The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1890-03-27
THE RICHEST q. 8. SENATOR
FAv0RS 0OvERNIEUT
LOANS 10 FARUERS.

THE RICHEST o. 8. SENATOR
FAV0RS COvERNHENT
LOANS 10 FARHERS.
Senator Stanford, Of California, a
many times millionaire, comes boldly
to the front and advocates govern
ment loans to farmers at from to 2 !
per cent interest. Let the old heroes
OF the cause now raise their hats and |
swing their handkercheifs for Senat-
or Stanford.
Mr.. Stanford submitted the follow
ting resolution, which was read on
the 10th inst. in the U. 8. Senate:
Whereas there is q stringency in
money and much consequent distress,
the energies Of the country being de-
pressed, large portions Of the farming
communities heavily burdened and
struggling for relief; and
Whereas the United States govern
ment is alone authorized to make
money which shall be legal tender
whether it be by stamp upon paper,
silver or gold; and
Whereas the value Of the three
commodities when used as money de-
ponds entirely upon the stamp of the
government making 1t legal tender;
and
Whereas it has been found that the
money advanced by the government
upon ito own bonds to the holders
thereof has furnished the best and
most acceptable currency. through
which to-day in our country most of
the exchanges are made; and
Whereas the present stringency Is
largely due to the retirement of gov
ernment bonds which have been 30
largely the basis Of our circulating
medium; and
! Whereas it is OF great consequence
to national and individual interests
that credit should be established,
where merited, as far as is safe and
practicable; and
Whereas the government can dc
this abundantly, without risk to it
self, upon much Of the property Of
the country, - 1t is now doing upoI
its own bonds, on which it is paying
interest; and
Whereas loans upon property ba
sis would furnish all the money need
ed without cost to the government
and a fair interest paid by the Dor
rover would give to the government
for the use Of its credits in bills /,
large income. Therefore, be it
RESOLVED, That the Committee Of
Finance be instructed to inquir,
what relief may be furnished by tn,
United States government, and par
/ ticularly whether loans may not b,
made by the government upon mort
|, cages deposited with it upon real es
D tate. independent Of improvements
3 at such rate and to such an alnoun
( only as will make the security to tn,
e government perfect, the government
n to receive some small rate OF interest
q from to z per cent, ample compen
}. sation for the use Of its credit, and t
h lprevent the undue application to
q loans beyond the needs o: the coun
q try. And the government, asfurthe
{ restraint and provision against a.
II overissue (if such q thing be possibl
d upon perfect security, where the in
+ terest is very slightly shall provide
d call in a percentage Of its loans frol
4 time to time, upon reasonable motto,
Is as it may deem necessary, at it's ow
il discretion, for the welfare OF the nj
! tion.
; The following remarks were dell,
e cred in the senate by Mr.. stanford
II on the question Of government loan
y to farmers:
From earliest civilization thsI
e has existed in oil countries need {
q some commodity that will stand as
e representative OF values throug
y which exchange can be made will
y out the commodities themselves b,
ing passed from hand to hand.
10 process Of time gold and silver cam
Z into use for the purpose Of equalizin
x exchange and to-day when stampe
- by responsible governments, thee
70 metals have value as money far b,
g yond any possible value they woul
- have were they only used in the art
y But it is obvious that their value &
- legal tender depends as much on til
~ government stamp as does the papt
e which is stamped by the governmel
a and made legal tender. Money b
" comes valuable as it stimulates indu
y try and facilitates the exchange ,
% the products of mans labor. Prope
y ty itself is valuable according to Il
= uses to which it is applied. Thu
- supposing mans wages were 81
ie day 800 would employ 100 men or
y day, but could the product of the,
ne 100 men be Immediately utilized Il
o. 500 might give employment to II
- men every work day in the yea
V The government bond is valuable
~ the holder on account Of the intere
- it earns. It's energetic factor in IL
70 transactions of men only amounts