The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-20
PROCEEDINGS OF CONGRESS-.
THE SENATE.

Memphls, and praying that an appraiser De ap-
pointed for the port of Nashville
The following bills were reported favorably
and placed on the calendar:
By Mr.. Ingalls, from the committee on judici-
ary bill to establish another judicial circuit by
dividing the Eighth circuit which now embraces
the districts of Minnesota, Iowa, Missouri,
Nebraska, Kansas, Arkansas and Colorado. The
eighth circuit, under this bill, includes the dis
triets of Nebraska, Kansas, Arkansas and Colo
rado the ninth circuit includes the districts of
Minnesota, Iowa and Missouri.
By Mr.. Blair from the committee on pensions
Increasing the pensions of soldiers and sailors
who lost an arm or leg and for other disabilities
contracted in the service.
By Mr.. Logan. from the committee on judi
ciary TO limit the time within which prosecu-
tions may be instituted against persons charged
with violating the internal revenue laws.
Mr. Sherman, from the committee on military,
reported concurrent resolution, which was
agreed to, accepting the portrait, in mosaic, of
the late President Garfield, the work of DIR. Sal
Wait, of Venice, Italy.
The bill relating to the forfeiture of Northern
Pacific lands, introduced to-day by Mr.. Dolph,
provides for the immediate restoration to the
public domain. and the operation OF the pubic
land laws, of that portion Of the grant lying CO.
terminous with the main line between Wallula
Junction and Portland, a distance of PA miles,
1t also provides for the forfeiture at the end OF
FIVE years from the passage of the bill, of all
lands adacent to that portion of the Cascade grant
which shall then be unbuilt-in effect
giving the road five years to build the Cascade
branch. The bill proposes to authorize persons
in possession of any of these lands to purchase
800 acres, if so much has been improved by
them. The railroad company is required to file
its assent to the conditions of the bill so as to
avoid all question as to title of the forfeited
lands.
NJ 80 hill {af 81 fLa
earned lands granted TO the Atlantic q Pacific
Railway Company to aid in the construction Of a
railroad and telegraph line from the States of
Missouri and Arkansas to the Pacific coast, and
restore the same to settlement. Referred.
The Chair laid before the Senate the resolu-
ton offered on Thursday by Mr.. Morgan direct
ing the committee finance to examine the
causes of the recent failures of national banks,
and whether such failures were due to viola
tons and eYasions of the law on the part Of
officers or directors of the banks.
Mr. Morrill, moved to amend by substituting
for the purposes of the investigation the Comp
troller of the Currency for the finance com
mittee
Mr. Morgan said the very reason why he
moved to devolve the duty on the committee
was because the officers appointed to see that
the banks complied with the laws had not per
formed their duty. There was for instance,
the law against Decentralization of checks
which, it had become notorious was utterly dis
regarded. On the occasion of the passage of the
law on the subject in July, 1882 the Now York
newspapers had broken out into spasms of mer
riment and told Congress the banks laughed at
the acts of Congress, and We're beyond congress
sional control The failure of the Marine Bank
had been due 10 the fact that the bank was CON
nected with firm of brokers' that the bank had
supported the firm of Grant q Ward in all the
wild schemes in which the young spectators
saw proper to engage, A spectacle had been
presented to the world that argued painful con
dition of commercial honor in the city of New
York,
Mr. Morrill, modified his motion by moving the
reference of the resolution to the finance ccm-
mittee.
Mr.. Bayard supported the motion,
Mr.. Sherman supported the reference. The
Senate ought, he said, to be very careful in a
question OF this kind He had been in New
York the day when the trouble referred TO oc-
cured and he could assure the Senate that al
though there might here and there have been
REORGANIZATION of checks yet that had not
been the trouble at all. In every case the
trouble had been caused by speculative oper
atoms of officers of the banks affected, and in
some cases not by certifying checks, but rather
by non-eertifeation. The proper remedy would
be TO prescribe severe penalties against any deal
ing in speculative transactions by officers of
banks, or using the money OF bank in any
transactions that such officers might engage in
Mr. Sherman saw no special use in a committee
of investigation in New York. We had govern
ment officers there who could give us all needed
information. If committee were to go there to
make commotion and keep up the
agitation as regards failures there, it
might embarrass others. To call the
recent trouble panic was applying to it a
misnomer There had been no panic The peo-
pie Of New York had not been alarmed. The
securities specially affected have been those in
volved in transactions exposed by The failures;
but confidence in the standard securities of the
country had not suffered. 1t was like the case
of storm confined to the locality of New York
city, and not extending over any other part of
. l,1 8 Il
atmosphere and no believed the present com
mercial position better than it had been before
the recent trouble
Mr. Morgan said the fears of the senator from
Ohio Mr. Sherman were groundless if he sup
posed any injury could come to the proper bust
ness of the country by the investigation pro-
posed The business of the country did not
mean the operations of stock gamblers Mr.. Nor
gan criticised the action of the Secretary of the
Treasury for his interference in the late troubles
and the officers of the government generally for
not seeing that the banking laws were en-
forced We might as well, he said, farm out the
credit of the United States to a faro dealer on
Pennsylvania avenue as to allow the national
banks of New York to farm out their credit to
stock gambling and other speculative operators
to men who made business of buying and
selling things which had no existence and that
were well characterized by the question on
imaginary and mythical existence propounded a
few days ago in New York, by Francis n. Bangs
to Ferdinand Ward. Mr.. Morgan feared much,
however, that parties who had so long been pets
of the government would at last be permitted TO
subside into quietude and peace among the mill
ions they had laid aside, while those who had
been wronged would remain unavenged. iLet
the committee on finance said Mr.. Morgan, in
conclusion, for once do its duty to the govern
ment."
The resolution was referred to the committee
on finance.
A resolution was offered, which went over
until tomorrow, directing thecommittee on pub
he Lands to make inquiry whether the New
Orleans, Baton Rouge & Vicksburg railroad ex-
pended money to influence congressional action.
A message from the House was read anndunc-
ing non-concurrence in the Senate amendments
to the Indian appropriation bill The Senate in
sisted on its amendments, and agreed to a com
lnittee of conference.
The Chair having announced the regular order
to be the Utah BILL Mr.. Hoar consented to let it
go temporarily, and the bill for the creation
of bureau of labor statistics was taken up. and