The times. [volume] (Richmond, Va.) 1890-1903, 1892-01-22

may DO 20 many grains OF gold or silver or
any convenient commodity. and the good
faith and credit Of a civilized nation OF 65,OJO.-
600 people. with per capita power of pro-
duction uncQuaed by any other country in
the world. comparison between this coun-
try Of ours to-day and France under Louis
the Fifteenth or France in 1892 when she
was fighting united Europe. or between Us
now and the coionists struggling for the
ascencency or between this country and the
Argentine Republic. seems absurd. Yet the
COmmlifeo's chief arguments are based upon
such comparisons The committee in It's al
luslon 20 laws of the Mississippi scheme does
not fully describe the stupendous bubble. IL
states that an immense amount Of paper was
issued. but 10 Omits 20 meutIOn the security
upon which tho ISSUE was made The security
is stock ia the Mississippi Trading Company.
"a company that was 10 acquire vast tracts Of
land IN the Mississippi Valley, trade with the
Indians and work supposed gold, silver and
copper mines along the river, mines that had
no existence. All this was in l117 before the
Indian titles had been extinguished-before
Daniel Boone had gone 90 Kentucky II IS
the comparison of r shadow TO substance.
The Argentine Republic issue Of cedulas -
another scheme TO which the committee
c0muares this bill. The two propositions
are radically dissimilar The great object
which the bill now under consideration seeks
% attain ls the increase Of money IN circu-
lation. The Argentine cedulas provided
for no increase OF money. ia TINS
bill II is proposed that the
Government receive per cent. in interest on
the mortgages II issues directly. n the Ar
gontine the Government guaranteed interest
on the bonds issued by the bank in return
for the mortgage on the lands. Moreover.
the Argentine lands were not assessed at
their value prior 70 the passage Of the Cedula
enactment but on fresh assessment made
niter tho enactment. The consequence was
fraud
Mir Stanford contrOyerted the report Of the
Finance Committee that the circulating
value OF a paper currency can only be main
tanned by IT'S conyerubllty into specie al tho
VIII of the holder He cOntended that the
real value of money lies in its ability % pay
debts eQualize balances and facilitate the
exchange of commodities. and that IS the
best money that will do this directly and not
by first converting 1t into another KIND
of money of an unequal quantity and then
using that money IN the settlement OF
obligations. IN conclusion he said: The
lOaning OF money on real estate need excite
no alarm or be thought q new or strange
thing II is being done now bY banks IN
every State of the Union. This bill merely
suggests that the Government shall DO d.
rectly what has so long been done indirectly;
that II shall fulfill its obligations by furnish
ing the people at a low rate of interest with
that which is indispensable 20 their prosperity
and happiness -mOney-the best medium OF
exchange.
Mr.. Peher addressed the Senate in favor of
tle bill lie spoke for nearly two hours upon
tbe benefits which would flow from the adOp-
tion OF tho measure in farm mort cages released.
farm debts Cancelled and a constant free cir
culatiOn of money maintained by the reloan-
ING of principal and interest as fast as pay
ment was made % the Government. By these
means the rate of interest would become uni
form ia all parts of the country, the people
would have the control of their financial in
terests and money panics would be known no
more forever.
At the close Of Mr. PETERS remarks Mr..
Stanfords bin was again laid on the table.
Mr.. Paddock gave notice tnat When ms
pure Food bin was reached on the calendar
he would ask the Senate to continue the con-
siderati0n of Il until disposed Of
At 435 the Senate went into executive ses-
sion and at 4:40 adjourned until Monday.