The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1890-05-24
DOINGS IN The SENATE
Senator Stanford Talks On his Financial
Plan.
A Scheme That VIII be OF incalcu-
liable Benefit to the Farmer
and Merchant and to Bus
mess In General.

WASHINGTON. May Reconsideration
OF the naval appropriation bill was re-
sumed and continued until 2 o'clock,
when the silver bill was taken up, but i'm
a few minutes Il was laid aside to allow
Stanford to address the senate on his bill
providing for loans by the government on
agricultural lands.
We can all well understand, he said,
the, great advantage to the people at this
time of loan made to national banks by
the government of 30 per cent. upon its
own securities. One hundred thousand
dollars Of government bonds at 4 per cent.
only produces $4,000, of which when its
value becomes energized to the extent OF
30 per cent. which the government ad-
vances, its power is SO increased that
$4,000 in its activity may in the course OF
n year double its value and pass from
hand TO hand many times, stimulating
various industries OF the country. So.
too. this bill will have a corre-
spending energizing effect. Money is
sued under il is not intended TO
accommodate farmers alone, but as II
Of prosperity within reach of those who
are engaged i'm smaller and larger indus
tries Of the country. This money issued
by the government becomes automatic.
II will contract when there is less use Tor
it and expand when there is greater de.
cease to be possible, he argued. The
rate of interest proposed at per cent
Is fixed for good reasons. No farmer
| will borrow unless he needs money. and
| when he ceases to have use for II will re-
turn il. But this will seldom occur, for
the money borrowed Of the government
| at 2 per cent. can readily find use al
higher rates in other interests, and thus
the farmer will be benefited. Six per
| cent. interest is a burden that the farmer
cannot well bear, while, owing to activi'
ties Of business, merchants find Il reas'
enable rate TO pay. The value OF money
| lies i'm its activities. This plan of loaninR
money upon land at 2 per cent, with priv.
| ilege to the borrower of returning II when
| he has no use for IL, creates a monied sys-
| tenn that will meet financial expansion
| and contraction as they may occur. with
out Inconvenience to any under its provi'
sions, Real estate of the country being so
vast there will always be possibility OF
| obtaining money necessary to carry on
| the enterprises of tue country, and when
| there Is no further use for money the
borrower stops paying interest and
takes up the mortgage upon his farm. In
conclusion he said: The bill while not
carry out its designs. II adopted with
such amendments as should seem wise tc
| congress IL will largely increase the pros
| perity of the humblest classes in labor and
| assist the wealthier to success i'm Their
enterprises. The bill provides for what
may perhaps not improperly be termed q
| revolution i'm finance, and do not expect
il will be adopted until il has been full,
considered by the people and met witt
their approval. move that the bill he
referred to the committee on finance.
The bill was so referred.
| The naval bill went over.
Call offered resolution calling on tho
president for information as to the land
ing of an armed force from a revenu,
cutter at Cedar Keys, Fla, forcible cntr,
of houses and pursuit of citizens. Oh
motion of Edmunds il was laid over.
| The executive session then adjourned