The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1884-05-20
FORTY-EIGHTH CONGRESS.
Senate.

| WASHINGTON, d. c., May Ex-senator
Cameron (of Wis., presided. Senator
harris presented the petition of the Mer-
chants Exchange Of Nashville, Tenn,
protesting against the consolidation of
| the Nashville and Memphis customs dis
tricts and praying that an appraiser be
appointed for Nashville.
Senator Sherman, Of the Joint Com
mittee on Library, presented resolution
which was agreed to, thanking Senor'
Saviate, Of Venice, for the present of q
mosaic portrait of the late President
Garfield, and directing that it be placed
in the Library of Congress.
Senator Logan reported favorably, with
amendments, from the Committee on Jul
dietary bill to limit the time within
which prosecution may be instituted
against persons charged with violation of
the Internal Revenue laws.
Senator Malone reported favorably
from the Committee on Public Buildings
and Grounds bill authorizing the par
tition of certain lands in Louisville, Ky,
belonging jointly to John Echols and the
Federal Government
Senator Morgan's resolution direct
ing the Committee on Finance to in
vestigate the causes of the recent
bank failures in New York came up.
Senator Morrill, moved to refer the
resolution to the Finance Committee.
at will be impossible" he said, "to,
get that committee to consider the.
question within a month, and the agi-
tation of the question at this time
would serve no good purpose.
Senator Morgan pressed the urgent ne
cessity of such an investigation by Sem
ate committee. The motion to refer was
simply an effort to smother the resolution
and avoid any vote on the subject by the
Senate. He criticised at some length the
speculative action of some of the banks
and contended that further Congressional
| action was necessary to prevent future
financial disasters. Mr.. Morgan said
bank officials have been guilty of
numerous violations Of the criminal
| laws, and we are are now face to face
with an event which would have de-
stroyed thousand of millions of values
but for the fact that the people had ac-
commodated themselves for the last four
or five years to general shrnkage of
values and so arranged their business
that Jar of this kind did not shake them
down. The failure of the Marine Bank
was due to the fact that it loaned credit
to any extent to a firm OF brokers who
were without any deposit to
meet the checks drawn against
1t. ''This bank" He exclaimed
supported the firm Of Grant & Ward In Its
wild speculations. These transactions
conveyed to the people of this country
and elsewhere the most unfortunate and
unfavorable impression In respect to the
commercial honor and integrity Of the
great city Of New York. At one time the
commercial house Of New York was a
model of probity and honor, but
In the presence Of recent pools the
commercial firms Of the metropolis were
blot and q reproach and cause Of sus-
picion." After criticising Wards &C.
tons, he said "they argued collapse Of
commercial honor, they showed that
Wall street had gambled and had lost
their bearings, and 1t was time for Con.
gress to examine into the question.
The Comptrollers of the Currency had
not and would not do it, and the Score.
tary Of the Treasury had come to the re.
lief Of the spectators by opening the
doors Of the Federal Treasury. The Gov
eminent Of the United States, In III
financial operations, would be guilty o.