The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-05-24
SENATE PROCEEDINGS.
stanford Unfolds His Plan 20 Make u
All Rich.


wAsHlNsroS CRY. May . -In the Senate the
tar n bill was received from the House and re-
ferred to the G mmittee on finance.
Consideration OF the naval appropriation bill
was resumed and continusd until 2 O'Clock,
when the aiver bill was taken up, bat in . few
minutes lsid aside TO allow Stanford 70 address
the Senate on his bin providing for loans by the
government a agricultural lands
All vsli ulsderstood. he said. the gseatadvan-
tases TO the people at this time Of Ne Ian Uade
10 the national banks By the gove4nmeng 0f 80
Fer ce11 Of In own secunties One hnndsud
thousand dollars of government bonds 6 per
cent only produces N,O0a but when its value
became organixed 90 the extent OF the 90 PER
cent which the government advances, il
power 10 incseased that the lSo o0o0in II actlv-
isy may in the course Of year double Its value
and pass from hand to hand nany nnees stimu-
lstin9 tha yafIous industries of the eo0usEy. 81.
ton. this hill viii have . corresponding effect
II u not INTENDED 70 accommodate she farmers
alone but - Il comes into rculation it will
pus means Of prosperity within the reach Of
these who are engaged In the smaller and larger
industries OF the country. This money Issued
BY the government becomes automatic. II viii
contract when there 10 iess use for II and expand
when there Is greater demand. Thus disastrous
contraction viii cease 10 be possible.
He argusd that the rate Of interest proposed,
2 per cent, Is fixed for good reasons No farmer
viii borrow nnless he needs money. and when
he ceases to have use for II Will return tt But
this viii seldom occur. for money borrowed of
the government at 2 per cent can readily ind
use at higher rates IN other interests, and thus
the farmer will be benefited. Six per cent
interest Is . burden that the farmer cannot well
bear. while. owing to the activities Of business,
the merchant finds II . reasonable rate 20 ray.
The vaiue Of money lies In its activity. This
plan OF loaning money upon land at per cent.
with the priv lese 20 the borrower Of returning
IL when be has no use for ii, creates q moueyeti
system that will meet financial expansion and
contraction ~ they may occur. without incon-
yenience to any under its provisions. The real
estate OF the country Ia so vast that there will
always be the possibility Of obtaining the
money necessary TO carry on the enterprises OF
the country, and when there IL no further use
for money the borrower stops paying interest
and takes ap the mortgage upon his fam. In
conclusion he said that the bill. while nos per-
feet, provides fairly well materials TO carry out
its designs. II adopted. with such amendments
should seem wise TO congress. IL viii largely
increase The prosperity OF the country The bill
provides for what may perhaps not improperly
be termed . revolution In finance, and he did
no. expect the country would adopt 4, until it
bad been fully considered By the people ana
met with their approval.
He moved that the bill be referred TO the COM
mitfee on finance. and the bill was % referred.
Cali offered Q resolution ceiling on the nresi-
dent for information 10 the lancing of an
armed force from . reveaue cutter 1t Cedar
Keys. Fla. the forcihle entry OF houses aud the
pursuit Of citizens. Ga motion Of Edmunds il
was laid ovcs. After N executive session the
Senate adjourned.