Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1890-12-25
sTANFoRDs SCHEME.
The California Senator Gives Ills Views on
Measure For Financial Heilef-A Loan
Based Upon Land Values.


The California Senator Gives His Views on
"a Measure For Financial Rellef-A Loan
Based Upon Land Values.
WASHINGTON, Dec 30, Mr.. Stanford
addressed the Senate tho first thing
yesterday in explanation Of the adylsa-
billty Of the bill introduced by him
December to provide the Government
with means sufficient TO supply tho
national want OF a sound circulating
medium. II was substantially, he said,
the same bill as he had introduced last
session and he had not much to add to
what he had said on the subject on that
occasion But tho bill was very i'm
perfectly understood and as the subject
was very important one he desired to
explain 1t still further THE bill
am now considering" he said proposes
to put the Government in condition to
issue supply OF money equal
substantially to the general demand
and TO erect a standard by which the
Government may determine up to use
full value OF per cent what is the
amount needed. This has never been
attempted by any Government The
money 0egal tender notes. will be is
sued under the provisions OF this bill
upon unimpeachable and practically in
exhaustible security and its supply is as
certain and determined by tho rate
which the borrower can afford to pay.
Two per cent is the amount to be paid
to the Government for the loan OF its
money, and so long as money is worth
more than per cent, the security being
practically inexhaustible, money will
always be borrowed from the Govern
ment, and thus the Government will
be able to discharge its duty and
supply the general want AS bor-
rowed money is not expected to lie idle
but to be used, 1t goes into general cir
culation to supply the needs OF busi-
ness and its abundance stimulates not
only the larger but the smaller enter
prises and industries on which SO large
ly depend the steady employment OF
labor with is natural consequence.
general prosperity. The matter of im-
mediate and overshadowing Importance
to us is to supply our own industrial
wants For this purpose we must have
more money-money based upon per-
feet and unlimited security. No Gov
ernment can afford to issue money ex-
cept upon a valuable consideration.
The value OF Government paper is its
quality aslegal tender and the proposed
bill would strengthen this paper CT
tho credit of a Government OF 62 600,
900 OF people with all OF our vast re-
sources is not perfect1 by the partial Sc
curity which the Government would hold
forits return a the expiration OF the time
fixed by the loan The principle OF our
Government loaning moneyis fullyestab-
lshed by the advance itnow MAKES upon
its own bonds, which while entirN. good,
as hetwesg the banker and tie Govern.
ment does not strengthen the security
OF the bill holder, which rests at last
upon the authority Of the Government
The scheme of this bill is to sup
ply an ample amount of money for
oil purposes have mentioned the |
lands as security because they appear
to be the best and most certain Of all |
security and are sufficient to fur |
nish all the money that is needed |
The people, | think, will have |
moro confidence in financial measure
that is new and radical II 1t has at pres
ent land only for basis The rate of |
interest on these loans on real estate is
fixed at per cent in the bill, but in
time may be reduced as experience shall
teach. The rate of interest charged by
the Government under the provisions Of
this bill will not necessarily fix the
general rate of interest for business
purposes. That will always be deter
mined by its value in use The farmer
having this security will be proud OF its
use or the use Of others who may be
willing to pay him a satisfactory inter-
est The banker borrows money from the
Government free of interest and loans it
At such rate as its use commands in the
market This measure has been COM
pared to plan adopted in thelArgentine
Republic for loans on land, but there is
20 analogy between tho two and TO COM
pare the workings OF a measure OF that
Republic OF say 5000, 900 Of people to
hat OF our country with its enlightened
r. 600 600 would be like comparing the
methods of some irresponsible banker
o those OF the Rothschilds This bill
ixes a standard for the amount so long
IS money can be prohtably used at more
han per cent. per annum. The ability
Il the Government to make money being
the real wants and neces-
tiles OF the people can be ascertained
nd mot The foundation OF the whole
natter and the real question to be con- |
idered is that inasmuch as the Govern
lent reserves the right to issue money {
is its duty, the means being provided, S
o furnish what is necessary to the pros. {