Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1890-05-24
Loans by the Government ON A=ri-
cultural lands. Eir.

WASHINGTON. May 23.-StaufOrl
addressed the Senate on his bill pro-
vidiug for loans 10y the government
on agricultural lands. We can all
understand, he said, the great ad-
vantage TO the people at the time Of
/ the tOaUs 10 national banks 10y the
/ government Of % per cent upon its
Z own sgcusiliCs. enc hundred .kou-
s mi dollars Of government bonds at
I / Ter cent only produce 5000, while,
! when its value becomes cuergiZei
/ 20 The extent Of % per cent (which
! tine government advances its power
Is 50 Increased that the $4,000 in its
activity may, in the course OF 4 year,
/ double its value and pass from hand
20 hand many times. stimulating
/ the various industries Of the country.
So, too, this bill will have a CORES
bonding eucrgiEing effect. The
money issued uude- u is not in
| tended 10 accommodate farmers
alone, but a. il comes into CiTTulI-
ton, il will put means Of prosperity
within the reach Of those who are
engaged in the smaller and larger
indUs,rigs Of the country. This
money issued by the government
becomes automatic. IL will contract
hen there Is les use for il, and ex-
pand when there Is greater demand;
thus disastrous contraction will
cease to he possible"
He argued that the rate Of interest
VrOposes!-2 per CENTS fiNe'l for
good reasons. No farmer will borrow
money urlU-s he needs money, and
when he ceases TO have Use for it he
will return IL. But this
WILL SELDOM occur,
Tor the money borrowed from the
government at = per cent can
readily find use 1t higher rates in
other Interests ami thus the farmer
viii be benefited. * per cent in
ter'st J. = iuryn that tie farmer
cam wei! hear, while, owing 10
the activity o! u -iuesS, the merchant
finds Il z reasonable rate 20 pay.
The value of money lice ia Is activ-
ity. This plan q luauiUg money
uIDu la|a al = Fr- cent, with the
privilege tu the borrower Of return
ing il when he las 10 use for Il,
Clgatcs mOIied S.-.ou that Wit.
meet financial expansion and con-
traction as they may Oc 1Ir, with
Out iECuUvt uiguge L. any. Under
lis provisions, tire real estate Uf the
country being 81 vast. there viii al
ways lie 4 Possibility Of Obtaining
money necessary 10 carry on the en-
teTIrisc uf the county, and when
there Is uu further use Tor tie money
the borrower stops Iayiug Interest
AMI takes up the mortgage uIon his
farm.
In conclusion, he said: "The bill,
while not perfect, provides fairly
well the machinery % carry cut it,
design, il adGi ted. with such amend
ments n would seem wise 70 Con
gross. Itwill largely increase the
prosperity Of the hUmhl,st GLASSES
ia labor and assist the wealihier to
success in their enterprise. The
bill provide Tor what may perhaps
not imVr perry lie termed revolu-
lion in finance, and | 40 not expect
that it will be adopted until it has
been fully considered 10y the people
and meets with thei. approval.
move that the hili he referred 10 the
committee on finance.''
The bill was 30 referred.
Call offered n resolution calling
on the President for information as
10 the landing Of an armed force
from a revenue cutter at Cedar
Keys, Florida, the fOrciblc entry Of
houses and the pursuit Of citizens.
On motion Of EdmuRds II was laid
over.