The semi-weekly tribune. [volume] (Great Falls, Mont.) 1890-1891, 1890-05-28
senator Stanford Finds 1t in His Land
Loans Bill--Synopsis of
His Speech.
PROCEEDINGS IN HOUSE AND SENATE.
A Disastrous Electrical Storm Visits
Western Pennsylvania Loss
OF Life and Property.
r. G. Dun Il Go. Mako a Very Fay.
orable Report as to the Condition
and Prospects Of Trade.

WASHINGTON, May 23.-F. Faulkner
gave notice of an amendment to the bill
relative to liquors imported into prohibit
tory states, providing that such liquors
shall be considered as incorporated as
part of common mass of property within
the state and subject to the regulations,
control, taxation in exercise of the states
police power.
The tariff bill was received from the
house and referred to the committee on
finances.
The senate bill for a public building at
Racine, Wis, to cost not to exceed 800,
900 was reported and placed ON calender.
Stanford addressed the senate in advo-
cacy of the bill introduced by him some
days ago provid ng for loans by the gov
eminent on agricultural lands. "We can
all well understand" he said, 'the great
advantages to the people at this time of
loans made to national banks by the gov
eminent of 30 per cent upon Its own Sc
curities. One hundred thousand dollars
of government bonds at 4 per cent only
produces FOUR thousand dollars, yet when
its value becomes energized to the extent
of 80 per cent, which the government ad
vances, its power is so increased that
100000 in its activity may in course of a
year double its value and pass from hand
to hand many times, stimulating the
various industries of the country. So
this bill will have an energizing effect.
Money issued under it is not extended to
accommodate the farmer alone but as it
comes in circulation it will put means of
prosperity within reach of those who are
engaged in smaller and larger industries
Of the country. This money issued by
the government becomes most important.
It will contract when there is no use tor
1t and expand when there is great de-
mand, thus disastrous financial contrac-
ton will cease to be possible" He ar
gued that the rate of interest proposed, 2
per cent, is fixed for good reasons No
farmer will borrow unless he needs
money. When he ceases to have use for it
he will return it. Bnt this will seldom
occur, for money borrowed OF the gov.
eminent at . per cent. can readily find
use at higher rates in other interests and
thus the farmer will be benefited. Six
per cent. interest is beyond that which
the farmer can well bear, while owing to
activities OF business, the merchant finds
it a reasonable rate to pay. The value of
money lies in it's activity. The plan of
loaning money upon land at 2 per cent.
with the privilege to the borrower of re-
turning it when he has no use for it, Gre
ates a moneyed system that will mean fl
nancial expansion and contraction as they
may occur without inconvenience to any
one under It's provisions. The real estate
of the country being so vast there will al
ways be a possibility of obtaining money
necessary to carry or enterprises of the
country, and where there is no
further use for the money the Dor
rover stops paying interest and
takes up the mortgage on his farm.
In conclusion he said the bill, while
not perfect, provides fairly we'll the ma
chlnery to carry out its provisions. If
adopted with such amendments as shall
seem wise to congress it will largely in
crease the prosperity of the humblest
classes in labor and assist the weather.
to success in their enterprises. The bill
provides for what may perhaps not i'm
properly be termed a revolution in finan-
cies, and l do not expect that it will be
adopted until it has been fully considered
by the people and has met with their ap-
proval. l move that the bill be reported
to the committee on finance. 1t was so
referred.
The naval appropriation bill was again
taken up, but went owe without action.
The conference report on a public build
ing 1T Aurora, ILL.,, was agreed TO. The
limit of cost is fixed at $75,OO0.
After an executive session the senate
adjourned.