Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-06-01
GOVERNOR sTANFoRD's PLAN.


Full Text of the Loan Bill introduced in
the Senate.
Following is the full text of the bill in
troduced in the United States Senate on
May 10Th by Senator Leland Stanford of
California
To provide for making loans by the Government
and securing the same by liens upon land.
Be il enacted by the senate and House of
Representatives of the United States of America
in Congress assembled: That there is hereby es-
tablished in the Department of the Treasury of
the United States a Bureau to be known as the
Land Loan Bureau.
Section O. That Chief and Deputy Chief of
such Bureau shall be appointed by the Presi-
dent of the United States, by and with the ad-
vice and consent of the Senate: the salary Of
the Chief OF such Bureau shall be $1,000 per
annum. and OF the Deputy Chief 5000 per
annum.
Section 3. That it shall be the duty of the
Chief of such Bureau, under the direction and
ury:
reau; to receive and approve or reject applica-
lions for loans
Second-To keep a record of all such applica-
tions and of the action had thereon.
Third-To keep an account with every person
Fourth-To keep an account with the Treas
urer of the United States, showing all moneys
received and dlsbursed by him, and the purpose
for which such receipts and disbursements were
made; to collect and pay into the Treasury of
the United States all loans when due or paya-
BILE.
Fifth-To make all proper rules necessary to
Sixth-To appoint such subordinate officers Of
the Bureau as may be necessary to carry out
the provisions of this Act, and to define their
duties.
Seventh-To prescribe the form and manner
OF keeping accounts with the Treasury of the
United States, and with the various persons to
whom loans shall have been made, and of
the expenses and disbursements in connection
Herewith.
Eighth-To perform such other duties as are
prescribed by law.
Section A. That the Treasurer of the United
States is hereby authorized and directed to be
caused to be printed signed, and ready for issue,
for the purposes hereinafter mentioned, circu-
lating notes OF the United States of the denomi-
nations of five dollars, ten dollars, twenty dol
lars, fifty dollars, one hundred dollars, five
hundred dollars, and one thousand dollars to
the amount of one hundred million of dollars,
and such additional amounts from time to time
as shall be necessary to meet the requirements
of this Act.
Section 5. That said notes, when issued as
hereinafter directed. shall be a legal tender in
payment of private debts, equally with gold and
silver coin for like amounts, and shall be re-
ceived ut par in ali parts OF the Quilted states in
payment of taxes, excuses, public lands, and gil
other dues to the United States, and also Tor all
salaries and other debts and demands owing by
he United sta es within the United states, ex-
cept interest oa the public debt and in redemp-
ton of the national currency.
Section 6 That said notes when ready for
issue, shall be he in the Treasury 10 the credit
of the Land Loan Bureau until issued as herein
after prescribed.
Section I. That every person who is citizen
OF the United States, or who has declared his
intention TO become such, and who isthe owner,
in fee, of unincumbered agricultural land, may
file with the Bureau an application for a loan to
be secured by a lien upon such land, valued for
agricultural purposes. Such application must
be in the form prescribed by the Chief of Bu-
reau, and must describe the laid. and state its
actual cash value for agriculture, independent
OF Improvements. and also its assessed value for
taxation purposes, for the year previous to APP
plcation, the amount for which the loan is
sought. which must not exceed one-half the
assessed value of the land. and the time for
which the loan is to run, not exceeding twenty
years, together with such other facts as the
Chief of Bureau may by regulation prescribe.
No loans shall be made upon land of less than
five hundred dollars in value. nor in sums less
than two hundred and fifty dollars.
Section 8. That copy Of the application for