The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-12-20

WASHINGTON, Dec. 19.-Aftcr routine business
Stanford addressed the Senate Oh his bill to in
crease the circulating medium. He said money
was the most important factor in the business
relations OF the country. There was limit to
the quantity of gold and silver metals. and that
that limit could moi be exceeded by any effort
ON the part OF the government. 1t was there
lore, great mistake for the government to con
me itself IN the issue OF money TO material out
side OF its control and limited in quantity. on
The Suhciency OF money depended very largely
the industries of the country An Illustration
ptus importance was to be found in the present
depressed financial condition. Never was the
country more prosperous, vet, owing to want of
money upon slight disturbance Of credit there
was distress all over the land. So general was
ms uneasiness and apprehension that money
which ought TO be in circulation was being
boarded. The bill ne was now considering pro-
posed TO put the COVE tnment in a con
tniloh 70 issue d supply Of money equal
SUBSTANTIALLY 10 the general demand
and to erect standard by which the govern
AltEl might determine up 10 useful value of
ger cent. wnat was the amount OF needed money.
Legal tender notes would be issued under the
provisions Of the bill upon unimpeachable and
practically lneXhauStable security, and its
supply was to be ascertained ana determined
10y rate which the borrower could afford to
pay. Two per cent was the amount to be paid
10 The government for the loan OF its money
and so long as money was worth mere than =
per cent, the security being practically mex
taustible, money would always be borrowed
from the government. and thus the government
would be able TO discharge its duty and supply
the general want. The principle OF the govern
mcnJ loaning money was fully established by
the advance IL now had made upon its own
bonds, which, while entirely good between
bankers and the goTernnlent aid not strengthen
11e security OF the bill holder which rested at
last upon the authority OF the government.
Tee scheme OF the bill is TO supply an ample
amount OF money for all business purposes.
Have mentioned lands security. because
they appear the best AM most certain OF all
security and are sufficient TO furnish all the
money needed. The people, think. viii have
more confidence IL financial measure that is
new ana radical If il has at present land only
Tor 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 ghe gov
eminent under the provision OF the bill Will not
necessarily tx the general rate of interest for
business purposes That VIII always be deter
mined 10y its value in use. The farmer having
This best security viii borrow for bis own use,
or the use OF others who may be willing TO pay
hilnG satisfactory interest. The banker Dor
rows money rom the government free OF inter
est and loans i At such rates as its use com
mandS In the market. This measure has been
compared 10 the plan adopted IN the Argentine
reDuDIc Tor loans on land, but there is no an
oiogy between the TWO and 10 compare the
working o. q measure Of that republic Of say
5.OJjNJJ population 10 that OF our country with
is enlightened O2,0JO UO0 would be like cornpar
In the methods o. some IRRESPONSIBLE banker 10
those % the RoJhschilds. The bill fixes the
StanoSrd lor Inc amount so long as money can
be prontaOly used at more than 2 per cent. per
bnuuLl. The ability OF The government 10 make
money being unlimited, the real wants and ne
cessiues OF inc people can be ascertained and
met The foundation Of the whole matter and
the real question TO be considered is. that in US
much IS the government reserves the right to
Issue money u Is It's duty-means being pro
NiCed- 10 furnish what is necessary to the
prosperity OF the people"
AL the conclusion of Stanford's remarks the
bll was referred 10 the committee on finance.
The Senate then took 10 the printing deficiency
biil, OF which some discussion took place, re-
Testing on the house Tor the inadequacy OF the
regular Appropriation DIS. mus neceSSitatlng
frequent deficiency bills. The bill passee. -
Dill by ingalls, TO allow an exchange OF in
terest bearing debt for legal tender notes was
referred 10 the finance committee
a resolution by Henderson was referred to
the committee On Indian AFFAIRS inStructlng
That committee to inquire into the condition OF
the indian tribes Of North and South Dakota.
Montana ana elsewhere, the steps necessary TO
oisarm them. etc.
The Senate bill for public building at
Fresno, Cal, approprlatug 80, 100 was placed
on the calandar.
The election bill was taken up and Bate and
Gibson argued against il.
Stewart made an argument that an attempt
TO execute IL in the south would be disastrous io
both races. He was a friend of the colored IAN
and deeply sympathized with him but could not
ask him 20 put his life in Jeopardy in order II
fight a political battle for his tStewart-s1 ad.
vantage. He was equally friend 10 the white
man and desired TO refrain from any act which
might justify the white man in making war ur1.
on defenseless race which Congress
had enfranchised. Whatever was done
In the matter of protection to the
suffrage. IL the south, unless done
through the voluntary action of Inc people al
that section. would have to result in one Of two
things: II the negro were protected by force
the same force would inevitably be driven II
the necessity Of destroying his enemy Thai
involved the enslag ement and final eXtermina
ton OF the whites. The employment OF force
would result ultimately in the DETERMINATION
eilher OF the blacks whites. II the militar,
power We're to be used in the execution OF III,
pending bill, then the bill should be defeated 1
IL was 10 be adead letter, why pass it. Public
opinion at the south was entirely against IT, In
stead of protecting the colored man. it woul,
bring upon him persecution and misery, if no
death No assumption OF party necessity coult
justify such an act. II was plainly the duty o
tie Senate 10 trust to natural causes in the hopt
that they would remedy evil. The bill ought no
&c pass, because II never would be enforced; be
cause ii would consolidate the southern whites
because it would increase sectional animait,
and kindle anew the discord OF the past.
Stewart recalled the speeches in opposition tc
the force bill OF 1919 made by Senators Hoar an,
Hawley, then Representatives Among thos,
voting against the bill Stewart recalled Foster
Garfield William Walter Phelps, kasson ant
kellogg. He suggested that the supervisor
and other officers would become marked mer
and from the report Of the Investigating com
miItces and all the knowledge obtained durin,
the past twenty years, il was plain what thei
fate would be, unless Congress was Opposed I,