The times. [volume] (Richmond, Va.) 1890-1903, 1890-05-25
NArIoNALIzArIoN OF LAND.

Mr.. Stanford ON Tuesday introduced q hni
in the senate. by the terms Of which the
Secretary of the Treasury is authorized 60
prepare ready for issue, United states cir
cuating notes Of the denominations of So
up 10 $1,000. to the amount Of Sloo,oW,oUl.
Every citizen Of this country who OWNS un-
incumbered agricultural land may apply o.
the National Land Bureau for loan. mo-, 90
exceed in amount half the assessed value oi
the land, and which is not TO extend ina time
over twenty years. In case of default al
payment Of interest or the principal Of the
loan. the chief of the Land Bureau may or
der a foreclosure of the lien I'm "a United
states Circuit Court. The loans shall bear
interest at the rate OF two per cent. per an
nun, PAYABLE annually, and may De re-
turned at any time IN sums Of not less Than
twenty-five per cent. of the whole amount
Such are, briefly stated, the main details
of the bill which the California senator has
placed upon the Senate calendar. and which
he proposes to press 70 vote al the niee oi'
portunitv. The most cursory examination
Ol It's ltluln NiNEaNrNn iA7 Mt tt' tA as A-t
constitutional and dangerous character.
and il is very surprising that it should have
originated with so experienced a fnouclcr
as Mr. Stanford man distinguished for
his practical sagaciiy and whose whole
career has been in opposition 10 visionary
schemes. The plan is impractical ho-|
cause the demand for loans will DE $50 cnoi-
nous and so urgent that il would be viriu-
ally impossible for the Treasury Of the
United STATES 10 meet il a. long as the pres
ent expenditures Of the government remain
as large they are. The passage Of the
bill would at once necessiiatc an increase
in the rate of taxation, for the principle EN-
bodied in it is legalized, no limit can be-
placed upon the amount of loans that thc
government can be called upon TO make on
land. Every year will see an extension of
the limit, until finally it Will be defined only |
by the degree of the demand.
The bill is unconstitutional because if il |
is in the power Of the National Government
to advance money on land, il is also in its
power to make loans on any form of prop |
erty. Why should the agricultural classes
alone be benefited; or why should these /
classes be benefited only 80 far as their |
landed property is concerned? Why should |
not adyancemcnts be made on their per-
sonal property? Why should not :ho man
ufacturing classes derive an equal adyan-
tage from the adoption Of this principle 10y
the government; In short, why should not
every branch in trade, every walk IN life,
every class in society, look 10 the govern
ment for an.equal amount Of pecuniary as
sisiancey
The bill is dangerous, because, in the first
place, il would, in the end, make the gov
eminent the owner Of the greater portion of
the agricultural land Of the United States;
a contamination that would only be desired
by the advocates Of the doctrines Of Henry
George; and, in the second place, ii would ,
convert the National Government into J
luge banking house, by which money would :
,e loaned at low rate OF interest.
The scheme Of Senator Stanford is SO abb
urd on its face that il Is difficult TO dis
over the motives that Influenced him in !,
ringing II forward in the permanent form l l.