, 1890-12-25


unimpen cbabIc and practically mex
haustible security, and its supply was
to DO ascertained and determined by
the rate which the borrower could al
ford to pay.
Two per cent. was the amount to be
paid to the government for tho loan o
its money, and so long as the money
was worth moro than per cent, the
security being practically inoxhausttbie,
money could always be borrowed from
the government, and thus tho govern
ment would bo able to discharge its duty
and supply the general want.
The principle of the government loan
ing money was fully established by the
advance 1t now had made upon its own
bonds which, while entirely good be-
tween tho banker and the government,
did not strengthen the security Of the
bill holder, which rested at last upon
the authority of the government.
The scheme OF tho bill is to supply an
ample amount OF money for all business
purposes.
81 have mentioned lands as security,
because they appear to stand tho most
certain of all purposes, and are sufficient
to furnish all the money needed by the
people. | think We will have more con-
iidcnco in financial measure that Is
new and radical II it has Mt present land
only for basis of rato of interest.
Loans on real estate are fixed at per
cent. in the bill, but IN time may be re-
duced, as experience shall teach. The
rate OF interest charged by the govern
ment under provisions of the bill will
not necessarily fix general rate of in
terest for business purposes. That will
always be determined by its value In use.
The farmer, having this best security,
will borrow for his own use. or the use
of others who may be willing to pay him
satisfactory interest The banker bor-
rows money from tile government free
of interest and loans 1t at such a rate AS
its use commands in the market.
This measure has been compared to
the plan adopted In the Argentine Re.
public for loans on land, but there is no
analogy between the two, and to com
pare the working OF measure of that
republic OF, sny, 5000 900 population, to
that of our country, with its enlightened
Ga 600. 900, would no like comparing the
methods of an irresponsible banker to
those OF the kothschilds.
The bill fixes the standard for the
amount, so long as money can be profit.
ably used, ut no more than 2 per cent.
per amman. The ability ot the govern
ment to make money being unlimited
the real wants and necessities of the peo-
pie can be ascertained and met.
The foundation of the whole matter
and real question to be considered is
that inasmuch as the government re =
serves the right to issue money, IL is its
duty, means being provided, to furnish
what is necessary to the proximity OF
people.
AT the conclusion of Senator Stan-
ford's remarks the bill was referred to
the committee on finance.
The senate then took up the printing
deficiency bill, ON which some discussion
took place, rejecting upon the house Tor
the inadequacy of the regular appropria-
ton bills. thus necessitating frequent
deficiency" bills.
The bill passed.
Senator Gray introduced numb ber of
amendments TO the pending election
bill, which strike out tho provision Tor a
permanent annual appropriation for the
compen sation OF SUPERVISORS and take
with the returns.
A bill by MIR. Ingalls, to allow an ex-
change OF the interest bearing debt for
legal tender notes was referred to the
finance committee.
A resolution by MIR. Manderson, which
was referred to the committee on In
dian affairs, instructing that the COM
Indian tribes of North and South Da-
kota, Montana and elsewhere, and take
the steps necessary to disarm them.
The house bill for public building in
Fresno, CAL, was placed on the calen-
dar.
The election bill was then taken up
and Messrs. Bate and Gibson argued
against IL.
MIR. Stewart made an argument that
the attempt to execute 1t in the South
would be disastro 10 both races. He
was friend of the colored man and
deeply sympathized with him, but could
not ask him to put his life In jeopardy
in order To light political battle Tor his
(Stewart' 81 advantage. He was equally
friend TO the white man, and desired
TO refrain from any act which might JUS
tify the white man in making war upon
dcfenseless race which congress en-
iranchised. Whatever was done in the
matter Of protection of suffrage in the
South, unless done through some volun-
tary action of the people. that section
would have to result in one of two
things, 1t the negro was protected by
force, the same force would inevitably be
driven TO the necessity Of destroying his
enemy. That involved the enslavement
and final determination of the whites.
The employment OF force would result
ultimately in the determination either
of the blacks or whites. If military
power was TO be used In the execution of
the pending bill then the bill should be
defeated. If II was TO be a dead letter.
why pass it2
Public opinion at the South Is entirely
against IL. Instead of protecting the
colored man, IL would bring upon him
persecution and misery, If not death.
No assumption of party necessity could
Justify such an act. 1T was the plain
duty of the senate TO trust TO natural
cause, in the hope that they would
remedy the evil. The bill ought not to
pass, because it never would be en-
forced; because it would consolidate
Southern whites; because il would in
crease sectional animosity aud kindle
anew discords of the past.
Mr.. Stewart recalled speeches in OPP
position to the torce bill nf 1873, mate
by Senators Hoar and Hawley, then
representatives.. Among those voting
against the bill Mr.. Stewart recalled
Messrs. Foster, Garfield, William, Wal.
ter Phelps, kasson and Kellogg
llo suggested supervisors and other
officers would become marked men, and
from the report of the investigating com.
mitteos, and all knowledge obtained
during the past twenty years, it was
plain what their fate would be. unless
congress was disposed to proceed to
remedy, under the constitution, that OF
denying represe tation on account of ex.
cluslon from, or obstacle to. the exercise
OF franchise. The only remedy that eX-.
listed was the enforcement OF laws
on the statute books, and an as
surance that no pressure from the out
side would be exercised,
his iufUnpnt Tho SnliI Spnth ,voe