St. Paul daily globe., 1892-01-22
Senator Stanford Explains
and Defends His Famous
Land Loan Bill.
PETER, Of Kansas, Makes a
Long and Eloquent Talk
in It's Favor.
Jerry Simpson Gets to the
Front in Elegant Form
inthe House.
The House Accepts Portraits
Of Ex-Speakers Grow and
Randall.

WASHINGTON, Jan. 21.-After routine
business Mr.. Stanford addressed the
senate in advocacy of the bill introduced
by him Dec. % to provide the govern
ment with means sufficient to supply
the national want of sound circulat-
ing medium. The bill proposes an issue
OF United States circulating notes to
the amount of S10O,0OO.0O0 and such ad-
ditional amounts from time to time as
shall be necessary to meet the require
ments of the act. to be lent (under the
supervision of a land loan bureaU to
owners of agricultural lands to an
amount no. exceeding half the assessed
valuation of the land, at the rate of 2
per cent interest.
Senator Stanford replied to the crit
clSms of the committee on finance in
its adverse report on like bill at the
last session, and argued that the prec-
edents cited in that report of the failure
of similar schemes in France in 1892.
and in the Argentine Republic recently.
did not apply to the proposed measure,
which was entirely different in principle.
Available for All Classes.
He contended also that the committee
was in error when it assumed that the
bill could not be made available to any
other class than the farmers. 1t was,
on the contrary. intended for the benefit
of all classes. He spoke at length in
advocacy of his we'll known views upon
this subject.
Mr.. Mitchell asked Mr.. Stanford
whether under the proposed bill any
large corporation that was large owner
of lands (the land-grant railroads for ex-
ampie) could not borrow to half the as
SeSSeSSed value of their lands? Mr..
Stanford replied in the affirmative. MIR.
Morrill, inquired whether there was to
be more than one place in each state
where money was to be lent by the gov
ernment. MIR. Stanford SAID that the
idea was to have AN agency of the land
bureau in every large city and town in
the state. Mr.. Morrill, suggested that
that would entail very large expense.
Mr. Stanford said that agencies would
not be necessary in every state.
Mr.. PETER made long speech in ad-
vocacy Of the bill. He quoted extern
sively from the literature of the Farm
erS' Alliance. He summed up with his
approvaD the memorial of the Alliance,
saying that it came from men of the
highest character, representing Offici-
ally body composed OF farmers and
other classes of working people, with
aVoting Power
of at least two and a half millions of
voters of every shade of political faith
on other questions. In conclusion Mr.
PETER said: Remove from the yitals
of the people the destroying virus of
the usurer; lift from their homes the
incubus of debt; dispel the clouds
which hover about the farmers horizon;
carry bread aud cheer to the toiler S,
and let the sunshine pour into every
household and you will plant
new civilization here. You will bring
God close to the people. You will raise
the loWly and Danish caste. You will
drive despair away. You will empty
prisons, destroy anarchy. cure drunk
enness, ChristianiZe the home, ennoble
citizenship. natiOnalize the people and
perpetuate the republic.'
AT the conclusion of Mr.. Peffer's
speech the bill, on Mr. Stanford's mo-
ton. remained on the table, to be called
up on some future occasion. MIR. Cock
rell, from the committee on military f.
fairs, reported the bill for the relief of
the University of Missouri, at Columbus,
and after explanation it was passed.
The La Abra bill was then taken up,
but without dispOsing of it. the senate
went into executive session and soou
adjourned till Monday.