The Red Cloud chief., 1890-12-26
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IssseA Upea Laaa vsIues.
WASHINGTON, Dec 3o-Ar. STANFORD
addressed the Senate the hrst thing
yesterday in explanation CT the ad.isa-
bility Of the BILL introduced ~ Nun
December s to provide the Government
With NEAR sufficient to supply the
national want Of . sound circulating
medium. It was substantially. he ssid.
the same bill rs he had introduced last
session and he had not much TO add 70
what he had said on the subject ON thst
occasion. But the bill vas very Inn
perfectly understood and - the subject
Wa a very important o he desired 10
explain It still furthsE. The blu
am now considering" he said. proposes
to put the Government in . condition 70
issue . supply Of money equal
substantially to the general demand
and to erect . standard b. which the
Government may determine up to . use
full value Of 2 per cent What 10 she
amount needed. This hiss never been
attempted by any Government The
money Qsgal tender notes) will be is.
sued under the provisions Of this bill
upon unimpeachab:e and practically In
exhaust,bie security and its supply 10 -
certain and determined by the rate
which tho borrower can afford to pay.
Two per cent is the amount to be paid
to the Government for the loan OF tts
money, and 50 long as money is worth
more than g per cent, the security being
practically inexhaustible, money will
always he borrowed from the Govern.
ment. and thus the Government will
DO able to discharge its duty m
supply the general want As Dor
rOwed money is not expected to lie idle
but to be used. it goes into general cir
culat:on to supply the needs Of busi-
ness and its abundance stimu' ates not
only the larger but the smaller enter.
pr ses and Industries IN which so large
ly depend the steady employment OF
labor with its natural consequence.
general prosperity. The matter of i'm
LIeul0tC 6uu OSCISu1uOW ~ AhiPOA S0AsSO
to rs is to supply n " industrial
wants For this purpose We must have
more money-mOney based upon per
feet and unlimited security. No Gov
eminent can afford to issue money e1-
cept upon q valuable consideration.
The value Of Government paper is its
quality aslegal tender and the proposed
bill would strengthen this paper lit
the credit of Government Of 81. OO0..
900 of people with all Of u vast .
sources is not perfectly by the partial %.
VIII oh the Government would hold
for its return at the expiration OF the time
fixed by the loan. The principle OF our
loaning money is f~ullyestab-
|. shed by the advance itnOw makes upon
its own bonds. which. while entirely good,
between the banker and the Govern
ment. does not strengthen the security
of the bill holder, which rests at last
upon tho authority of the Government.
The scheme of this bill is to sup
ply an ample amount Of money for
all purposes. L have mentioned the
lands as security because they appear
to be the hest and most certain of all
security and are sufficient to fur
nish all the money that is needed.
Tho people, I think, will have
confidence in q financial Measure
is new and radical il it has at pres
ent land only for a basis The rate of
interest on these loans on real estate Is
at 2 per cent in the bill. but in
may be reduced as experience shall
teach. Tho rate Of interest charged by
tho Government under the provisions of
bill will not necessarily fix the
genefaCSates Of interest for business
purposes That win SHAIa be deter
mined by its va'ue in use. The iS.zQe1
this security will be proud Of its
use OF the use of others who may Be
filing o pay hin q satisfactory inter-
est The banker borrows money from the
free Of interest and loans it
1t such rate as its use commands in the
This measure has been COM
pared to a plan adopted in the::Argentine
Republic for loans on land. but there is
no analogy between the two and to COM
the workings Of q measure OF that
Republic Of say 5000. 900 of people to
hat OF our country with its enlightened
y. 600 600 would be like comparing the
methods of some irresponsible banker
% those Of the RothschildS This bill
ixes q standard for the AMOUNT so long
IS money can be profitably used at more
han g per cent per annum. The ability
II the Government to make money being
unlimited. tho real wants and neces-
titles Of the people can be ascertained
md met The foundation Of the whole
natter and the real question to be con-
'idered is that inasmuch rs the Govern
nent reserves the right to issue money
t is its duty. the mean being provided,
o furnish what is necessary to the pros
'erity Of the people"