, 1890-05-24
THE LAWMAKERS.
The Agricultural Land Loan
Bill in the Senate.
Stanford Addresses the Senate
oD the Measure.
The River and Harbor Bill in
the House.

WASHINGTON, May %. The consider
alton of the naval appropriation bin was
resumed and continued until . O'Clock
when the silver bill was taken up, but in
q few minutes laid aside to allow Stanford
to address the senate on his bill providing
for loans by the government on agricul-
tural lands We can all well understand,
be said, the great advantages to the poo
pie at this time of loans made to the
National bank by the government at 80
per cent upon lis own securities Ono
hundred thousand dollars OF government
bonds at 4 per cent only produces $4,000,
which when its value becomes energized
to the extent OF go per cent (which he
government Advances) its power IS so in
creased hat 800, 900 in its activity may
in the course of a year double its value
and pass from hand to hand many times,
stimulating the various industries of the
country. So, too, this bill will have a
corr espondiug energizing effect. Money
issued under 1t is not intended to accom-
modate firmness alone, but as it comes
into circulation it will put the means Of
prosperity within reach of those who are
engaged in the smaller and larger in
dustries of the country. This money
issued by the government becomes auto
matte. 1t will contract when there Is
less use for it and expand when there
is greater demand, and thus disastrous
contraction will cease to be a possibility
He argued that the rate of interest pro.
posed per CENTS filed for good rea-
sons. No farmer viii, borrow unless he
needs money, and when he ceases to have
use for it will return it, but this will sci
com occur. for money borrowed of the
government at 2 per cent. can readily Ind
use at 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
the activities of business, the merchant
finds 1t a reasonable rate to pay. The
value of money lies in its
activities. This plan of l~oaDing
money upon land at 2 per cent
with the privilege to the borrower of re
turning it when be has no use for il,
creates a monied system that will meet
the financial expansion and contraction
as they may occur without inconvenience
to any. Under its provisions the real es-
tate of the country being so vast, there
will always be a possibility of obtaining
the money necessary to carry on the en-
terprl5e oil the country when there Is
no further use for the money the borrower
stops paying interest and takes mp the
mortgages upon his farm. In conclusion
he said: The bill. while not perfect, pro-
vides family well machinery to carry out
its designs. 1t adopted with such amend
ments as should seem wise to congress,
it will largely increase the prosperity of
the humblest classes in labor and assist
the weather to success in their enter
prise. The bill provides for what may
perhaps not imprperly be termed a revo-
luton in finance and l do not expect it
will be adoped until it has been fully CON
sidered by people and mel with their ap-
proval. l move that the bill be referred to
committee on finance. The bill was 50
referred.
The naval bill went over.
Call offered a resolution cllling on the
president for information as to the landing
Of an armed force from a revenue cutter
at Cedar Keys, Fla and the forcible
entry of houses and pursit Of citizens.
On motion Of Edmunds it was laid over
IN executive session. Adjourned.