New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-20
SHARP CRITICISM IN THE SENATE
Mr. MoRGANs vtEws OF sro'h "Nm
'''' SHERMAN OK rux panic"


vr NoRGAN's VtEws or sroCk "AN"''
SHERMAN OK rus panic
y.s,,xorox. NAV le.--Whcp the Ihair i''"
80, ,,a Senate today the resolution onereo GU ''s
a,y Inv Mr. Morgan. directing th" oomn'''' W 49,,
,o examine the causes Of the recent "''"'" " ,,,,.
mi. and whether sucn failures arr gu" '' N"''
"a law on the part 81 the officers Vt "'V'
~ the banks Mr. Morrill, moved TO amen" " ',,.
irs for the purposes OF the Investigation VI"
., ,h. CURRENCY for tho Finance Committee MT N"'h
satl that the very reason why he hal moVeu W
the duty en- % committee was because '"o o",' ,,,,
had been appointed 20 see that tue o'hAS o"n.i 49,
the law had not performed their u"V. A"'' ,
for instance law against overcer'ln'a'', " -,
which II had become notorious was utterly oi5res"u"
~, A., asor ~ the massage OF the law on the subject
in Jny lsS2 the New-Yerk newspapers had broken o'
into spLsrs OF merrimcnt and told congress tha' "'
at Acts OF Congress and were beyond con
gressoual control. Tho failure OF the Marine BANK ha"
been due to the fact that the bank was cchheeIeu WIN
firm Of brokers. That bank hal supported the urn OF
c., & Word i'm all the wild schemes IN which young
speculator saw proper to engage spectacle hau Oeeh
presented to Tie world that argued pshi' GOV"
dton of commercial honor IN the city oil NrW-horh'
There had been time when the honor OF NeNh"'A
merchants WAS o Stludtrl for the worI ana vas t"'
synonym for proNiIy. What has II now N,'omci IL HAS
become 6y-word. reproach ana cause OF Su'PCiou
had ONLY 10 be slia OF that he wa' engaged III
speculative transactions In NewYcS TO carry against
him the impression that he a robbcr ana samoer-
man o: no honesty commercial integrity MT MOI
gan said he did not himself make such accusatobs nc
smoke of with painful feelings, but he behsVea 'na'
what be had said represented the sentiment OF the
country.
Mr. Morrill, modified hs motion by moving ie'ei-
euce OF the resolution 10 the Finance committee
MR. sHERMAN's OPINIONS.
Mr. sherman supported the reference. The Senate
ought lie SAID to be most careful in question OF uS
kind re had been In New-YOrk ON the day wheh inc
trouble referred 10 occurred aud he coud assure VIC
Senate that although there might here ana there nave
been an over-certacaton o, checks yet that had not
been the trouble at ALL IL every case the trouble ma
boer caused by speculative operations Of the 0cefs o
the banks affected and in eases not by certifying
checks. but rather by ncn-ccrtincation. inc proper
remedy would be To prescribe severe pehane9 aS"ns'
any dealing in speculative tr"nsactiocs ~ ohoerS VI
bak or the using o! the money the bank in any trans
actions thai such officers might engage H. MI sherman
saw no special use Il committee investigation IN New
York We had Government officers there who could give
Us an needed Information. II committee were 10 -
there to make coDnOon and keep M an agi'aion ',
regard the failures IL might einbfrhss O.n's'
| The recent trouble panic" apply Ing to II
! q misuomer There had been no panic; the Peo
| pie Of Scw-YorH had not been Alarmed. H., ,,,.ol
The securities specially affected had been thoSe my 0Neo
h the transactions exposed by The failures It
!. was like Inc casc OF storm confined 10 the locality o
New-YOrk City. and not extending over any 3'i pt
plere and M sherman believed the present
position 10 be better tDan II had been before the recent
/ troahlc. -. 90.
were ,ro,rldesS he suppose that an INJURY coula
come the proper business o. The country Nv e lnSes
cation proposed. The business Oi the country uIn no.
mean he operations OF stock gamblers Dir. Morgan cI
csei the action OF the Secretary ~ the treasury i9 n
/ interference IN the late troubles ana the oh'
OF the Government generally for rot seeing nat tut
banking were enforced We might Us wen, he s''
farm Odi the credit OF the United states 10 tae Ia
dealers on Penngy vaEa-ayc as 10 allow the Nauonai
Ranks Of NewYork 10 farm their credit 10 the stoc
I rambIng and other speculative OpelatOrs-mci VINO
made a business of buying and selling ihhgS tha naa ~,
cvsfcucC and TINT were wen characterized 10y the qn
t,u on iular NARY and mythical cXstenceS opohhGoo
few DAYS ago In New York by Francis \ Bangs 10
nand Ward Mr. Morgan feared much however that VIC
parties who long been the pets OF the ioNeieh
would al permit ed TO subsit mo que ie any
M ace among the millions that they had l~G ASIDE Whe
those who had been wrongcd would rcuian nnaNthSeu
! d" lei le Committee on Finance" sad MI MofSai u
! conclusion for once do ts duty to the Government
The resolution without objection ny NJ. morgan
referred 10 The Committee on Iinance