The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-05-24
STANFORD'S SCHEME
For Government Loans With
Land as Security.
MESSRS. BARTINE AND NEWLANDs
Will Run Against Each Other-Clarkson on the
Republican Party-A Rehearing in the
Church Suits Denied.

WASHINGTON, May Reconsideration of the
naval appropriation bill was resumed and con-
tinued until o'clock, when the silver bill was
taken up, but in few minutes laid aside to al
low Stanford to address the Senate on his bill
providing for loans by the government on agri-
cultural lands
I'VE can all well understand he said, 1.-THE
great advantage to the people at this time of
loans made to national banks by the govern
ment OF 10 per cent. upon its own securities.
one hundred thousand dollars in government
bonds at per cent only produces $4,000 which,
When lis value becomes energiZed to the extent
OF w per cent (Which the government advan-
cess Its power is so increased that the $4,000 in
It's activity may in the course of year double
It's value and pass from hand to hand many
times, stimulating various industries of the
country. So, too, this bill will have a COR
responding energizing effect. Money issued
under it is not intended TO accommodate
farmers alone, but as it comes into
prosperity within the reason of those who are
engaged in the smaller and larger industries of
the country This money issued by the govern
ment becomes automatic. 1t will contract
Wnen there Is less use Tor 1t, and expand when
there is a greater demand; thus disastrous con-
traction will cease to be possible"
He argued that the rate OF interest proposed
y per cent.-is fixed for good reasons. mo
farmer viii borrow unless he needs money,
and when he ceases to have use for it he vii
return it. But this will seldom occur. fol
money borrowed of the Government at per
other interests and thus the farmer will bn
be benefited. Six rer cent. interese
is burden that the. farmer cannot
well bear, while, during the actites of businesst
the merchants finds it "a reasonable rate 10 pay,
The value OF money lies in it's activities. This
plan OF loaning money upon land at 9 per cent.
with the privilege to the borrower of returning
1t when he has no use for il, creates monied
system that will meet financial expansion and
contraction as they may occur without incon-
venience to any. UnGer Its provisions, the real
estate of the country being so vast there will
always be possibility of obtaining the money
necessary to carry on the enterprises of the
country, and when there is no further use for
the money the borrower stops paying interest
and takes up the mortgage upon his farm
In conclusion, he said; The bill, while not
perfect, provides fairly well the machinery to
carry out its design. If adopted with such
amendments as shall seem wise to Congress. it
viii largely increase the prosperity of the hum
blest classes in labor and assist the weather. to
success in their enterprises. The bill provides
Tor what may perhaps not improperly be termed
revolution in finance. and l do not expect it
Will be adopted until it has been fully considered
by the people and meet with their approval 1
move that the bill be referred to the committee
on finance
The bill was so referred.
The naval bill went over.
Call offered resolution calling on the PreSi-
dent for information as to the landing of an
armed force from the revenue cutter at Cedar
Keys. Fla, and the forc1ble entry of houses and
pursuit of citizens.
On motion of Edmunds it was laid over After
executive session, adjourned.