The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-05-20
NATIONAL STATESMEN.
Debate in the Senate on Investigation
of the Financial Furry.
Morgan Thinks There Is Rascality
Somewhere and Wants ii Un-
earthed-HOuse Proceed
fngs-AdjOurnment.

W Sll thO
senate, Cameron. of Wisconsin, pre-
merchants exchange of Nashville, Tenn,
protesting against the consolidation of the
Nashville aud Memphis custom districts, and
praying that an appraiser be appointed for
Nashville. Sherman, of the joint commit
tee on library, presented resolution, which
was agreed to, thanking Senior Saviati,
of Venice, for a present of a mosaic
portrait of the late President Garfield, and
directing that it be placed in the library Of
congress. Logan reported favorably, with
amendments, from the committee on Judi
ciary the bin to limit the time within which
prosecutions may be instituted against per-
sons charged with violation of the Internal
revenue laws.
Morgan's resolution directing the commit
tee on finance to investigate the causes Of the
recent bank failures in New York came mp,
and Morrill, moved to refer the resolution to
the finance committee IU was impossible, he
sad, to get that committee TO consider the
question within a month, and the agitation
of the question at this time would serve no
good purpose. Morgan pressed the urgent
necessity of snch investigation by the seuate
committee. The motion to refer was SIM
ply an effort to smother the resolution and
avoid any vote on the subject 10y The senate.
He criticised at some length the speculative
action of some banks, and contended that
further congressional action was necessary to
prevent future financial disasters
Morgan said the bank officials had been
guilty of numerous violations of the criminal
laws. and we are now face to face with an
Oh box 1ac tbIftS pls
millions, in values, but for the fact that the
people had accommodated themselves for the
last four or five years TO the general shrink
age in values. and SO arranged business that
jar of this kind would not shake them
down. The failure of the Marine bank was
due to the fact that it loaned its
credits to any extent to firm of brokers
who were without any deposits to meet the
checks drawn against it. This bank, he
exclaimed, supported the firm of Graut Il
Ward in its wide Speculations. These trans
actions have 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 CONNER
cial house of New York was a model
Of probity and honor, but in
the presence OF recent facts the commercial
firms of the metropolis were blot and re
proach, and a cause of suspicion After
criticizing Wards action, he said they argued
collapse of commercial honor. They
showed that Wall street gamblers had lost
their bearings and it was time for congress
to examine into the questions The controller
of the currency had not, and would not, do
it; the secretary of the treasury had come
to the relief of the spectators by
| opening the doors Of the federal treasury II
the government of the United States in its
| financial operations be guilty of covering ny
these things instead of exposing item, it
was time to call an investigation.
Morrill, said there was nosgeneral panic,
simply local financial disturbance in Nav
York. Bayard favored the reference of the
resolution to the finance committee There
was abundant legislation on the statue
books to punish wrong doing or the part of
bank officials
In the house, Turner of Georgia, who had
given notice that he would call up the Wal
lace Mckinley election case, said that owing
to the non-distribution of the reports in the
case from some unknown cause and the
fact that it was suspension day,
he would postpone the case. NC
Kinley said that having some
important business he had asked Turner to
let it go over one week, and he had declined
to do SO. Under these circumstances he had
been to great Inconvenience to be here, trav-
cling two days and two nights. He desired
the case to be brought up or be allowed to 60
over one week. Turner said that il Mckin-
ley wanted to go on with the case he was
willing to do so.
Randall attempted to call up for final
passage the three appropriation bills agreed
TO in committee of the whole on Friday last.
Collins, of Massachusetts,, objected He
said the committee on appropriations baG
had five months to call up their bills on
any other day, while different com
mirtees had important measures
like the bankrupt bill that could only bt
reached by suspension of the rules. Randall
urged necessity of getting these bills into TIT
senate as early as practicable. Turner anc
| Mckinley expressed a willingness to Civ
way to the appropriation bills.
Pending further discussion, the regula
order was demanded, and the speaker pro
ceeded with the regular Monday morning
call of states and territories for the intro
duction of bills for reference Under tn
call number of bills were introduced, bu
| there were none of a character to warran
an expectation of action upon them during
| the present session.