Show 5 FORTYEIGHTH CONGRESS SENATE Washington D C 19The chair laid before the Senate a resolution offered on Thursday by Morgan dIM recting the committee on finance to examine into the cases of the recent failures of national banks and all other such failures due to violations viola-tions and evasions of law on the part of officers or directors of banks Morrell moved an amendment by substituting for the purposes of investigation in-vestigation the comptroller of the currency finance committee Morgan said the very reason which moved to devolve the duty on the committee was because the officers appointed to see the banks complied with the law had not performed per-formed their duty There was for instance a law against over certification cert-ification of checks which it had become be-come notorious was utterly disregarded disre-garded On the occasion of the passage pas-sage oflaw on the subject in July 82 New York newspapers had broken I out into a spasm of merriment and told Congress that Banks laughed at fche acts of Congress and were beyond Congressional control The failure of the Marine Bank had 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 whicti the young specuhitors saw proper to engage A spectacle had been presented to the world that argued a painful condition of commercial com-mercial honor in the city of New Yok Plumb introduced a bill to forfeit for-feit the unearned lands granted the Atlantc i Pacific Railroad company 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 movine 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 dy when the trouble referred to occurred and he could assure the Senate although there might here and there have been over certification certifica-tion of checks yet that had not been a 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 certification The proper remedy nruulU bo to prcacribooevorc penalties against any dealing or speculative transactions by officers of banks or using money of banks in any transactions that such offli cers might engage in Sherman saw no use In the committee investigating Investi-gating it In New York We had government officers they would and could give us all information in-formation if a committee ore to go there to make commotion and keep up the agitation in regard to failures there it might embarrass others To call the recent trouble a panic was applying to It a misnomer therehad been no panic Peope in New York had not been alarmed securities secu-rities specially affected had been those involved in the transactons exposed by failures but confidence In the standard securities of the country had not suffered It was like the case of the storm confined to the locality of New York City and not extending over any other part of the country It had resulted in clearing the atmosphere and he believed he preenfc commercial position better than before the trouble Morgan sad the feara of the Senator Sena-tor from Ohio Sherman were groundless if he supposed any injury in-jury could come to the proper business busi-ness of the country by investigation The business of the country did not mean the operation of stock gamblers Morgan criticised the action ac-tion of the Secretary of the Treasury 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 farobanks in Pennsylvania avenue as to allow the national banks of New York to farm out their credit to f stockgambling and other speculative operators men who made a business of buying and selling things that had no existence and that were well characterized by the question on imaginary and mythical existences propounded a fv days ago in New York by Francis Fran-cis W Ban1 to xerninand Ward Morgan faced much however that parties who had so Jong been pale would at least Ie per mitred 10 subside into quieti de and the millions they had laid avvii while those who had baen AViongeJ would remain unavenged Resolution referred to committee on finance A resolution was ofierei which went over till tomorrow directing the committep on public lands to make Inquiry whether the New Orleans Baton Rouge Vicksbnrg Railway 00 expended money to influence in-fluence the congressional action A message wag resolved from the House announcing nonconcurrence in the Senate amendments to the Senate I djn appropriation bill The Senate insisted on the amendments amend-ments i The chair having announced the regular order to be the Utah bill Hoar consented to let it go over temporarily and the bill for the I creation of a bureau of labor statists was taken up and Morgan addressed the Senate support of Garlands amendment in which proposed to pot labor fta tubes inw charge of the statistical bureau of the Treasury Department Van Wyck moved t anend by ramtivinr than 1 requiring a the chief oTtha bureau should be a person identified with the laboring classes and hibiting the importation of foreign pro laborers from any country under contract Pending debate on the bill the Sen ate went into executive session and adjourned Before adjournment Hale gave notice that tomorrow he would call up the agricultural appropriation bill l HOUSE Washington 10The contesed election case of Wallace vs Mc Kinley was postponed and Randall attempted to secure the passage of three appropriation bills agreed to in committee of the whole on Friday last To this Collins objected and V the speaker prcceeded to call states for bills The following were inn troduced and referred By Weller authorizng the Secretary cf the Treasury of the Unite States as soon xS may be to employ all surplus sur-plus money in the treasury for the redemption bonds outstanding at a price not below parKing par-King directing the Secretary of the Treasury to allow a rebate of ten per cent on all goods imported la I vessels of American register Holman from the appropriation committee reported the legislative judicial and enutfre upprooriiis tin bill comi itee of the whole V Hurd froptt the committee on Wtys and maI3 uiovfctfi to suspezy1 the rules and pass the bilN > fiabiih discriminating duties Qn works of art the production of foreign and American artists The bill imposes a duty of 1 per cent ad valorem on works of art whether the production produc-tion of foreign or American artists Kasson Belmont and Hurd spoke in favor of the motion Dunn Mills Warner Ohio and Boutelle against it The motion was lostyeas 52 nays 179 House then on motion of Randall proceeded to consideration of appropriation appro-priation bills Consular and diplomatic diplom-atic appropriation bills passed yeas 129 nays 85 Army and District of Columbia appropriation bill passed without opposition GolJineof committea on judiciary moved to suspend rules and adopt a resontion malting the Senate bankruptcy bank-ruptcy bill a special order for Tues day June 10th Motion seconded and carried 100 to 66 Culbereon Texas favored tho mo tionWillis Willis thought the bankruptcy bill should not be pressed until the presidential election was over a bankrupt law was demoralizing and promo tiye of dishonesty it is the very time when Wall etreet was in a maelstrom of speculation and great names were resting under the shadow of disgrace on account of that speculation Congress should not encourage this by the pass ge ota ot-a bankrupt law which would operate oper-ate as an injury tu tho public morals mor-als and work ruin to thouands of widows anJ orphans Holuaes and Moulfon oppcseJ the billCollins Collins said lIe was not to be deterred de-terred from hi advocacy of the bill by any suggestion as to the imminence immin-ence uf the Presidential election Let it come with all issues that might ce involved He did not believe be-lieve the passage of the bankruptcy act would militate against the interests in-terests of his party Motion lost yeas 137 nays 113 Not the necessary two thirds in the affirmative Banking and currency committee was next on the list and Wilkins was ready witn a resolution fixing the day for consideration of the McPherson bill but the motion to adjourn was interjected and carried |