The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-09-12
DISHONEST OFFICIALS.
Teller Thinks He Has Found the
Cause of the Panic.

HAS lHC
Cause of the Panic.
WASHINGTON. Sept. 11.-In the Senate
Stewart submitted a resolution for a COM
mittee of five TO report whether any Sena-
toI is interested as a stock holder or other
wise in any national bank. Hill objected
to it on the ground that it was a reflection
on Senators ana it went over till to-mor-
row.
Hoar introduced bill amending the
Geary Chinese exclusion act, extending the
time for registration three months after
passage, and repeating that portion re-
quiring that witnesses i'll the cases against
the Chinese shall be white. This bill con-
tinues in force the first six sections of the
Geary act until treaty can be made with
China for the regulation of Chinese emil
grafton.
The repeal bill was taken uD and Pugh
Of Ala bama spoke in opposition to it, He
said the message Of the President calling
an extra session was a declaration in favor
of gold standard. If the Sherman law
was unconditiOnaIly repealed such action
would cause discomfort among the toiling
millions to sucn an extent that it would
shake the country. He would never vote
any substitute which carried out the plat
form of the Democratic party.
Teller then resumed his speech, begun
on Saturday, against the repeal bill. He
asserted that If it had not been for precon-
certed efforts in the money centers TO pre-
ent it September would have seen bet
ter times IN the finances of the country
than the people were experiencing to-day.
He recently asked gentleman of national
reputation when the panic would be over,
and the gentleman had replied: ''When
the men who have called it on call it off.
Tie bankers of New York have called it
on; when they get ready to call ii off it
will come off," Teller said he hoped at
some other time to give the Senate his
conception of the cause of the recent dis
tressed condition. In his opinion it was
due to legislative misconduct. The speaker
next directed himself to stock operations.
A New York paper had published daily
for some time the depreciation in the
value of stocks as destruction in values
occasioned by the Sherman law, that the
paper had finally got the amount up to
500, 100000. In his opin lon a great many
stocks were selling on the market to-day
for more than they were worth. He cited
Northern Pacific. which. he said. had
fallen from 20 to II. IL was said all of the
great owners connected with il bad un-
loaded when 1t was 20. That company
had $3.50, 100000 of Indebtedness. SIS, ,000.-
900 held in Germany. and a great amount
owned in Holland and England.
''Don't you think" asked the Colorado
Senator. That when a great corporation
like that collapses and is left with debt
so great its most enthusiastic friends can
not hope it can ever pay. finances in this
country might be disturbed as we'll as in
Europe?"
Teller then spoke of the Erie and said
he did not suppose anybody pretended
that the Erie would ever pay out. HeaIso
spoke of the Reading, and again asked il
any intelligent man believed that either
of the three great concerns he had named
was solvent. This disturbanc did not
come from the Sherman law. 1t came
from the misconduct of officials. The
good stocks of the country maintain them
selves. with rare exceptions, almost a par.
and many of them above par even during
crises. 1t behooves Congress when it comes
to legislate upon this subject to find the
cause of this evil and If within its power
to remove it. He did not claim that Con-
gress could touch the condition of dealing
in stocks. That was one of the evils that
had to be allowed to exist.
Dolph presented petition of the con-
ference of the Methodist Episcopal
Church, Oregon. for the repeal of the