The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-01-22
7HEFIFTY.SECoND CONGRESS
,r,,xs or KANSAS MAxfs MS
r.,nky sPERcH IN THE SENATE

..... Senator stasford's Hill 20
~, n. Fable Money to The People At =
,.,s or Iuterest-'Ton. Need Sat On
:, ,hs Speaker Fro Te~-Jsrry Simpson
80. a Point on Picker OF south ia.
..,.-Pre.entation OF Portraits OF Ex-
letters Grow and Randall.
r..u,xoroy, Jan. o1.-Tn the Senate to-day
" r.. rep. Mel from the Committee on
u. .m reported favorably Senate bills to
oo ...Iish A Marine Board. to regulate the
"",,.1 ~ vessels on stem and stern. and
.aarotoct the wages OF seamcn.
@ ~. sanford tlsep.. Call then addressed the
~. in support OF his bill to provide tho
se sens with means sufficient to supply
wv ,a,i,nal want OF sound circulating
wv ,inn, through the fundamentally Of q
nV lam bureau. Ho said that the bill UNI
'mA1 wv. practically provides for the
W. w., ,ssue of money upon n material UNI
,'.,,.a IN quantity its value based upon n
n.S,rd Of measurement. which may he so
ess croins of gold or silver or any convenient
"modi,y. and the good faith and credit
', civilized nation OF O5.OO00OO OF
.,nIs with rcr capita power OF production
.,s.ouallcd ty any other country in tho world.
". .ontroycrtcd tho report OF the Finance
r,umittee that "the circulating value OF a
s.n.r currency can only be maintained by Its
I'r.,,ihility into specie ut the will OF the
..dsr" Hs contcndcd that the real value Of
.,",ov lies in its ability to pay debts. eQualizs
sS.n.es. and facilitate the exchange OF COM
ssoI;,,,s. and that Is the best money which
vii, do this directly. and not by first converting
:, ;,.o another kind Of money OF an unequal
,n.ntity and the using Of that money in the
..t,lement Of obligations. In conclusion he
@ .Tbe leaning OF money on real estate need
excite no alarm n or ne dnna now sw n hnnEs IN
s ,N,%y' state Of the Union. This bin merely
ssnccests that the Government shall do direct
4 I shall TfI tnh its obligations by furnishing tho
people. at u low rate OF interest. with that
wWbich Is Indispensable to their prosperity and
"SNH NJ Mitchell tfep. Ore.l asked If there was
any limit to the bill as to the amount Of money
that might bs loaned to my one person or cor
ryeyent ono Of the great railroad companies
demanding loan from the Government on
the security of its ,ands: .. mi.
object was to get the money out from the Gov
a5 Xs! nsSrs's hey %; much hit it
country to investigate the value of the secur-
Mr. stanford thought not more tnan IL now
cost private individuals One agent would
probahly BE- sufficient for several committees.
Mr. PETER F. A.. Kan addressed the Senate
in favor Of the bill. He spoke for. nearly two
hours uron the benefits which would flow from
the adoption ofthe measure; In fnrm mortgages
released, farm debts cancelled. and constant
iree circulation OF money maintained by the
reloaning OF principal and interest as fast as
psymept was made to tho Government BY
these means the rate Of interest would become
uniform in all parts Of the country: the people
would have the control OF their financial inter-
ests and money panics would be known no
At At the close Of Mr. PETERS remarks the bill
vas again laid on the table.
The Senate toncurred in the House amend
nents to the joint resolution filling vacancies
on the Board Of Regents OF the Smithsonian
Mr. MCPHERSON Dem. N.J:) introduced q
billto constitute Newark 2 port OF entry.
Bills approgriating 100000 for public
for Girls Reform School for tho District OF
Columbia were reported and placed on the
III. Paddock REP. Neb., gave notice that
calendar he should ask the Senate to continue
the consideration Of it until disposed OF.
On motion of Mr.. Stewart It was resolved
that when the Senate adjourn to-day it be to
meet on Monday next. The discussion OF the
La Abra case was then resumed and continued
Until adjournment