Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1890-12-25
sTAnFoRps SCHEME

The Californi. Senator Gives His view. on |
. Measure For F1nancasl Relief-A Loan
BASED Upon Land Values.
WASHINGTON, Dec. 20L-Mr. Stanford
addressed the Senate the first thing
yesterday in explanation of the advisa-
bility of the bill introduced by him
December to provide the Government
with means sufficient to supply the
national want OF a sound circulating
medium. It was substantially, he said,
the same bill as he had introduced East
session and he had not much to add to
what he had said on the subject on that
occasion But the bill was very i'm
perfectly understood and as the subject
was very important one he desired 90
explain it still further. THE bill /
am now considering" he said. proposes
to put the Governments in a condition to
issue a supply OF money equal
substantially to the general demand
and to erect q standard by which the
Government may determine up TO q use
full value of per cent what Is the
amount needed. This has never been
attempted by any Government The
money Qegal tender notes. will be is
sued under the provisions OF this bill
upon unimpeachable and practically in-
exhaustible security and its supply 10 as
certain and determined by the Pate
which the borrower can ssord 20 pay.
Two per cent 10 the amount to lie paid
to the Government for the loan q its
money, and so long as money is worth
more than 2 per cent, the security being
practically inexhaustibla, money will
always be borrowed from the Govern
ment and thus the Government VITA
be able to discharge its duty and
supply the general want As bor-
rowed money Is not expected to lie idle
but to be used, it goes into general cir
culation to supply the needs OF busi-
ness and its abundance stimulates Aot
only the larger but the smaller enter
prises and ind ustries on which. so large
ly depend the steady employment OF
labor with its natural consequence.
general proSperity. The latter of inn
mediate and overshadowing inn portance
to US is to supply our own industrial
wants For this purpose we must have
more money-money based upon per-
feet and unlimited security. No Gov
eminent can afford Co issue money eN-
cept upon q valuable consideration
The value OF Governments paper is its
quality aslegai tender and the proposed
bill would strengthen this paper Qf
the credit of a Government OF 62. 600.
1000 OF people with all OF our vast re.
sources is not perfect) BY the partial se-
curity which the Government would hold
for its return at the expiration of the time
fixed by the loan The principle of our
Government leaning moneyis full yestab-
lished by the advance it now makes upon
its own bonds, which. while entirely good,
as between the banker and the Govern
ment does not siren ehen the security
Of the bill holder. which rests at last
upon the authority OF the Government
The scheme OF this bill is to sup
ply an ample amount OF money for
all purposes have mentioned the
lands as security because they appear
to be the best and most certain of all
security and are sufficient to fur
nish all the money that is needed.
The people. I think. will have
more confidence in a financial measure
that is new and radical il it has atpres-
ent land only Tor a basis The rate Of
interest on these loans on real estate ie
fixed at per cent in the bill but in
time may be reduced Is experience shall
teach The rate of interest charged by
tho Government under the provisions of
this bill wiz not necessarily III the
genera rate OF interest Tor business
! purposes That will always be deter
F.. mined by its value in use The farmer
| having this security villa be proud Of its
use or the use OF others who may bs
willing to pay him satisfactory inter-
est The banker borrows money from the
Government free of interest and loans il
at such rate as its use commands ia the
market This measure has been com-
pared to plan adopted in the. Argen tina
Republic for loans on land. but therz 10
20 analogy between the two snd 60 COM
pare the workings of a measure of that
Republic of say 5000, 600 OF people to
that of our country with its enlightened
90, 600, 600 would be like comparing the
methods of some irresponsible bankef
TO those OF the Rothschilds- This bill
| fixes standard for the amount so Dong
as money can be profitably used at more
than 3 per cent per annum. The ability
of the Government 80 make money being
unlimited, the real wants and neces-
sites of che people can be ascertained
and met The foundation of the whole
matter and the real question to be con-
sidered is that inasmuch as the Govern
ment reserves the right 60 issue mones
| it is its duty. the means being provided,
to furnish what is necessary to the pros
perity OF the people"