New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-22
MR.. STANFORD'S LAND LOAN BILL
TIE AND MR. PEFFER MAKE LONG ARGUMENTS
FOR IT IN THE SENATE.

washington, Jan. 81 (special).-One Of the many
r-topian schemes Of public finance whlch came 10 INC
rnrface in the curious political agitatiOns OF 1889 ana
1900 was made the topic Of pro forna DEBATE To-Day
IN the senate and for those who fancy that the oV
ernment ought to conduct a general pa"hDiohhg
,,s,pss and that without profit TO itself the discus
sion which will burden "The Record tomorrow may
have some interest In the senate itfei the interest
felt Vas Of the eeblet Character and but for the TACT
That the first speaker was the senior senator iionl
california Mr.. Stanford. himself pracucai man Vi
bnsiness as well as a philanthropSt, the whole Oh
,rse,on might hive passed almost unnouccd MT
ytanfords bill Of last session. reintroduced THIS year.
for Government loans at per cent on farm anus WAS
taken as the text Of the talk and Mr.. STANFORD In
accordance with his notice OF several Gays ago, u'u
mn GOOD portion Of the morning hour IN replying 10
the criticisms made on hi. bill by the Senate Finance
rommittee last winter, and in Celebrating ana eA'
planning what he considered Will be It's vornhes a.
PRACTICAL LEGISLATION Mr.. stanford having hnlshed'
Mr.. PETER OF Kansas, grIsped the opportunity anu
ouloaded upon the Senate Of the ideas on puphc
economy which have already made HIM pre-ehlhe"'
In the school of wild cat inancenng. Mr.. stanford
was listened 10 BY most Of his Republican Colleagues
with close attention. but Mr.. PETER. who spoke an hohr
and half or more had only three four Senators Tor
nm audience. one or two wears ago Farmers AiHahcc
schemes Of finance advocated on the floor OF the senate
would have attracted general attention NO" uleS
received with mild ement or total lnohereoe'
the finance Committees report Of ue failure OF sHi%'
fchemes in France In 1892 and In the Argentine ie-
public recently did apply TO the proposed measure
which was entirely different in principle. Inc icPoiU
did rot to him ~ show evidence OF caiSiu
consideration the principles and truths That uhusr'
the BILL no matter what is details might De. i'o
bill under cons lderaton practically provided 10Y INC
6rect issue OF money upon material uhhmi'eu !"
ma 1tity It's valne based upon standard OF measure
mint (which may he many grains Of gold or silver VI
ms convenient commodity. and the good hu'h anu
ertdit Of a civilized nation OF oo,ooO'oO peoPi0
with per capita power Of production une4uaiieo ny
any other country In the world. He then re'lc"od
the history of the French sigDats and The hgehuh0
eeculas .
The suggestion Of the committee that 10" iAc VI
interest would be pieudicial 10 the borrower sec"eo
to him a most singular one. especially wheh IL was
considered that money except in Its use, WAS OIL ~
NOR. vain. than any other tool. 1t did not seem TO
him that there couId be any reasonable question Of
the power of the Government TO Issue paper money ana
Loan IL when The fact considered that IL iSsnce ana
loaned It's paper money now, and such acuoh hau Dee
Sustained BY the Supreme Court OF tle Ohi'e" 0"''
The loaDfg OF money on real estate heed excite po
ssd, M alarm or be thought new or strange thing.
II was being done now by banks in every Stae OF te
Union The hill merely suggested that the Government
should do directly what had so long been done In
directly
Mr. PETER addressed the Senate In advocacy Of the
hn He was listened TO at first win curiosity anu
fn4.r.s. uis remarks were read from manuscript,
but his delivery was clear and free from em6aIa1s
ment II was In the doctrine OF the Dlii ne 'n' s
princIpe that he wac interested, ana unt ~ pm
cipie was recognized IL would be I1lly 10 20 ui
Mr. PETER made an excursion through consutntfOial,
potic aI and financial history and the few senators
Who were in the Chamber turned to tler ,
ence and their newspapers Having got through Snst
section OF his speech Mr.. PETER quoted extensively
from the literature Of the Farmers Alhahce. A., ~,
At the conclusion Of Mr. PETERS speech, the bill,
On Mr. stanfori's motion remained the table 10 DC
called up on some future occasion.