Famous Givers and Their GiftsBolton, Sarah Knowles
History
Famous Givers and Their Gifts
Bolton, Sarah Knowles
Philanthropists
Mr. Stanford and his wife visited various institutions of learning
throughout the country, and found consolation in raising this noble
monument to a noble son--infinitely to be preferred to shafts or statues
of marble and bronze.
This same year, 1885, Mr. Stanford's friends, fearing the effect of his
sorrow, and hoping to divert him somewhat from it, secured his election
by the California Legislature to the United States Senate. He took his
seat March 4, 1885, just a year after the death of his son. He did not
make many speeches, but he proved a very useful member from his good
sense and counsel and kindly leaning toward all helpful legislation for
the poor and the unfortunate. He was re-elected March 3, 1891, for a
second term of six years.
He will be most remembered in Congress for his Land-Loan Bill which he
originated and presented to the Senate. "The bill proposed that money
should be issued upon land to half the amount of its value, and for such
loan the government was to receive an annual interest of two per cent
per annum."
"Whatever may be thought by some of the practical utility of his
financial scheme," says Mr. Mitchell, a senator from Oregon, "which he
so earnestly and ably advocated, and which was approved by millions of
his countrymen, for the loaning of money by the United States direct to
the people at a low rate of interest, taking mortgages on farms as
security, all will now agree it indicated in unmistakable terms a
philanthropic spirit, an earnest desire to aid, through the
instrumentality of what he regarded as constitutional and proper
governmental influence, not the great moneyed institutions of the
country, not the vast corporations of the land, with several of which he
was prominently identified in a business way, but rather the great
masses of producers,--the farmers, the planters, and the wage-workers of
his country."
In this connection the suggestion of Professor Richard T. Ely in his
book on "Socialism and Social Reform," page 334, might well be heeded.
After showing that Germany and other countries have used government
credit to some extent in behalf of the farming community, and that New
York State has been making loans to farmers for a generation or more, he
says, "A sensible demand on the part of farmers' organizations would be
that Congress should appoint a commission of experts to investigate
thoroughly the use of government credit in various countries and at
different times, in behalf of the individual citizen, especially the
farmer, and to make a full and complete report, in order that anything
which is done should be based upon the lessons to be derived from actual
experience."
Public-domain text, read in full here on John Shaqi.
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