Rensselaer Republican, Volume 22, Number 39, Rensselaer, Jasper County, 29 May 1890 — NATIONAL CONGRESS. [ARTICLE]

NATIONAL CONGRESS.

The Senate on the 19th debated the silver bill. The House called up the Bynum inoident and Wilson and Pynum made statements. The tariff hill was then considered. The Senate On the 20th took up Senator Wilson’s bill to subject liquors in original packages to the action of State laws. Mr Wilsop spoke in its behalf. Senator Vest argued against it because it would sweep away the power of Congress over interstate commerce. He believed Congress could not Relegate its power to any StateSenator Hoar supported the bill, as did .Senator Edmunds, who int.mated that he had not the highest respect for the Supreme Court’s decision. -No action was taken on the bill. In the Senate on the 23d the consider ation of the naval appropriation bill was resumed. The bill for the public building at Canton, Ohio,- cost not to exceed 8100,000 was passed. The tariff bill was received from the House and referred to the committee on finance. The conference report on the bill for a public building at Aurora, 111., was agreed to, limit of cost fixed at $75,000. Mr. Stanford addressed the Senate in advocacy of the bill introduced by him some days ago providing for loans by the government on agricultural lands.'. He said the bill would have an energizing effect. The money issued under it is not intended to accommodate the farmer alone, but as it comes into circulation it will put the means of prosperity in the reach' of those who are engaged in the smalleri and larger industries of the country The rate of interest proposed—2 per cent. —is-fixed for good reasons. No- farmer' will borrow unless he needs the money.' and when he ceases to have use for it, will return it. But this will seldom occur, for money borrowed of the government at 2 per cent, can readily find use for higher rates in other interests, and thus the far-1 mer will be benefited. A 6 per cent, inter-*; est is a burden that the farmer cannot well: bear; while, owing to the activity of busis ness, a merchant finds it a reasonable rate to pay. The value of money lies in its activity. This plan of loaning money upon land at 2 per cent., with the privilege to the borrower of returning it when he has no use for it, creates a moneyed .system that will meet financial expansion and contraction as they may occur without inconvenience to any. Under its provjsionr, the real estate of the country being so vßst, there will always be the possibility of obtaining the money necessary to carry on the enterprises of the country, and; when there is no further use for the money the borrower stops paying interest and takes up the mortgage upon his farm. In conclusion he said: “The bill, while not perfect, provides fairly well the machinery to carry out its designs. If adopted, with such amendments as shall seem wise to Congress, it will largely increase the prosperity of the humblest classes in labor and assist the wealthier to success in their enter-. prises. The bill provides for what may perhaps not improperly be termed a revolution in finance, and I do not expect that it will be adopted until it has been fully considered by the people and has met with their approval. I move that the bill Be referred to the committe on finance.” The bill was bo referred. • In the House on the 23d, in Committee of the Whole,the river and harbor bill was discussed and several amendments were made. In the evening forty-two private' pension bills were passed.