, 1879-06-05
THE GERMAN NATIONAL.
DISCUSSION AND 1AtBA6K or THE RESOLUTION
n 1

10 ID loll1Has
R<so'etd, That the Committee on Banking and
Currency be, and u hereby. Instructed and direct:
cd 10 Investigate tho atatrs Of the Ocean Nntsonn!
@ a SsT % an. 1Sd .snees % ia r. no
s Hseosers s 'a = .nss s an es snS
tsi essE. rssreett1eiy. and tof nat ppfpo,s thst
tue shd or nay n IL .end wsa oa
persons aud paress, reduce the testimony Of wit.
nea,es 10 writing, en'utoy clerk and t.enng~
eaEo nd NV H Yoik "' !eport by iii osher
wise: and tho aua Of s., 900. or 81 much thereof
~ may b. y d sfas liz Sa q
penses Of sala Investigation.
The resolution ,vns passed by voto nearly
partisan.
TIE FOLLOWING BntEr DEBATE
preceded the passage Of the resolution:
Gen. Garfield thought that tlc work proposed
by tic Committee might be unnecessary, antl
asked whether the Committee consulted With
the Comptroller Of thu Currency to learn
whether he hal the very facts which they de-
sired to discover.
Atr. Duekner-They have not.
Mr.. Garteld-It might be TINT alt tho facts
arc there. The Committee would do we'll TO
consult the Comptroller, rs 1io might have
handy tic very facts which arc wanted. It Is
useless to Increase tic expenses Of the fovcsn-
ment BY such Investigation.
Mr.. Bucxucr-The facts With regard to the
German National Bank Of Chicago cannot bc
ohtained out Of anything IN The possession Of
tho Comptroller Of the Currency.
hir. Gurgold-If no know TINT, That Is all
That may BE- necessary; but do VIC know i'll
Mr. Duckner-1 have no doubt about that
Mr, Gartio1d-rhe gentleman will remember
thnt -.
TIE Law Is rxcEED1AaLY srn1xda1T
as to reports to bc made bY banks, and 1t would
seem that If the Comptroller has done biz duty
ho should hsye full information.
Mr.. uawley, Of Connecticut, stated that ho
knew sona.hIng o. the affairs Of tho Ocean
NatIonnl Bank. as be 1lad bccn rnc1nbcr OF
tue DnnkIng und CURRENCY Committee SIX or
scycn yeays ago which Investigated It. Tic knew
tl,nt tho tlepoattors had been paid Ia full, aud
that tho only losses wo. suffered by t1lr At2ck-
holders. Hc doubted whether It was the proper
policy of tho Government to incur expenses to
sayo stockholders Of hunks from foss. Tic gem
crat pub1Ic-the acknowledgements Rlrcatly se-
cured, aud TINT WAS
ALL THAT couLp rHoPERkr CONCERN THE ooy-
EHNMEHT.
Mr.. Harris, Of Virginia, Democrat, hoped
that Atr, Buckner would withdraw his motion.
The Investigation was evidently unnccceRary,
and would result tn great expenses. banks
which arc tn liquidation aro required to send
their periodical reports to tho Comptroller Of
the Currency, and undoubtedly everything wns
known by him, TIC stockholdcrs ought 10
make other complaints TO the Comptroller Of
tho Currency, nnd ie {lIars!s) t,ad 10 doubt
that their complaints would 10 heard
Mr.. Whltthornn, of Tennessee, q Democrat,
and professional Investigator, hoped that
Buckuer would press t!s inquiry. Tho people
arc interested In this National banking system.
1hcY wunt to know all about this rottcnness,
and wish to have tic subject probed to tho bot
tom. Tic hoped that tho CsNamtttce would
first Gnd what Is before the Comptroller, aud
/ then TINT
THE REPRESENTATIVES, or TIE rEorLn
would Investigate the facts.
Mr, Ferlau, OF New York, Republican and
| stakeholder in tho Ocean Bank, said tie d.
postoss had al been paid 10 full, but he hopel
| there would he Oil investigation, TO know
whether the stockholders havo been honestly
| treated b. tic Receiver.
Mr. Duckncr said tint malieasancc bad hccn
! charged aEaInet the ttccciyrr of both Of fleso
| banks, and tiat 1t had been charged that tho
Comptroller Of tho Currency Ind refused to
take proper nc.lon tn the premises. As to the
[ Gcrman Eattonal Bunk Of Chicago, It Is reported
| that tic Comptroller does not exercise proper
care anl dscrotiot; that a!l the assets hayo
bccn swallowed up, and that tic Comptroller
has refused 10 grant investigation.
| Mr. McI.auo, Of Maryland, wished to know
| whether the Comptroller an1 Receiver wcre
poINu r11IH DUTY.
II not, tho subject beranao political question,
The question waa sakcn OIL tho adoption OF
| the resolution by 4 rising Yoto. Tile Democrats
generally voted nye oil tho rising vote, md With
them the following Republicans; lsepfcscnta-
ttvcs Barber ani Davis, Of Chicago, polnd OF
Wisconsin, Price, Ut lowa, Ferdau, Of New
York, a1,d all tho Grcenbackers.
,coMfrEoIinN KNOX,
referring to tic action Of tho House ordering
tho investigation Of lilo German National Bank,
saya that ta Is ready for the investigation, hut
he thinks that tnc Committee might haye
shown him moro courtesy. No attempt has
been made to ascertain whether The Comptroller
has any Information upon the subject, or
whether 10 has att1ndsd to bis duly. "TAu
| truth H." saia Mr. knox, "thut all Tin In.
formation that the Comnltted can uhtasn OIL Tho
subject Of tue German National Bank ia in this
| o!licc, aud would haye been furnished thc Com.
Inttee ~ any ttme upon request. Why,n saitt
| str. Kuo1. thu stockholders tho verr me.s
who. suppose, make tho petition to tho Bank-
tng anu Currency ComlDisscu uaon which this
investigation Is b4sedy had .ne n'al OF their
orn ctoiccl-tle latB y. a. Wcbcr-authoTtzc.l
by this office tn Investigate tho affatrs Of that
bank. and hs WIS put Into possession Of all thu
papaTs anl eiyen every facility possible. u,.d
nude hts report. That repoFt is now hcrc, :ssl.t
the Committee can hasc H.. ~ tue SAME tune,
Elmer washbarn, Bank Examiner. ma1e vi
| independent examination, anl worked seventy
eight days upon tilat bank. flls rrpurt il hrfe.
and could hare boom h4d BY u'o com,n!ttss II
Jucsseu, the attorney who appeared hclors slo
Committee. to send both Of tl,css reports to
the office Of the Solicitor Of thu Treasury Tor
prosecution II tf'cro was cause, but
lit. juesteH said theEs was no utu Ii, dolnt;
| that, a. spcelal sc+aton ul tue Grand Jury
would hare t. hs called. It IL not true as i
nattcr Of fac," sai4 slr. Kuox, "ta,as the office
Aas not informed itself upon this subject. On
tue contrary, I'll tho obtalpahle Information IL
here.'s
Mr.. Juxsshh
| wa& permitted by Comptrollar Kuox to Rad tho
report Of Elmer Washburu. It u very evident
] that juessau must have represented TO his.