| Show STANFORDS SCHEME For Government loans With Land as Security > MESSES BAETLNE AND NEWLANDS Will Run Against Each Other Clarkson on the Republican Part A Rehearing In the Church Suits Denied WASnit < GTONMaj Consideration of the naval appropriation bill was resumed and con tinned until J oclock when the silver bill was taken up but in a few minutes laid aside to al low Stanford to address the Senate on his bill providing cultural lands for loans by the government on agr We can all well understand ho said the great advantage to the neople at this time of loans made to national banks by the gov eminent em-inent of W per cent upon its own securities securtes One hundred thousand dollars in government bonds at 4 per cent only produces 0 which when its value becomes energized to the extent of 0 per cent which the government advances advan-ces its power is so increased that the 90 000 in its activity may in the course of a year double its value and pass from hand to hand many times stimulating various industries of the country So too this bill will have a corresponding cor-responding energizing effect Money issued under it is not intended to accommodate farmers alone but as i comes into circulation it will put the means of prosperity within the reason of those who are engaged in the smaller and larger industries of the country This money issued by the govern lent becomes automatic I will contract when there is less use for it and expand when there is a greater demand thus disastrous contraction con-traction will cease to be possible Hb argued that the rate of interest proposed J per centis fixed for good reasons No farmer mil borrow unless he needs money rind when he ceases to have a use for it he wit return i But this will seldom occur fol money borrow of the Government at 2 percent per-cent can readily find use at higher rates ir other interests and thus tho farmer will bn be benefited Six ror cent intereso is a burden that the farmer cannot veil bear while during the ictlties of business the merchants finds it reasonable rate t pay The value of money lies in its activities his plan of loaning money upon land at 2 per cent with the privilege to the borrower of returning it when he has no use for i creates a monied system that will meet financial expansion and contraction as they may occur without Inconvenience incon-venience to any Under its provisions the real estate of the country being so vast there will always be a possibility of obtaining the money necessary to carry on the enterprises of the country and when there is no further use for the money the borrower stops paying interest and takes up the mortgage upon his farm In conclusion he said Ihe bill while not perfect provides fairly well the machinery to carry out its design I adopted with such amendments as shall seem wise to Congress it will largely increase the prosnerity of the hum blest classes in labor and assist wealthiertc success in their enterprises The bill provides for what may perhaps not improperly be termed a revolution in finance and I do not expect it will bo adopted until it has been fully considered by the people and meet with their approval I move that the bill be referred to the committee On finance The bill was so referred The naval bill went overCall over-Call offered a resolution calling on the Presi dent for information as to the landing of an armed force from the revenue cutter at Cedar Keys Fla and the forcible entry of houses and pursuit of citizens executive On motion session of Edmunds adjourned it was laid over After |
