Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-05-20

SENATE
AsHIScTos, MAY 70. The Chat
iaI1 before the Senate tie reSpiuti.,,
vAsrso thursday by Morgan. dirsc;in,
tne committee On Finance to eYannin'
.he eases Of recent failures OF Nation.
oahxs and all other such failures IN,
70 VIOLATIONS and evAsio1s of Law on ~,
paL. OF oflcers or directors If banks.
horrsil moved TO amend nv nlari,.
.he Investigation TO the Cououtrai!er :,
we currency instead of TO the Finapc.
Morgan said the very reason xhic.
moved him 10 place the duty ON ~.
Com mittee WIS because the offieers ar.
pointeo TO see that banks compiled
siih the laws had net performed tbsi,
duty. There Was, for iustance. a Iag
against over-certification of checks
which, Il bad become notorious. va,
utterly disregarded. On tie ocoasiaf
~ tne passage OF tbs Law on the Sub
/ I@et IN July, 1852, the New York news
Ptp-ts had broken o1t into suasrn oi
ne flmtnt and told CONGRESS- that tn.
oaiiSs iauRnsd at the acts If Congress
no were beyond Congressional con.
tbi. ne failure of the Marine bank
t-tG zen dus 70 the fact that tbs bans
vas connected with firm Of brokers
inst BANK lad supported the firm OF
9rsnt q Ward in all the Wild scheme.
Ia "hich young spectators saw prope,
10 engage A spectacle had teen pre-.
sented 10 the world that argued a pain.
Iui condition of commercial hoaor n
the City of New York.
morrill, modified his motion BY uasv
ing the reference of tie resolution "a
the Finance Committee.
Bayard supported the motion.
sherman supported the reference.
ne Senate ought to be very careful IN
question of this kind He had been
IN rev York the day when the trousle
occurred, and he could assure the SEN
ate that although there might here and
there have been over certification of
checks, yet that had not been the
trouble at all. In every case the
trouble had been caused by the specula-
tive operations of officers of the bank
affected; In some cases not oy certify
Ing checks, but rather by non csrtifica.
tion The proper remedy would De TO
Presoribe severe penalties against any
dealing or speculative transactions by
oltlcers or bank, or using the money
OF the bank IN any transactions that
such officers might engage in.
sherman saw no special use in a COM
fnlttee OF investigation IN New York.
he Government officers would and
could give as all needed information.
III committee were tn 60 there 10
make a comnotion and keep up the
agitation IN regard 10 tue failures IL
might embarrass others. To call the
recent trouble a panic WAS applying TO
1t a missioner. There had been no
panic. The people of New York had
not been alarmed. The securities
specially affected have been those in
VOWED IN transactions exposed by the
failure, bat confidence in the standard
securities Of the country had not suf-
Tered. IL WAS like case of storm con
lined to the locality of New York City
and not extending over any part of the
country. Ii had resulted In clearing
the atmosphere, and he believed the
present commercial position better
tina Before the trouble.
Morgan said the fears of the Senator
from Oh o (Shsrman) were groundless,
II he supposed any IL jury could come
to the prosperous business of the coun-
try BY any Investigation proposed. The
business of the country did not mean
the operations of stock gamblers. Nor
gan criticized the course of the Score.
tary of the Treasury for his action in
the late troubles, and tue officers of the
government generally for not seeing
that the banking laws were enforcsd.
We might as well, he said, farm out the
credit of the United States to the faro
dealers III Pennsylvania as to allow the
rational banks of New York to farm out
their credit 10 stock gambling and other
speculative operations - the men who
made a business Of buying and selling
things that had no existence and that
were we'll characterized by the question
on Imaginary and mythical existence
propounded few days ago in New York
by Fraucis Roberts to ferdinand Ward.
Morgan feared much, however, that
parties who had been so long pets of the
government would at least be permitted
To subside into qlietude aud peace
among the millions they had lain aside,
while those who had ben wronged
would remain unavenged. The resolu
ton VS. referred To- the Committee on
Finauce.
Plumb introduced bill to forfeit the
unearned land granted to the Atlantic
and Pacific Railroad Company to aid
the construction of railroad and tele-
graph line from the States of Missouri
and Arkansas to she Pacific Co st, aud
~ store the same to settlement. Re
ferred.
A resolution was offered, which went
over until tomorrow, directing the Com
mittee on Public lands Ia make inquiry
a. to whether the New Orleans, Baton
Rouge & Vicksburg Railway Company
had expended money to influence Con
gressional action.
A me sage was received from the
House announcing non-concurrencs IN
the Senate amendments TO the Indian
appropriation bill. The Senate insisted
on the amendments, and agreed 10 a
committee of conference.
The bill for the creation of Bureau
| of Labor Statistics was taken up, and
George addressed the Senate In support
of Gar.and's amendment, which pro
poses 10 put labor statistics in charge
| of the statistical bureau of the Treasury
Department
| Van wyek moved TO amend bv requir
| inc that the chief of the bureau should
| be- a person identified with the iaborinG
| CLASSES. and prohibiting the importation
of foreign laborers from any country
under contract.
Pending debate ON the bill the Senate
went into executive session aud nj
| jourued.
Before adjournment Hale gave nosic'
that tomorrow he would call up the AZ
riculiurai appropriation bill.
| HOUSE.
The con essed election case of Wal
lace vi. Mckinley was postponed. AM
Randall attempted 10 secure the passage
of the three appropriation bills agrees
20 in Committee of the Whole on Frida'
last. To this Collins objected, and th'
Speaker proceeded 90 call the States 10
bills. The following we're introduces
and referred
Ry Wells, authorizing tue secrsiar,
of the Treasury of tie United stHstss a
soon as may he, 10 ass all surplus none,
IN the Treasury for the redemption o
bonds outstanding at price not ab"v
par.
Nv King, directing the Secretary o
the Treasury 20 allox rebate OF ~ pc
cent on goods imported IN vessels
American register.
Holman, from the Committee on Ap