Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1884-06-18
MEMPHIS. WEDNESDAY. JUNE 1S. 1854

erto said in any sense that the Senator
frcm Georgia saw fit to attribute to it, and
that he tfngallsl did not shield himself
behind the privileges Of the Senate cham
Der. -.
-he usual breathing pause following the
delivery of this sentence, was character
lied by dead silence in the chamber and
gals added, ''This is all desire to say, sir,
IN response to the gentleman" q consid-
erable buzz was heard and the galleries
were instantly half emptied.
On motion of Senator Sherman, Senator
Ingalls's motion to eXpunge the words
complained of was laid on the table.
Senator Sherman, In calling up Senator
Buffers resolution OF inquiry into the con.
liition of the New York banks, made a
verbal report from the Committee on FL
nance. After reviewing the circumstances
attendant upon the recent financial
troubles in New York City, Senator Sher-
TO prevent the panic had been done by the
banks themselves. The government of the
United States bad no lot or parcel in it,
except SO far as the Secretary of the
Treasury had called in bonds, an
ordinary transaction. The Committee on
Finance, to which was referred the reso-
luton heretofore introduced by Senator
Morgan, had called before them the
Comp mptroller of the Treasury, who was
familiar with all the facts and examined
him, and secured from him all the infor-
nation possible. At this time they were still
examining the subject. Decentralization,
the committee believed, had been practi-
caiiy stopped, and there was no evidence
I at any banks had over certified checks
except those that had got into trouble.
Senator Sherman submitted statement
showing the condition of the associated
banks of the city of New York by weeks
from May l to June 4, 1884, which would
give the Senator from South Carolina
almost the information called for by his
resolution. Sherman felt satifed that the
normal condition of affairs Will very
shortly be resumed. There was one
thing, however, he would personally
suggest, namely, that there should be
severe and stringent law prohibiting bank
officers other than directors from dealing
in speculative operations. He would not
extend such proposition to directors,
beca,ise they were generally business
men. Whether a law on the subject
would be effective he did not know.
He read the resolution proposed by
Jno. G. Emo to the directors of his bank
in Uec.,,,,r ecnar 1888, and unanimously
adopted, expressing their er,r2 er,,2hatic disap-
proval of the practice of dealing in specu-
lative ventures by officers of banks, and
expressing determination not to employ
as an officer any person guilty of such
conduct. At the very time, apparently,
that Emo had drawn up the resolution, he
was himself engaged in the very things
he was iertotintirg. The substance of
such a resolution should be embodied iii d
law, and bank officers should be punished
for an infraction of that law.
Senator Beck said the papers exhibited
by the Comptroller of the Currency to the
Senate Committee OH Finrnce this morn
ing not only showed that he had vigilantiy
prosecuted the offenders, but also his pcs
session of papers the contents of which
the Senate would not desire, in the inter-
est of Justice to see made public. He
thought that officer was doing all that
could be done.
AT the close Of Senator tngalls's personal
talk Senator Hampton said that in Justice
| to both Senators he ought to say that he,
Hampton, was sitting just by the Senator
from Georgia when he used one of the
expressions referred to, or words of their
tenor and effect, the Senator from Kansas
not being at the time in his seat, but in
the back aisle of the chamber.
The matter then went over, and the
Utah bill was placed before the Senate.
The question pending was on the amend
| ment of Senator Vest, providing that in
no case shall lawful husband or wife be
competent witnesses except as to the fact
of 4 lawful marriage having been con-
tracted. Rejected-l6 to 30
Other amendments were offered and
rejected, and the Senate adjourned. A
vote will be taken ON the bill at o'clock
pm. tomorrow.