The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-20
FORTY-EIGHTH CONGRESS-.
SENATE.

SENATE.
Washington, D. c., 19.-The chail
laid before the Senate a resolution
offered on Thursday by Morgan, di-
recting the committee Oh finance tt
examine into the cases Of the recent
failures of national banks and al
other such failures due to viola.
tons and evasions Of law on the
part Of officers or directors Of banks.
Morrell moved an amendment by
substituting, for the purposes of in.
vestigatiop, the comptroller Of the
currency finance committee.
Morgan said the very reason
which moved to devolYe the duty
on the committee was because the
officers appointed to see the banks
! complied with the laws had not per-
formed their duty. There was, for
instance, a law against over cert
ifcatiOn of checks, which it had be
come notorious was utterly disre.
garded. On the occasion of the pas-
sage Of law on the subject in July 'S2
| New York newspapers had broken
out into a spasm of merriment and
told Congress that Banks laughed at
the acts of Congress and were
beyond Congressional control. The
failure of the Marine Bank hsd been
due to the fact that the bank was
| connected with stock brokers, that
the bank had supported the firm of
Grant & Ward on all wild schemes
in which the young specul4tors saw
proper to engage. A spectacle had
been presented to the world that
argued painful condition of COM
mercial honor in the city of New.
Y0k.
Plumb introduced a bill to for
felt the unearned lands granted the
Atlantic & Pacific Railroad COM
pany 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 for settlement. Referred.
Merrill modified his motion by
moving reference of resolution to
finance committee.
Bayard supported the motion.
Sherman supported 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 occurred, and he could assure the
Senate, although there might here
and there have been over certifca-
ton Of checks, yet that had not
been trouble at all. In every
case the trouble had been caused by
speculation operations Of officers of
banks affected, and in some cases
not by certifying checks, but rather
by non. certifcation. The proper
Tonoody WOULD bU to pTcocribs oeVore
penalties against any dealing or
speculative transactions by officers
of banks, or using money Of banks
III any transactions that such off,
GERS might engage in. Sherman saw
no use in the committee inVesti-
eating it in New York. We had
government officers; they would
and could give US all needed iu~
formation; il committee ere 20 go
there to make commotiOn ana keep
up the agitation in regard to failures
there, it might embsrfSss others. To
call the recent trouble panic, was
applying to it Il misnomer, there had
been no panic. People in New
York had not been alarmed, secu>
rites specially affected had been
those involved in the transactions
exposed by failures, but confidence
In the standard securities Of the
country had not suffered. 1t was
like the case of toe storm confined
to the locality of New York City,
and not extending over any other
part OF the country. 1t had resulted
in clearing the atmosphere, and he
believed :he present commercial
position better than before the
trouble.
Morgan sad the fears OF the Sena-
tor from Ohio (Sherman) were
groundless, if he supposed any in
jury could come to the proper busi-
ness of the country by investigation.
The business Of the country did
not mean the operation OF stock
gamblers. Morgan criticised the &C
ton of the Secretary of the Trea.
sury for his interference in the late
trouble, and officers of Government
generally for not seeing that the
banking laws were enforced. We
might as well farm out the nations
credit to faro-banks in Pennsylvania
avenue as to allow the national
banks of New York to farm out
their credit 10 stock gambling and
other speculative operators, N en-
who made business of buying and
selling things that had no existence,
and that were well characterized by
the question ON imaginary and
mythical existences pro pounded q
fay days ago IN New York by Fran,
els w. Bangs to Ferdinand Ward
Morgan faxed much, however,
that parties who had so long
been psts, would at least he per
mitte1 10 subside iAto quiet de and
the millions they had LAID away
while those who had baen wronge1
would remain unaYen9ed.
Revolution referred to COMMITTEES
on finance.
a resolution was offered which
went over till tomorrow, directing
the committee on public lands to
make inquiry whether the New
Orleans, Baton Rouge d Vicksburg
Railway Co, expended money to in