St. Paul daily globe., 1890-05-30
sTANFoRD's SCHEME.

Some of the writers at Washington
insist that the quite remarkable fina IL
caI measure introduced by Senator
STANFORD last week in pursuance of
previous notice is due to the fact that
the presidential bee in his bonnet has
confused his mind. In fact it is al
legged that he is crazy as loon on the
subject, and that his friends will hurry
him off to Europe in hopes that the bee
may cease its ruinous activity, The
mental lnfrmity is not inferred from
his advocacy of the bill. That is held
to be but an Illustrative incident. Were
the members to be held close to the de-
auctions from the measures they may
favor. many of them would not be
classed as sound in mind. But in the
case Of this California millionaire, whose
wealth has come from monopolistic
and corporation processes in the
main, he is believed to be the victim of
lot of adventures who have been
feeding his vanity and robbing his
pocket. He has been impressed that he
is a remarkable man, and that to be
president he has but to make himself
solid with the farmers. He is said to
have paid an expert in New York S3O. 900
for the idea that his measure is based
upon. Other large sums have been
worked out of him, and greater harvests
were anticipated as the presidential
period approaches. This industry will
be broken up if Ge is kept in the hands
of physicians as demented. Possibly
these representations are eXaggera
tions, but it is highly probable that he
has the presidential fever and ex-
poets his scheme to lift him there.
1t is understood that his plan is
to make agricultural lands the
basis of vast issues of national
currency. 1t may seem to him quite as
plausible as to make silver bullion such
basis. The indistinctible and productive
realty may be given favorable consider
alton in the presence of the products of
mines. The senator made an elaborate
speech in support of his bill, and had
an entirely rational aspect. The main
features of it are that the government
shall take mortgages on farming land
money, and issue treasury notes of de-
nominations such as are now in use.
from s. to 81 1000, to the amount of half
the assessment of the land as the maxi
mum. No loan is to be for less than
$3.50, or for more than twenty years.
The attractive feature is the nominal
rate of interest, which is not to exceed
n In nf 6aEa,r1t
Of interest or principal, foreclos-
ure is to be had. AS the SEN
ator has been a great speculator,
1t is assumed by some that the method
III his Madness" is that he will secure
eXtravagant assessments for his cheap
lands, immense tracts of which he is
interested in. and after getting the
money for half their appraisement let
them go to the government by default.
He is more likely to be interested in the
presidency. These notes are to be
legal tender for all debts. except interest
on the public debt. There is no limit to
the amount to be issued. except the un-
incumbered land. A defective point
appears here. The men with land who
need the money generally nave more or
less incumbrance on the land. If a
man is carrying mortgage of half the
value of his farm at 10 per cent he will
want this 2 per cent money to lift it
with, but it does not appear how he is
to obtain it. 1t is matter of guess
| work as to how much more money
would be put out, some supposing from
$4,000, ,000,0 900 to double that sum. This
evidently would make money abundant
but it is insisted by most financiers that
the circulating Medium would consist
entirely OF this paper. The scheme may
have rainbow features, but it is not an
| inevitable inference that its indorser is
looking at the White house or on his
way to an insane asylum.