Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1884-05-20

very careful in q question OF this KIND.
He had been in New York the day when
the trouble referred to occurred, and he
could assure the Senate that, although
there might here and there have been an
generalization Of checks, yet that had
not been the trouble at all. In every
case the trouble had been caused by spsc-
ulative operations of officers OF the
banks affected, and in some cases not
by certifying checks, but rather by non
certifcation The proper remedy would
be to prescribe severe penalties against
any dealing in speculative transactions by
officers of banks or using the money OF
the bank in any transactions that such
officers might engage in. Senator Sher-
man saw no special ue in committee OF
investigation in New York. We had gov
ernment officers there who could give
all needed information. Ii the committee
were to go there, make a commosion and
kept up the agitation in regard to the fail
ures there, it might embarrass others. To
call the recent trouble panic was apply
panic. The people in New York had not
been alarmed. The securities specially
affected Had been those involved in trans
actions exposed by the failures But con-
fidence in the standard securities of the
country had not suffered. 1t was
like a case of 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 left the present CONNER
cial position better than it had been be-
fore the recent trouble.
Senator Morgan said he feared the Sera-
tor from Ohio (Sherman) was mistaken If
he supposed that any injury would co. le
to the proper business of the country by
an investigation. The business of the
country did not mean the operations of
stock -jobbers. Senator Morgan criti-
cised the action of the Secretary of the
Treasury for his interference in the late
troubles, and the officers of the govern
ment generally for not seeing that the
banking laws were enforced. We might
as WELL he said, farm out the United States
to faro-dealers on Pennsylvania avenue as
to allow the national banks of New York
to farm out their credit to stock-gam bling
and other speculative operators, the men
who made it business to buy and sell
things that had no existence, and
that were well characterized by the
question on imaginary and myth
ical existences, propounded few
days ago in New York by
Francis N. Bangs to Ferdinand Ward.
Senator Morgan feared much, however,
that the parties who had so long been the
pets of the government would at last be
permitted to subside into quietude and
peace among the millions they laid aside,
while those who had been wronged would
remain unavenged. Let the Committee
ON Finance, said Senator Morgan, in con-
clusion, for once do its duty to the govern
ment. The resolution was referred to the
Committee on Finance.
A message from the House was read,
announcing non concurrence in the Senate
amendments to the Indian appropriation
bill. The Senate insisted on its amend
ments, and agreed to committee Of con-
ference.
The Chair having anr ounced the regular
order 10 be the Utah bill, Senator Hoar
consented to let it go over temporarily,
and the bill for the creation of bureau
of labor statistics was taken up, but be-
fore any conclusion was reached the Senate
went into executive session and soon
adjourned.
Before adjournment Senator Hale gave
notice that tomorrow he would call up
the agricultural appropriation bill.