St. Paul daily globe., 1892-06-14
PEFFER's LOAN BUREAU.
The Kansan Moralizes Through
His WhiskerS

WAsHINGToN, June 13.-Not one Of
the senators who have been in attend
ance at the Minneapolis convention was
in the senate chamber this morning
when the session opened. There were
but twelve senators present on the Re-
publican side. and few more than that
number OF the Democratic side. The
first indication of the Democratic move
ment on Chicago was the granting of
leave of absence to Mr.. voorhees, until
the 26th inst.
1he pension appropriation bill, with
amendments, was reported back from
the committee on appropriations and
placed on the calendar. 1t carries
total OF S146, 137, $50, which is an increase
of S1l, l,912,2S4 over the house bill, and Is
S327, 200 less than the estimate.
The bill, as reported, exceeds that OF
last year by Si1.522, sos. The principal
increase over the house billis Sl1,917,-
634 for army and navy pensions.
The bill introduced by Mr.. PETER on
MAY 26 ''to increase the currency and
provide for the circulation, to reduce
the rates of interest, and to establish
bureau of loans" was taken from the
table, and Mr.. PETER addressed the SEN
ate in explanation and advocacy of it.
1t provides for the appointment by
the president of three commissioners, to
hold their office in Washington, whose
duty it shall be to establish loan
agencies, one al the capitol OF every
state and territory. and at other con-
yenient places, such agency to be known
as the Central Loan agency for that
state or territory. The business Of
these local agencies is to be to lend
money to the people on the plan of we'll
regulated real estate and loan agencies,
secured by real estate. The loans are
TO be for not less than one year nor
longer than - years. They are to be
for not less than 500, nor more than
$500 to any one person or family.
There is no provision as to the rate OF
interest.
In order to provide funds treasury
notes are to be issued equal in amount
to $3.50 for every dollars worth OF gold
and silver coin and bullion belonging to
the United States. the bullion to be estl-
mated at its coinage value. No banking
firm, company or corporation. is here
after to receive interest at higher rate
per annum than per cent for short
time. or per cent for year or longer.
There is section in the bill providing
for loans (at one-third of l per cent
month"; by the bureau of loans for less
thar twelve months, on the security of
personal property. whenever any state
Shall have provided warehouses for agri-
cultural products such as cotton, wheat
and tobacco, and for manufactured arti-
cles that will not deterlorate 10y storage
a few months.
Much of MIR. Peffer's speech was in
denunciation of usury, which, he said,
was breaking down the republic. The
people, he said. were in earnest about
the matter. The republic would go
down unless the people were saved, and
there was no way of saving them except
by destroying the great evil of usury.
Mr.. PETER said that he had examined
the constitutional question. and be-
lieved that the congress had as perfect
authority to lend money to the people
as it had to provide for carrying mails
or packages, or determining the rates
which railroads charge for the carriage
of freights or passengers. At the close
oi,fis speech the bill went over without
action.
Mr.. McPherson gave notice of his in
tention to address the senate next
Wednesday on the bill for the free coin
age of silver, and Mr.. Morgan gave
notice that he would do so tomorrow, as
he expected that there would then be
quorum in the senate. Then senate
then at 2:25 adjourned until tomorrow