The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-03-13
THE STANFORD MEASURE.

Senator STANFORD is a grand old man.
He possesses a great big heart which is all
The time beating for good He loves the
people and is continually deyising schemes
and doing things for their benefit What
ever viii, in mis- opinion. help the masses
may be assured of his material support
California is bristling with monuments to
The goodness and enterprise of her fore
most citizen, to whom the mighty state owes
much of its greatness We believe that
If Senator STANFORD ever does any wrong
DR. ever advocates an improper measure it
Is because his usually clear Judgment is
1t fault, and when that is at fault
It is on the side of goodness.
lust now he is urging upon Congress
scheme born of a desire to help the peo-
pie, and while the nobleness and generosity
Of his motive are to be applauded, we must
believe that his Judgment in the matter is
IN error. He wants the government to loan
money to the people at a low rate of inter
sst-2 per cent. per annum-taking as
security mortgages on real estate. His as
sumption is, and it is correct, that farmers
and others need cheap money, and he be-
ieves that the borrowers can so success
fully employ the cash that the payment of
The interest when it shall be due and the
principal when the loan shall mature,
will be an easy matter. Doubt
less there are many farmers who
could wisely and beneficially to themselves
employ cheap money; not few farmers
are paying high rates of interest for
money which they think they must have
Western farms are understood to be
pretty well covered with mortgages, held
Dy the numerous trust companies, and per
Aaps the majority of our agriculturists
are annoyed by the regular recurrence of
interest day. If the stories which appear
IN the papers are anywhere near the truth
the financial condition of western farmers
as class is deplorable, their troubles being
:hargeable directly to the high rates of
interest exacted by the money lenders
1t is to aid them that Senator STANFORD
has devised his scheme, because he thinks
it will be better If the government shall
be the creditor.
But how about the principle involved?
1t seems to US that in the shadows of all
the scandals and all the troubles which
have come during the past quarter of a
century through the loaning of the money
and the credit of the nation to private citi-
Eens, the practice should be discontinued
and never again revived. In few if any
Instances where it has been done
mas there occurred no trouble, and
In not many has there been
an absence of scandal. We can
Imagine any amount of annoyance, discon-
tent and disorder were the government to
go into the business as money lender,
accommodating the thousands who, impro-
yidently or otherwise, would become
borrowers. Suppose government should
foreclose a mortgage, as it would have to
do, and sell a mans farm, such howl
would go up from the borrowers all over
the nation as would disturb the public
peace and scare the timid Congressman
put of his wits.
But looking at the matter from another
standpoint, where is the right fund for
the government to go into the
money lending business, and be-
rome the creditor Of individuals
Governments are not formed for this pur-
pose, and ours above all others, should
avoid it. The nation can legitimatelv have
no money to loan; if there is idle money in
the treasury, beyond the amount re
quired in the current business
something is wrong; taxes are too high:
too much has been taken from the people.
The government has no right to hoard
money, and when it does hoard it it does a
wrong to the people from whom it takes
the cash. If the government has money to
loan to farmers or others the income should
be. reduced and in that way greater relief
will be given to the people than by permit
ting the latter to become borrowers
Senator STANFoRD's scheme should not
prevail, full as it is of heart. and kind as
Are the intentions of the grand old man.