The advocate., 1890-03-13
SENATE

SENATE.
WAsHNoTON, ID. O., March iO.--Mr
Stanford offered preamble and resolu.
tlon lnstructing the committee on finance
TO inquire what relief for the existing
agricultural depression may bo furnished
by the United States government and
particularly whether loans may not be
made by the government upon mortgages
on real estate, independent Of improve
ment, at such rates and 70 such amount
as will make the security to the govern
ment perfect, and 10 be able TO call In a
percentage Of the loans from time to time
at its discretion. He submitted some ro-
marks in support Of his resolution, and
the resolution was sent 10 the committee
on finance
[SenatOr Stanford In Introducing this
resolution made some very sensible re-
marks which may be advantageously
studied by many other United states
Senators and by people outside Of leglsla-
lures as we'll, We append his remarks
which are as follows. Ed.l
"The government bond Is valuable 10
the holder on account Of the interest II
earns Its energetic factor, in the tran
sactlons of men, only amounts to the per-
centOgea II draws but when the bond
holder by deposItIng II with the govern
ment receives back 90 per cent. in govern
ment bills, 90 per cent Of lts value becomes
energlzed into an active commodity, CIV
ing employment to the energies Of the
country. In like manner, II the farmer
we're able to borrow from the government
without interest, certain amount OF los
bills, giving his farm as security therefor,
10 that extent his land would become an
active force, and he would be enabled,
while giving employment 20 the extent
Of the money loaned him, 10 improve his
farm, and increase its value, 10 the full
amount Of the loan. Thus, the govern
ment loan would be doing double duty.
Now, the activities Of this money do not
terminate with lts expenditures by the
farmers those who have received IL In
their turn will make use Of II as an en-
erglzIng factor In the forces Of life 10 an
indefinite period. AS II employs labor Il
brings to life continuing force--labor
bogetting labor as certainly as les fruits
are valuable. Another way by which we
can appreciate what money actively used
may perform In hesettlement Of balances,
10 TO be found In the value Of commodI
ties produced and exchanged compared
with the amount Of money In circulation.
How far the boundless resources Of the
country shall be put into activity depends
not only upon the active industry Of our
people, but upon the power necessary 10
induce that industry, and II should bo
the fostering care Of the government TO
see that such industry receives every en-
couragement. An abundant supply Of
money means 10 individuals Of capacity
field for the use Of their abilities in prose
cutting their various callings Of life, and
will be particularly valuable % assocla-
tions Of individuals by affording them
facilities for obtaining capital for trans-
actions Of every kind Of business. II those
proposed loans could be made by the
government, without risk, do not think
that there would be any serious obstacle
In the way OF the accomplishment OF the
object OF my resolutions. In my opinion,
ample protection would be afforded tbe
government II II limited lts loan at one