The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1860-05-31

The debt Of the Government April /. 1860, (see
Table d. was SIOS,777 So OF this SiOO,O75 22
bears interest at twelve Per cent per snnum. On
the balance, consisting mainly Of outstanding appro-
priatiOns, interest II payable
To the amount thus specified should perhaps be
added the sum Of $4,000, borrowed by the Minister
Of the Interior. under the provisions Of the Act ap
proved April Il, 1852 in regard to water works. for
which, however, the general treasury Is not immed-
ately responsible. the receipts from
apart and pledged for the payment Of such loan.
These receipts constitute special fund to be ap-
Piled solely to that object.
Several extraordinary appropriations are included
In the payments-relating chiefly the revision of
the laws, the publication Of the Civil Code and pay
ments to Individuals under special legislative proy-
siOus.
All the exehequer bills falling due, amounting to
S2S, 100, promptly cancelled at maturity, most
Of them bearing interest at 1S per per
On the other hand, securities of the kind have
been issued in accordance with the Act Of June 25,
1856, and the Appropriation Act Of May 4, 1859, to
the extent Of $50, at u per cent interest per
Il has not been deemed advisable in any
case allow higher rate and it il worthy of serious
consideration whether the Government ought to pay
even much for such temporary loans as may Occl-
sionay suit its convenience, or be required by un-
foreseen exigencies-
= The actual amount of Exchequer Bills outstanding
on the 1st Of April was S7O,350, all of which will
mature within the current biennial period; but it is
understood that of the parties holding them will
desire a renewal 1t will be necessary however, to
provide fully in the appropriations for the principal
Of these Bills, well the interest accruIng on
them and whatever other securities be issued
in pursuance Of law. The principal of the debt to
the Queen DOwager-now reduced to S17 ,OOO-is re-
deemable the pleasure of the Government, and the
Indebtedness the School Fund, amounting ST.
rs -, stands in the position.
In my Judgment, measures should be adopted 10
provide fully only for all necessary current
penditures, but for the payment of all Exchequer
Bills they fall due, without recourse to further
loans than authorized No reason exists for
for m a finances
which allows the expenditures Of the Government to
exceed the receipts from legitimate sources OF revenue
Ii Is the public interest, as well as sound policy to
cancel all existing debts speedily possible, ana
it may be assumed that every good citizen will be
content abide by whatever reasonable provisions
made to that end.
The estimated receipts from all sources for
biennial period, uns-r the provisions q exist
as s.s' as Re, IaSs - t 80 81 So
Total ra.ourr-. s755s5J So
The estimated e[pe1iitIr-s for the same time in.
eutng salaries due April tsse Table 70 are s'fi0o ~
mated expenditures % ---------------- sI-T1"- 80
The estimate Of receipts will not it is presumed, be
materially varied by actual results. although "a con-
sequence Of recent and prospective charges IN the
revenue laws, 1t has been impossible to aIt aiiy
close calculation. The estimated eXpendItL -
cIade only such objects as deemed by HIS Ma
jsys Government, Indispensable for the public ser
vice.
The receipts from the tax on real estate for the last
property 81 ,543 n; making aggregate of Sl5,
5S9 81. Tins result falls below the auticipatiOus
generally entertained IN regard to the value of pro-
perty in the Kingdom, but am satisfied that the
assessments generally as well and faithfully
nale as, under the circumstances, could have been
expected. The few difficulties which have occurred
in the administration Cf the Jaw. more to be at
trbuted Of the SYSTEM the ineXperence
Of oscers and the absence Of definite statutory dre
tons, than any other cause. There Is no just
groand to complain Of a moderate rate Of property
taxation, and tax payers have, as a general
thing freely aud willingly acquiesced IN the equitable
policy OF the government thus TO provide partially Tor
the necessities Of the public service
Some amendments Of the law in regard % the mode
Of Assessment and collection, will probably be deemed
requisite, guard eifectually both the private
and the public interests involved. y provision for
revising unequal assessments and correcting those
which excessive or otherwise improper seems TO
be desirable, and recommend the measure strongly
to the legislative discretion. But in my estimation,
few changes possible should be made. and those
should relate solely what the execution oi
the law and the principle upon which the law
l. based The system itself Is doubtless good, and II
ought to have the opportunity of far test before II
Is subjected to condemnation