Mr. Wheless, of Nashville, offered the
following resolution, which was adopted:
Resolved, That delegates to the fu
ture meetings of the National Cotton
Exchange must come with credentials
from regularly organized associations
representing cotton interests.
Mr. Johnson, of Atlanta, offered the
following resolution, which was lost:
Whekeab, The movement inaugurated
by the New Orleans Cotton Exchange,
and consumated in the assembling of
this Convention of Cotton Exchanges of
the United States, is one calculated to
impart great general information re
garding the condition, quantity, supply,
&c., of the cotton crop, and desiring to
still enlarge that valuable and desirable
information by bringing the cotton pro
ducing world together occasionally;
therefore, be it
Resolved, That it be made the duty of
the President and Vice-President of this
Convention to correspond with all the
cotton producing countries of the world,
India, Egypt, South America, China,
West India, &c., regarding the feasibili
ty of holding an Tuternatioual Cotton
Congress, and should these countries be
found favorable to such a movement,
then said President and Vice-President
be authorized to issue a call for such a
Congress to assemble in Philadelphia
during the year 1876, simultaneously
with the meeting of the Centennial, said
Congress to be composed of dele
gates, to be appointed from Cotton Ex
changes, Boards of Trades, &c., in the
cities of all said cotton producing coun
tries.
Mr. Watts, of New Orleans, Chairman
of the Committee on Information and
Statistics (sub-committee), reported as
follows :
Augusta, Ga., June 11, 1874.
Mb. Chairman—Your Committee on
Information and Statistics respectfully
recommend that the several Cotton Ex
changes, hereinafter named shall make
or cause to be made, and sent to tbeir
correspondents in thescount.ry selected
under the supervision of their various
Committees on Information and Statis
tics, a uniform series of interrogatories,
on the first of each month, commencing
on the first of May and ending on the
first of November of each year—ques
tions relative to the planting, condition,
cultivation and the gathering of the cot
ton crop, and that the replies to such
questions be closed and mailed not later
than the 15th of the month on which
sent, and that each Exchange shall com
pile, or cause to be compiled, such
answers by average, and that such com
pilation shall be sent to the Central Ex
change, which we recommend be the
New Orleans Cotton Exchange, on the
25th of each month, and that the New
Orleans Cotton Exchange shall* issue
therefrom a general crop report, under
the supervision of its Committee on lu
formatidh and Statistics.
The Norfolk Cotton Exchange shall
report the State of Virginia and the fol
io wkig counties in North Carolina:
Rutherford, Lincoln, Catawba, Rowan,
Davidson, Iredell, Burke, Wilkes, Cald
well, Alexander, Davie, Forsythe, Yad
kin, Stokes, Surrey, Rockingham, Cas
well, Person, Granville, Warren, Frank
lin, Nash, Wake, Hyde, Pitt, Green,
Cataret, Craven, Beaufort, Tyrrel, Wash
ington, Martin, Bertie, Chowan, Pasquo
tank, Camden, Currituck, Gates, Hert
ford, Northampton and Halifax.
The Wilmington Cotton F change
shall report the State of North Carolina
with the exception of the above named
counties.
The Charleston Cotton Exchange shall
report the State of South Carolina.
The Savannah Cotton Exchange with
the Augusta Cotton Exchange shall re
port the States of Georgia and Florida.
The Mobile Cotton Exchange shall re
port the State of Alabama as far north
as the summit of the Sand Mountains,
and the following counties in Mississip
pi: Wayne, Clark, Jasper, Lauderdale,
Newton, Kemper, Nesholsa, Noxabee,
Winston, Lowndes, Oktibiha, Colfax,
Monroe, Chicasaw, Itawamba, Lee, Pon
tatoe, Prentiss, Alcorn and Tiskamnego.
The Nashville Cotton Exchange shall
report Middle Tennessee east of the
Tennessee river, and the following coun
ties of Alabama: Lauderdale, Franklin,
Colbert, Lawrence, Morgan, Limestone,
Madison, Marshall, Jackson, DeKalb
and Cherokee.
The Memphis Cotton Exchange shall
report the State of Tennessee west of
the Tennessee river, and the following
counties in Mississippi : Caohoma, Pano
la, Lafayette, Marshall, DeSoto, Tunica,
Benton, and Teppah, and the State of
Arkansas north of the Arkansas river.
The St. Louis Cotton Exchange shall
report the States of Missouri, Kansas,
Illinois and the Indian Territory.
The New Orleans Cotton Exchange
shall report the remainder of the State
of Mississippi not apportioned to the
Memphis and Mobile Cotton Exchanges
—the entire State of Louisiana and the
State of Arkansas south of the Arkan
sas river.
The Galveston Cotton Exchange shall
report the State of Texas.
We would also recommend that the
following interior towns give, on every
Friday, at 12, m., the receipts gross and
net, and shipments for the week, also
the stock on hand—all receipts to be
considered net when not coming from
someone of the following named in
terior towns, to. wit :
Raleigh and Charlotte, in North Caro
lina; Columbia and Newberry, in South
Carolina; Augusta, Macon, Columbus,
Albany, Rome, Athens, Atlanta and
Griffin, in Georgia; Montgomery, Selma
i and Eufaula, in Alabama; Memphis and
i Nashville, in Tennessee; Vicksburg,
l Natchez, Columbus, and Grenada, in
I Mississippi; Helena aud Camden, iu
| Arkansas; Shreveport, in Louisiana;
| Jefferson, Dallas, Austin and Brenham,
| in Texas; St. Louis, in Missouri; Cincin
; uati, in Ohio; Louisville, in Kentucky.
We would further recommend that
j the above named interior towns keep
| the amount of rain fall each week, which
| with the average temperature taken
i daily at 6, a. m., 12, m., and 6, p. m., be
' sent on every Friday at 12, m. We also
recommend that they make a monthly
report by actual count of stock on hand,
thus verifying their weekly reports of
shipments and stock on hand. And we
would earnestly urge upon the Secreta
ries of ali Exchanges and all persons
making such reports of receipts, stock
and shipments, either at the ports or at
j the interior towns, the greatest care in
the counting of the receipts, keeping the
gross from the net; and we recommend
■ jhat this be a constant source of corres
pondence between the Secretaries of the
different Exchanges, or the persons em
ployed in the sending of reports of in
terior towns, in order that any and all
errors that might creep in cau be and
shall be immediately rectified.
In order to obtain correct accounts of
Southern consumption, we further re
commend that each Exchange collect
quarterly from every mill located in the ;
district assigned to it far crop reports '
the consumption aud stock on hand, and ;
j returns be made to the New Orleans
! Cotton Exchange or the point selected
for all other reports.
Charles A. Easton,
Chairman Committee on Information j
and Statistics.
Mr. Irwin, of Moblie, moved that the
report be received. Carried.
Mr. Galbraith moved that the report
be adopted, with power to amend in re
gard to territory assigned to the several
Exchanges. Carried.
Mr. Whitlock, of New York, Chair
man of the Committee on Domestic and
Foreign Bills of Lading, reported as fol
lows :
Your committee, to whom was referred
the matter of foreign and domestic bills
of lading, beg leave to report that they
r.commend the adoption of the follow
ing :
Resolved, That this Convention ap
proves and urgently advocates the re
quirement by the shipper from all mas
ters of vessels or transportation agents
the entire number of all bills of lading
(signed for any particular shipment),
specified in the body of the same. A.
copy of the bills of lading thus obtained
to be handed the captain or agent, and
endorsed “captain’s copy” or “agent’s
codv,” not “negotiable.”
Respectfully submitted.
Wm. Whitlock, F. Muller, W. D.
Reynolds, B. Hughes; J. 1". Billups,
Committee.
Mr. Whitlock said several suggestions
were made to the committee in making
their report. Every interest was em
braced in this report, brief as it was.
Mr. Read, of Augusta, moved that the
report be received and adopted. Carried.
Mr. Whitlock said the committee had
been instructed to consider the subject
of reclamation, aud reported as follows :
Your committee were further requested
to consider the subject of reclamation
for false and fraudulently packed cotton
aud claims tberoon; aud, after a thorough
consideration of the subject, have to re
port the following as the view whereby
to describe what shall be regarded as
false and fraudulently packed cotton,
to-wit : “False and fraudulently packed
cotton shall be defined as follows : Such
bales as may contain any foreign sub
stance; water packed bales, or bales con
taining damaged cotton in the interior
without any indication of such damage
upon the exterior of the bales; and such
bales as are plated, or composed of good
cotton upon the exterior aud decidedly
inferior cotton in the interior of the
bales, in such manner as not to oe de
tected without openiug the bales.
And further, that certificates for ir
regularities in the packing of cotton—
applicable to all places for its distribu
tion, and one that, with the sanction
and approval of this Convention, may
commend itself to the general adoption
for the recovery of claims within a
specified period (say 100 days) after %r
--rival at its destination, in all cases where
injustice can be shown, shall be in the
following form, to-wit:
CERTIFICATE OF CLERK, PORTER, WARE
HOUSEMAN, ETC.
This certifies that I, [John Doe,
Clerk], [Porter], [Warehouseman],--[or
other servant] in the employ of [Messrs.
Smith, Jones, & Co.], of [Liverpool],
[or other place], was present on [loth
June], [atthe opening] [or full and t-uffi
cient examination] of the following de
scribed bale of cotton, to-wit :
Shipping mark and number; other
mark and number. A B , No. 5.
C D , No. 10. One Bale of Cotton.
These marks were distinctly legible
[more or less, as the fact may be], and
there were no others discernible. The
bale of cotton was so packed that an or
dinary observation would fail to show
its defects. The outer edges and exte
rior surface were composed of good and
merchantable cotton, but when the inte
riar Was exposed it was found to contain
cotton of an inferior grade [or trash of
whatever nature]. The quantity of
good cotton and similar or equal to that
by which the cotton was sold, as repre
sented by sample, was weighed in
my presence and amounted to
pounds; as was also the inferior [or
trashy material], and the weight of the
same was pounds, as per state
ment of weigher herewith.
[Sigued by John Doe, and sworn to or
affirmed before a proper Magistrate. J
[ln connection with the foregoing, let
the weigher’s statement be appended.]
CERTIFICATE OF BROKERS OR OTHER EM
PLOYER OF THE PREVIOUS ATTESTANT.
We [Smith, Jones & Cos., brokers, of
Liverpool] [or spinner, of Manchester],
do hereby certify that [John Doe] is a
trusty [clerk] [or other servant], in our
employ [specify the length of time], and
we regard his statement hereto append
ed as entirely reliable and worthy of im
plicit confidence. The value of the bet
ter portion of the bale of cotton speci
fied, as shown by sale on [ ] was
—d. per pound, and the remainder was
—d. per pound, the price at which it
was sold on [ ], and we believe the
claim for the difference in value,
amounting to [£ s. —d.] to boa just
aud equitable one in all respects.
Signed by
[Smith, Jones & Cos., Brokers,]
[Or other employer] [and sworn to or
affirmed before proper Magistrate. ]
IMPORTERS’ STATEMENT.
I [Richard Roe, merchant, of Liver
pool] do hereby certify that the bale of
cotton desciibed in the accompanying
certificates was one of a parcel of [SO
bales] of that mark, imported by me in
the [B. S. Russia, from New York] on the
[ ]; that it was sold at my request
by [Smith, Jones & Co.], brokers, of this
city at —d. per pound on [ ], and
I now hold myself responsible for pay
ment [or have paid] the claim made for
the defects specified in the accompany
ing statements.
Signed by
[Richard Roe, Importer,]
[And sworn to or affirmed before a
proper Magistrate.]
A single remark in connection with
the foregoing may be excused on the
part of your committee:
Precisely the importance that at
taches to the sense of justice in such
claims must be attached to the require
ments to provide the proper papers to
substantiate the claim, so much—no
more. It would seem no great hard
ship to require a just rule to be of
universal application and to make that
rule applicable to the seller in Liverpool
of cotton that may have been bought in
New Orleans or elsewhere, which is ol'
equal and certainly of no less applica
tion to the seller in New Orleans, who
may have been the buyer there, or at
some other part of the United States, or
who, as custodian of property in other
interest than his own, is bound to fur
nish in similar case the same character
of evidence required of the exporter.
Your committee suggest that copies
of these certifiates be forwarded to all
the principal European cotton markets,
as those adopted by the National Con
vention of the Cotton Exchanges, and
that hereafter .claims for false or fraudu
lently packed cotton must conform to
them, otherwise they will not be recog
nized. Respectfully submitted,
Wm. Whitlock,
Fr. Muller,
W. D. Reynolds,
B. Hughes,
J. P. Billups.
On motion, the report was received.
Mr. Lathrop, of Savannah, said it
should be made the duty of the factor
to prosecute parties producing falsely
packed bales.
The report was adopted.
Mr. Trenholm.of Charleston, from the
Committee on Country Damage, report
ed as follows:
The Committee on Country Damage
in Cotton and Uniformity in Bales have
the honor to report—
That the topics assigned to them have
been inquired into and discussed. That
the actual country damage appearing
while the cotton is still on this side the
Atlantic seems to be at present satisfac
torily and sufficiently dealt with by the
dealers in the trade, but that there is
everywhere much complaint of alleged
country damage, discovered after the
arrival of the cotton in Europe, and that
the responsibility for the losses resulting
from such alleged country damage now
rests entirely upon shippers. Your com
mittee are of opinion that this evil can
only be remedied by concurrent action
on the part of shippers, owners of ves
sels and receivers in Europe, and upon
this point they respectfully recommend
that a special committee be appointed,
with authority to confer with the Liver
pool Cotton Brokers’ Association, the
Liverpool Ship Owners’ Association and
all other similar associations, with a
view to the establishment of just rules
upon this subject.
The committee further recommend
that the Convention direct the attention
of producers of cotton to the advantage
to themselves, as well as to the trade
generally, of paying greater attention to
the proper preparation and baling of
their crops, and as a guide to all who
will co-operate in such reform they sug
gest the following standard :
Cotton to weigh 450 to 500 lbs. to the
bale.
Press boxes to be constructed of the
following dimensions : Length, 4 feet
6 inches; width, 2 feet 3 inches. Six
ties to bale.
The committee having duly consider
ed the communication from the Galves
ton Cotton Exchange to the New York
Cotton Exchange, and by the latter
body laid before this Conventton, re
spectfully recommend, in conformity
therewith, the adoption of the following
resolutions :
Resolved, That we recognize the de-
I pendence of commercial prosperity upon
the profitable direction of agricultural
energies, and as a means thereto we
[ suggest that this Convention recommend
its several constituent associations to
urge upon producers greater care in
gathering and handling cotton; such
care as will prevent the ruinous mixture
of different grades; clean and trashy,
wet and dry cotton in the same bale, re
sulting m'loss to producer and buyer,
and much vexatious annoyance to all
concerned.
Resolved, That they be enjoined to
provide suitable shelter, properly floored
for all seed cotton left in the fields in
peas, and when ginned and sold to still
protect the bales from exposure to rain
or liability to damage from lying on the
damp earth.
Resolved, That the different associa
tions be recommended to provide tor
and to enforce the prosecution of all
cases of fraudulent or falsely packed
cotton that may come to their knowledge.
Jiesolved, That the several
associations herein rep resented *:uemo
ralrase their respective Legislatures to
enact such laws as will compel /ailroad
companies to issue receipts for all pro
duce offered them at their reg lar sta
tions for transportation, and t lat they
be required to provide such 9h<it«r and
platforms as may be necessary .Ju. pro
tect such produce from expi Hire to
weather or the depredations of attic.,
C. E. Rioha ds,
Cha man.-•
The reports was received and dopted.
The Committee ou Credential! report
ed that Mr. W. S. Roberts, of i.ugusta,
was the accredited representative from
the Philadelphia Exchange jAciatiou.
Mr. Roberts was invited to oflit in the
Convention.
Mr. Chaffe, Chairman Com
mittee on Classification, as fol
io the President of thfiKm'enlion of
Cotton Exchanges : i
Sin—The CommittejMTffij»siflcation
beg to report the
Ist. That we Con
vention the adoption of i uniform
classification of cotton throu;hout the
United States, to be called tin Standard
American Classification, am that the
Convention request all Cotton Sxchanges
in the United States to app'int an ex
pert, who shall meet at sine point
designated by this Conveuion in re
sponse to a call from the Cjairman ap
pointed by this Convention, ii or before
the Ist of September next,' when they
shall proceed to m-ke a classi
fication that shall be the Am ricau Stan
dard, which shall be aJlpted by all
American Exchanges; and quota
tions from and after the I|l ot October
next shall be based ou A-' types pre
pared and established by ji*id commit
tee of experts.
2d. The types to repress; t the follow
ing grades, viz : Good riddling, miff,
tiling,low middling, gooißordinary aud
ordinary.
3d. 't hat the Comiuittk of Experts,
who will be appointed*!!* make stan
dards, shall fix the priewto be charged
for the same, not to exf rJ live dollars
per set. _J
Ith. That this recommend
to the Convention of
adopting the beam for weighing
cotton, and that bought or
sold to be weighed oti^Bivery.
John Chalß, Chairman.
Benj. I’. Ukur.
On motion, the reporlwas received.
Mr. Watts, of New Oieans, moved to
amend the report by'instructing tlie
committee to prepare types of half
grades.
Mr. Chaffe. of New Gleans, explained
and defended the repot.
The President callediMr. Ea ton, the
Vice-President, to thef-lhair, and spoke
in favor of the report.
Mr. Lathrop, of Say nnali, advocated
the Liverpool assimillion.
Mr. Walter, of Clnieston, moved to
insert the word “Livfrpool” before or
dinary.
Mr. Johnston, of Savannah, offered a
substitute, that the flassification be the
same as before the 4. r.
Mr. Baker, of Ne| York, favored leav
ing the matter witliliie committee.
Mr. Shryock, of Si. Louis, moved that
all cotton below oriinary be considered
no grade.
The report of ihe committee was
adopted.
Mr. Joliuston, to - Savannah, offered
the following resolution, which was lost
—ayes, 8; nays, up'ounted.
Resolved, Thatfit is the sense of this
‘Convention that i| is advisable that we
return to or assimilate to the classifica
tion in use in pliis country before the
war.
Mr, Walter, ofjdharleston, moved as
an amendment ttta>; New Orleans be sub
stituted for New York, and Mr. Dods
wcll be the chairman. New Orleans re
ceived nearly thlee times as much cot
ton as any otl)er port in the United
States.
Mr. Baker, off New York, opposed the
amendment.
Mr. Quin, of (lalveston, was certain
that New Orleans .was the only place
where types of] the new crop could be
had on the firslf day of September.
Mr. Watts min ed that they separate
the question asito the place of meeting,
and the chairiu|iii of the committee.
The amendment was accepted.
Mr. Latbroji of Savannah, thought
the first of September was altogether too
early to selecwtypes for the crop of the
following season.
Mr. Whitlopk, of New York, said the
question was solely one of hospitality.
He tendered niw the hospitality of New
York to the Scommittee. New Orleans
would be unfavorable to the meeting of
the committee iu September, on account
of the weatner. It was not generally
healthy at tl: it time.
Mr. Waite withdrew his amendment
so fir as tbejplace was concerned.
Mr. Chaffe said that New Orleans in
August was as healthy as New York,
and at least (five degrees cooler. It was
more accessible, at less expense to the
experts to be appointed, tlniu New
York.
New York was selected as the place
of meeting for the experts by a vote of
thirty-two to nineteen, some delegates
not voting.
Mr. Wheless, of Nashville, nominated
Mr. Thomas Fenner, of New York, as
the Chairman of the Committee of Ex
perts.
Mr. Walfcr, of Charleston, nominated
Mr. Doswel, of New Orleans.
Mr. Wliffless moved as an amendment
that Mr. Fenner notify the committee
as to the time of meeting and that the
committee elect their own chairman.
The Pri sideut decided that, under the
report already adopted the motion was
out of order.
Mr. Fenner said he would like to have
his namfc withdrawn. He positively
withdrewßiis name. Mr. J. T. Doswell,
of New < l|leans, was then unanimously
elected Chairman of the com mitt e.
The President read the following let
ter from Mr. T. P. Branch :
Augusta, Ga., June 11th, 1874.
John Jiielps, Esq., President :
DeauSik —l have the honor of ex
tending to the delegates of the Cotton
Exchange Convention an excursion over
our roil, at such a time as you may be
pleasepto indicate. I am anxious for the
Convefcion to see what its friends are
con tidbit must soon he the great South
Atlanfc'; port—Port Royal. Awaiting
an acceptance of this invitation, I am,
dear ir, your obedient servant.
T. P. Branch,
President.
Mr. Whitlock, of New York, moved
that; the iuvitation be acknowledged
andJsccepted.
Mr Lathrop, of Savannah, said ho
was|authorized on tHe part of the Cen
tral Railroad to extend an invitation to
visit Savannah over that road.
IVfrjTrenholm, of Charleston, raid the
Soutlf Carolina Railroad extended the
same invitation as to Charleston, and
that ill delegates who wished to return
hom/wards over that road would be
passfd free of charge.
0a motion, the thanks of the Conven
tion were tendered to each road and the
inflations accepted, so far as lay within
th(power of the Convention to do so.
Jelegates who wish to visit either of
th( places mentioned were requested to
ha and in their names to the (Secretary by
Saturday.
’’he President said he had a number
ofetters from Governors and Mayors of
c/.ies, acknowledging invitations to at
tf'id the Convention.
'Mr. Herring, President of the Augus
ts Exchange, was requested to answer
Irk letters.
Wheless, of Nashville, said he
1 ll been authorized to invite the Na-
Exchange to hold its next meet
is» in Nashville. He, therefore, offered
tls following resolution:
Resolved, That when the National 1
C tton Exchan ,e shall have finished the
bsiness of this session, it shall adjourn
t( meet in the city of Nashville on the
fiit Wednesday in June, 1875.
Mr. Reynolds, of Norfolk, moved that
S rfolk be substituted in the place of
Nslrville.
Mr. Walter, of Charleston, moved as
a amendment that the place and time
o meeting be left to the President, Vice-
Pesident and Secretary.
Jr. Rowland, of Cincinnati, extended |
a- invitation to the Convention to meet j
i llhat city.
irMr. Baker, of New York, extended
13 hospitalities of New York.
.Mr. Chaffe, of New Orleans, said that j
rjthe Convention would meet in New 1
l teans they would be met with open j
lyarts, and tendered the use of the New i
<j,“leans Exchange.
Mr. Walthew, of Galveston, tendered
pe hospitalities of that city.
Ntfr. Galbraith, of Memphis, extended
eie hospitalities of Memphis, and offered i
Je use of the Exchange.
Representatives of Louisville, Charles
-on, St. Louis and Mob ill exten-
E ;d invitations on behalf of their
: spective cities.
Mr. Walter’s motion was carried.
I The President read the following dis
itch :
Memphis, Texn., June 10, 1874.
'o John S. loof, Secretary Memphis
Cotton Exchange :
By telegraph from Washington will
.ladly do anything we can for Cotton
Exchange, but wili not be able to send
n officer to Augusta.
Albert J. Meter,
j Chief Signal Officer.
On motion, the Convention adjourned
ntil five o’clock, p. m.
Afternoon Session.
The Convention met pursuant to ad
ournmeut, the President in the chair.
The President read a letter from Wm.
). Sibley, Chairman Committee of Ar
angements, in regar<| to the barbecue.
and enclosing cards of invitation for
each delegate.
Mr. M, P. Stovall, of Augusta, said :
Mr. President—l am authorized by
Hon. John P. King, President of the
Georgia Railroad, to announce that
that company will furnish free passes for
thirty days, over the entire line of their
road aud its branches, to all delegates
of this Convention who may apply for
them. This will afford delegates an op
portunity to visit Atlanta, the flourish
ing capital of Georgia; Athens, the seat
of the State University, and many other
interesting towns aud villages on the
road and branches, including that great
natural curiosity, the Stone Mountain.
On motion, the thanks of the Conven
tion were returned to Mr. King for the
invitation.
Mr. Watts, of New Orleans, from the
Committee on Statistics aud Informa
tion, made the following additional re
port :
It is recommended by your committee
that the prices of good ordinary, low
middling and middling be sent daily, in
quoting the market. Iu regard to. the
Northern consumption, it is not deemed
expedient for this Convention to under
take the work of collecting the statistics
at present. The last points referred to
your committee, viz.: Overland move
ment and compilation of total crop fig
ures, have had the closest attention, as
they were the most difficult ones to deal
with.
The amounts of cotton received at the
ports during the year can be readily as
certained, aud now that we shall have
the assistance of all the Exchanges in
making up the crop, there will bo less
trouble than before. The figures of the
overland movement direct to the mills
will be obtained by the aid of the va
rious Western Exchanges that aro in our
Convention, with the co-operation of
the railroads carrying cotton from .the
West to the East. Jt is not pro
posed to give iu this report a de
tailed account of just how it will
bo done. That is hardly necessary now,
and to have given it might have detain
ed the Convention a day or two longer.
Our members may be assured that no
pains will he spared to arrive at a correct
report of the crop for year ending 31st
August, 1875, as the statistical commit
tees of all the Exchanges are co-opera
ting in tho work.
It is recommended that on and after
Ist September next tho shipments from
all our ports to Cork, Seilly Islands or
Falmouth for orders be kept separate
from the exports to Great Britain or the
Continent, and put under tho head of
“ channel ports.”
And we further recommend that the
present Committee on Information and
Statistics be and is continued in force
for the present year.
Respectfully submitted.
Ciias. A. Easton,
Chairman Committee on Information
and Statistics.
Information and Statistics, Meteorolo
gical Reports aud Overland Shipments
—C. A. Easton, Ist, New York; Wm.
M. Read, Augusta; W. W. Gwathney,
Norfolk; Harrison Watts, 2d, New Or
leans; IT. G. Hester, New Orleans; J. W.
Davis, Boston; W. T. Hatchett, Mont
gomery; T. B. Sample. Nashville; E. W.
Kennedy, Louisville;!. H. Jonston, Sa
vannah; J. W. Henson, Wilmington; A.
G. Mills, Galveston; W. P. Proudflt,
Memphis; E. C. Mathews, Baltimore; S.
C. Dobbs, Athens, Ga.; J. K. Irwin,
Mobile; B. Wright, Atlanta; J. S. Mur
dock, Charleston; Thomas G. Meir, St.
Louis; C. W. Rowland, Cineinnatti.
On motion, the report was received
and adopted.
Mr. H. G. Hester, of New Orleans,
from the Committee on Telegraphy, re
ported as follows :
Augusta, Ga., Juno 11, 1874.
Mr. John Phelps, J'rrsident National
Cotton Exchanges :
Sin—Your Committee on Telgraphy,
after a long and careful deliberation and
a full and complete interview with the
representatives of the telegraph com
panies, who have been invited to a seat
on the floor of tho Convention, beg
leave to report :
1. That we find there is a great differ
ence in the volume of information ob
tained by tho several Exchanges and the
prices paid for the same, even when of
equal volume.
2. That tho matter of furnishing in
formation has, in the main, been de
pendent upon local exigencies or acci
dent rather than the intrinsic value
of tho information—some Exchanges
being forced to pay largely more than
others, and in some instances for less
information.
3. That the establishment of a system
of Cotton Exchanges has had the effect
of enhancing the revenues of tlie tele
graph companies as a whole, and that
we do not consider a public institution
should be charged more, or even as
much, for the large amount of business
it necessarily sends over the wires than
a private individual pays for his com
paratively limited transactions with the
telegraph. In this connection, wo urge
that a Cotton Exchange should not be
forced to have special charges imposed
upon it to cover prospective losses liy any
company which has previously been deal
ingwith private parties iu news of the same
character required by such Exchange.
It should be understood that we do not
wish to secure a condemnation of honor
able efforts, either on the part of com
panies or private individuals, to protect
and advance their own interests, but
when those interests are opposed to
the general good of tho trifle they
should bo combatted.
Your committee have assurances from
tho companies nt present furnishing
commercial news that reasonable con
cessions will probably bo made to cover,
by means of a sliding scale or other
more satisfactory arrangement, the busi
ness of the Exchanges individually and
collectively, in proportion to the amount
of matter required by each institution.
We consider this of especial import
ance in consideration of the inaugura
tion of a National Exchange and the
probable increase of Exchanges at nu
merous points, which will bo unable
to exist, unless at a limited expenditure.
It sh«u!d bo the chief aim and object
of all Exchanges, and in fact the trade
generally, to afford equal facilities to all
telegraph lines, and especially of the
former to urge upon their members the
importance of dividing their private
business \vhere two or more lines exist
iu such a manner as would afford suffi
cient room to effect a reduction in rates
that would pay only a fair profit on the
actual cost of conducting a telegraph
business.
Uniformity of time in making up
figures, especially of daily receipts, ex
ports and stocks throughout the coun
try, aud of sending such reports by
wire, should be observed. All impor
tant changes would thus be known
i simultaneously at every point, and the
possibility of any advantage being ob
tained by one section over another
averted.
In making contracts for news at any
time it is desirable that a clause be in
serted enabling any Exchange to abro
gate such contracts upon 30 days no
tice.
Measures should bn taken to prevail
upon the Associated Press to use official
figures of Cotton Exchanges in all mar
ket reports.
We recommend that a special cypher
be arranged for telegraphic communica
tions between Jixchauges or their cor
respondents.
The committeo recommend that a
standing committee of five on telegraphy
be appointed by the Chair, to report as
occasion may require to the President
of the National Cotton Exchange. This
suggestion is made in view of the im
portance of keeping intact telegraphic
communication between the Exchanges
and preventing interruptions at seasons
when even a temporary stoppage would
be of serious detriment to parties inte
rested. Respectfully submitted.
[Signed j H. G. Hester,
Chairman.
On motion, the report was received
and adopted.
Mr. Baker, of New York, read the fol
lowing communication from the Presi
dent of the New York Cotton Exchange:
New York, June 11th, 1874.
Chairman New York Delegation in
Convention:
A proposition was made in Congress
on Tuesday to tax sales of manufactured
and unmanufactured cotton for future
delivery one-tenth of one per cent, per
pound. The matter was referred to the
Committee on Finance. Our Board of
Managers have appointed a special com
mittee to look after the matter, and it is
earnestly hoped the Convention assem
bled in Augusta will adopt a resolution
against the proposed tax, which is solely
aimed at cotton.
Henry Hentz, President.
Mr. Watts, of New Orleans, said that
I in connection with this he would offer
! the following resolutions:
Whereas, This Convention has learn
ed with great surprise that efforts are
being made in the Congress of the
United States to pass a law taxing manu
factured and unmanufactured cottons
one-tenth of one cent per pound, when
sold under contract for future delivery;
and whereas, the custom of millers and
manufacturers to buy their stocks for
future delivery has been prevalent both
in this country and in Europe for many
years past, and in many cases enables
them to anticipate their wants at a price
guaranteeing a profit; and whereas, the
attempt thus to interfere with the cus
toms of trade and commerce by selecting
one out ol the many staples sold in this
manner, leaving others, among which
may be mentioned grain, without such
restriction, is unjust and inequitable;
therefore, be it
Resolved, That the Convention re
spectfully, but earnestly, protest against
such legislation.
Resolved, That a oopy of these pro
ceedings be forwarded at once, duly at
tested, to the Chairman of the Commit
tee on Finance iu the Senate of the
United States, and to the Chairman of
tho Committee on Ways and Means ii.
the House of Representatives of the
United States.
Mr. Rowland seconded the resolutions
and spoke warmly in favor of them.
Mr. Sample, of Nashville, moved as
an amendment, that a oopy of the reso
lutions be sent to each Representative
in Congress. In connection with this,
ho would state that some provision
should be mado for paying the expenses
of printing tho resolutions.
The President said he thought the
Convention should publish the report of
the proceedings of the Convention. -He
had ascertained that the cost of 4,000
copies in pamphlet form would be two
hundred, dollars. There would be also
the expenses of telegraphing.
Mr. Walter, of Charleston, moved
that each Exchange be assessed pro raih
to pay for printing the proceedings.
Mr. Nisbit, of Savannah, offered the
following substitute :
Resolved, That each Exchange send
ing delegates to the National Cotton Ex
change be assessed SIOO for each dele
gate such Exchange may be authorized
to send, and that the money be sent to
the New Orleaus Cptton Exchange, to be
accounted for at the next Annual Con
vention by them. , •
Mr. Wheless, of Nashville, moved as
a substitute that tho reports of the
different Exchanges be telegraphed to
the New York Financial Chronicle,
which lie felt assured would pay for tho
printing itself.
Mr. Sample's motion to send a copy
of Mr. Watts’ resolutions to encli Repre
sentative iu Congress was adopted.
Mr. Rowland, of Cincinnati, offered
as an amendment to Mr. Nisbit’s mo
„tiou, that twenty-five he substituted for
one hundred. Carried, and the resolu
tion as amended was adopted.
Mr. Shryock, of St. Louis, moved a
reconsideration. Lost.
Mr. Quin, of Galveston, moved tilling*
the standing Committee ou • Telegraphy*’
be authorized to distribute the fund
just provided for under the supervision
«f the President of the National Cotton
Exchange. Adopted. " 4
Mr. Trenholm, of Charleston, moved
that each Exchange be requested to for
ward its contribution to the Treasurer
of the New Orleans Cotton Exchange by
the Ist of July next.
Mr. Proudflt, of Memphis, offered tho
following resolution :
Resolved, That on and after Septem
ber Ist, 1874, the New Orleans Cotton '
Exchange shall keep’ the crop account
movement, viz : The receipts at the 1
United States ports daily, exports
and stock ou hand. It shall fur
ther keep and make up tho weekly
statement to bo compiled up to
12, m., each Friday and telegraph
ed to each Exchange. It shall also
keep the account of Southern consump
tion and overland shipments direct. All
Exchanges shall send receipts, exports,
stocks, etc., to the New Orleans Cotton
Exchange, daily, weekly, quarterly, and 4
annually. f \
On motion of Mr. Johnson, of Atljm
ta, the resolution was laid on the taole.
Mr. Huger, of Mobile, moved th»t the
whole matter of transmission of com
mercial news lie referred to the present
Committee on Telegraphy. I
Mr. Trenholm,' of Charleston, said 1
that the thanks of business men gener
ally were due to the press for the rapidi
ty aud fidelity with which commercial
news was disseminated.
Mr. Rowland, of Cincinnati, moved
that so much of the action as compelled
them to send their reports to New Or
leans he reconsidered.
Mr. Quin witlidr< w his motion.
Mr. Hughes, of Memphis, moved to
refer the whole matter to tho Committee
ou Telegraphy, which shall report ut
their earliest possible convenience,
through the President of tho National
Cotton Exchange, to tlie Presidents of
the several Exchanges composing the
Association.
Tlie Convention, on motion, adjourn
ed to meet ut the Exchange at 8 o’clock,
nfter instructing tho Committee on Tele
graphy to report at that timo tho ex
pense of sending reports.
Evening Session.
The Convention met pursuant to ad
journment, und was oalleil to order by
the President.
The President stated that lie had ap
pointed the following committee to draft
a Constitution and By-Laws for the Na
tional Exchange: Trenholm, of Charles
ton; Wheless, of Nashville; Whitlock,
of New York; Berry, of Galveston, and
John Chaffe, of New Orleans.
Mr. H. G. Hester,from the Committee
on Telegraphy, reported as follows:
Mr. President— Your Committee on
Telegraphy beg leave to submit flint
telegraphing the additional information
provided for by the reports adopted by
your Couventioi .from the Committee on
Information and Statistics, bhould not
cost over $25 per week.
The use of the telegraph, in transmit
ting the monthly crop reports anil other
information, would not he necessary
until after the whole report was made
up nt tins centre designated by your
body, and then tlie work of dissemina
tion would probably be done free of
charge through the Associated Press and
other news organizations, who would bo A
willing and anxious to underiake t.lij®
work. The United States mail could
used for working up minor details
the crop reports. Your committee
leave to state the removal of the
machinery of (lie commercial news
pertinent away from tlie present
quarters and the assumption of
of the minor details liy this Exchange®
or Convention, of such g department atß
least, for the present, would entail enor- 1
mows cost and would be of doubtful J
policy. Wo have assurances from
news companies that they are willing, inflfl
every instance, to use the official
of Cotton Exchanges, as they now do, 1
with a few exceptions.
Respectfully submitted. !
TL C. Hester, Chairman,
Mr. Crenshaw, of tlie Southern and 1
Atlantic Telegraph Company, said tliut J
he knew all the news associations of the ™
country would glady transmit the in- :
formation.
Mr. Reynolds, of Norfolk, said Mr.
Walsh, of the Associated Press, was pre
sent, and hoped lie would say something
on tlie subject.
Mr. Walsh said he felt sure that in
formation of so much importance to the
commercial interests of the country
would be willingly and cheerfully trans
mitted.
Mr. Rowland, of Cincinnati, said that
this was only in regard to the transmis
sion of the reports after they were mndo
up by theNew Orleans Exchange, and did
not refer to the sending of information
from the other Exchanges to New Or
leans. The question was, What would
that cost ?
Mr. Easton, of New York, was sorry
this discussion had arisen. There was
no necessity for it.
Mr. Chaffe, of New Orleans, offered a
the following resolution :
Resolved, That the action of this
Convention be submitted to each and ull
the Exchanges or Boards of Trade hero
represented for their approval or rejec
tion, and nny Exchanges rejecting tho
same shall be relieved from any assess
ment to defray expenses incurred. Adon
ted.
Mr. Baker, of New York, moved that
the wholo matter bo referred to the ‘
President, Vice-President, and Becre- '
tary of the National Exchange, to ne
gotiate for thd transmission of this news, I
tho cost not to exceed the amount of I
money collected. Adopted. I
Mr. Whitlock, of New York, offered 1
tho following resolutions, which were 1
unanimously adopted : f
Resolved, That this Convention begs I
to offer its grateful recognition of tho I
generous hospitality and kind attentions I
of the officers arid members of the Au- ®
gusta Cotton Exchange. ®
Resolved, That the thanks of
Convention are dun and are hereby mm
dered to the President and other officcJ? ■
for their able and courteous performance ®
of their several duties. ®l
Mr. Chaffe, of New Orleans, moved
that the officers of the Association be J
authorized to have the proceedings of j
the Convention published in such form J
as they deem best. Carried.
Mr. Chase, of Nashville, offered tliaJ
following resolution: *
Resolved, That the thnnks of this Con- ]
vention are due and are hereby tendered |
the city press for their careful and cor-1
rect reports of the proceedings of this]
body. Adopted unanimously.
The President said he was verv glad 1
this resolution had been offered andJ
adopted. The press had done a fearful 1
amount of work. J
After some pleasant discussion, the*
Convention, on motion of Mr. Sample,*
of Nashville, adjourned sine die.
A Card. M
Augusta, Ga., June 12th, 3874. ■
Before leaving- for their homes, the*
delegates to the National Convention oijfl
Cotton Exchanges desire to place on®
record their hearty and sincere thunks, ■
individually and collectively, to the M
Cotton Exchange and the good people I
of Augusta, for their kind and liospita-l
ble reception and entert linment. 3
The delegates feel that Augusta has®
entitled itself to the gratitude of every®
cotton man in the United States for its®
part in promoting the initiatory steps®
towards the great objects of the Con- M
vention, and that it has earned a name j
for enterprise and courtesy that will not J
be forgotten while the cotton trade ex- ■
ists. For the delegates. ]■
John Phelps, I
Piesident. I
A star engagement—“ Meet me by 1
moonlight alone,’*