New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-06-18
MR. SHERMAN ON NEw-YORK BANKS.

Mr.. SHERMAN ON NETWORK BANKS.
WASHINGTON, June 17-Mr. Sherman to-day
IN calling up Mr. Buffers resolution Of inquiry into the
condition Of the Ncw-York banks on May 81, made
verbal report to the Senate from the Committee on
Finance After reviewing the circumstances attendant
upan the recent financial troubles in Newfork CITY, Mr.
Sherman continued that all that had been done TO pre-
vent a panic had been done by the banks The Govern
ment had no lot parcel in it, except so Tar a. tue
secretary Of the Treasury had called In bond-an oiu
nary Transaction Decentralization, the committee DC
leved had been practically stopped and there was no
evidence that any banks had ovecerhed checks except
those that had got into trouble Mr sherman suomt'e
statement showing thecondition OF the associated DS
OF the city Of NewYoTk by weeks from May 81 10
1884 which would give the Senator from south Carohu~
almost all the Information called for by ms Fesoutn
Tire general result be gathered from the statements
sherman said, was that there was STe'Sy i ft
condition of the banks Of New YORK tI' 'HeIIi WI
satisfied that the normal condition oil AFFAIRS VIII '01'
Nh sherman said he had been authorized by the
committee 70 speak for It as 10 any sHccnc le tsalo ~
he paure of remedy for the troubles complained or
inele WAS ono Thing however that he would personally
suegest; namely, that there should De a stNeIo ,iu
,tnpaent law prohibiting bank officers other IMAM dec
tors nom dealing speculative operations lie WCuIu
not extend such prohibition 70 directors DecdI @
tect however would be effective he DID not know. nc
read resolution which was proposed ~ g9nn ma r
the directors OF his bank IN DccenbcE ios1' ;Hu 49,
m0usy adopted expressing their emphatic ulNapplva
OF the practice Of dealing in speculative ventures
officers OF banks, and expressing inc 49,
employ as officer person guilty Vl Hu'i
q W.
mn rms r,soiufioB lie vas himself engaged in the very
tbincs he was denounciug The substance Of ucn re-;
oluton should he embodied IN law, ana DsnK OFFICIALS
should be punished for infraction OF that sw con
Nj Beck said that the papers exholJt1 py n7 III H.
rance TINS morning not only showed that ne had ysl
lsnuy prosecuted offenders but that ne Wa ID NOT
desire in the interest Of Justice TO see maze puv, "
thought that officer was dong ali tlst colu DC uoA'
TO CARRY OUT THE MEXICAN TREATY
WASHINGTON, June 17.-In the House TO-
aav Mr. Hewitt reported from the COMMITTEES on ways
ana Means bill to carry into effect the convention NC
tween the United states and the United states Oh '
Goo which was signed Oh January 90, 1883 Inc report
Gays: .. l.. Ill, bs
nv reference to the terms Of the treaty II VIII We
,rd maj the United states agrees 20 ADMIT ou
.eyen are now free of duty under the existing ,I. III
return for tins Inconsistencies consosot tree OF duty
.eSHntyothree articles all Of which, except . HX,
are R0w ysi1c Prom this brief statement the bal
anee on advantage mere business transdctIoui ,
,esnrts only would there TO be any luerIeIeuce
win any productive industry carried on III Ins
II has bee feared that the sugar industry OF
rhi ne unfavorably affected by the tree ADMISSION 81
raw Mexican sugars and that tue RroisSs =" 10 scyinne
tnr might ultimately in way be necteo No selIoo
t,n,v can be reasonably anticipated IS 10 ellher oi
these interests when II IA considered IhaV ne
sS y Tt was 79S171 pounds valued At S6349
ana Of tobacco 31309 pounds vsueu a, n # raise
moreover conceded thai Mexico az pSse1 to,s n is of
sucent sugar It's use and tnat II, toO~ ID ~ If
which does not Interfere WIN
q1ely stetss hnt on the contrary would advantage
o,.lT supplementt and replace the tobacco Wcn Is NV
S,4:ef fron tie Island of Cuba. The orcsuon, lHsI
5s.. Tsfher from the apprehension OF the develop
@sIt Of Mexico in the production Of these Two .
than fr9o any consueIs SteEIdrence is evidently too
e r., eigh against the great ADVANTAGES whll WI
s'e m rs from the admission Of our manufactures I'00
OF duty Mexico. , - r,,,s+ admit \
THE time has already arrived when We mus & An
M. trsDfaI policy laying its foundations broa0 anu
a. inc mutual interests OF intimate comm GA a-V
cal Synpatnles. The Monroe doctrine LnuS' a.
ought 10 welcome INV iii'
~ SoTeign capital on iths continent ana MAKE no
ZION 10 the construction Of Highways OF
,i1isSa n IA essential for safety, as Wen Is oe &
tLat we shall exercise controlling influence 40 'n M w.,
ofths Western world. II may not ue desraD,e tltS w.
si11ld extend the limits OF our sovereign!
own borders but every measure walch tehus 10
lions with our neignbOrs, to create muttd
tuteTesfs 10 develop common hopes ana synpan.eS ~
~ lie ne more closely together IN the snppoIS on
cjrles ~ free government and the progress OF nun.
fbert Should 10 encouraged II Is for TINS reason n
the treaty with Mexico marks an era IN e PI4Ft Of
tEs Western world ana ia the spread OF tna
tstual friendship which should animate Us n-Oi'A