The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1864-10-22
sSSS6572 81

AiscsuAneous Lxp-nditrr-s,..--.. 2so64e 70
Cash Ir Treae1ry, sIs March, ~lss4..... 2zss3 %
isss,es7 81
nI.-PuBLIC DEBr.
he Public Debs which. on the LIST Of April. lss2,
amoapfed so.------.- Z!
"a loososS W
sho~iag a decrease ,2io Is
! respectfully refer you to table G ". page 1917
annexed to this report for the different items of
the present public debt.
Tho Act of the 23d of August, 1862, author
ling the Minister of Finance To negotiate a loan
of $lCO, 600. for the benefit of the Government
Exchequer, has been complied with, and has
caused q reduction of 3 per cent. on the rate of
interest OF Government stocks. The necessity of
providing for the interest due upon part Of this
loan, simultaneously with the interest due upon
the former Exchequer Bills prior to their redemp-
ton. mas involved a larger outlay than was con-
templated either by my predecessor or by the
Legislature. That Honorable Body appropriated
fog the service Of the public debt the sum of
$38 ,279 90. To provide for a furthsr amount
of 90 ,99l SO, / have ayailed myself of the 5th
Section Ut the Appropriation Bill, and transfer
red 70 the service OF the debt the above sum of
$s:99l 90, remaining unexpended on the Minis
ter's salary.
Against the S42.27O Sc required during the
last biennial period for the interest of the debt,
the sum OF S33 $50 win meet the requirements
Of the next two years.
l need hardly add that all the Exchequer Bills
falling due, and the interest shesa71, have been
promptly paid at maturity. Placed under the
sacred guarantee Of the whole nation, the service
of the debt ought not, and must not, in any
case. be left in suHerance.
The amount due to the Queen Dowager (S17,-
OO0) has been paid, as well rs the debt on the
water works.
Exchequer Bills to the amount of SIG, 600
viii mature during this biennial period.
$4,000 falling due on the 7th of April last have
been Dli0 ut mafurltv
$4,000 due on the 28th of February, 1865, have
been redeemed in March and Sept.
$1,000 due on the 18th Of October next, have
- been redeemed in September.
3 ,50O-leaving IS 100 of Excheauer Bill to be
paid between now and the Both of March, 1866.
BePides . swing OF interest, these anticipated re-
exemptions have the advantage of contributing TO
the general circulation of specie at times when
money - accommodating In The Treasury and
wanted IN our market.
me ano1u. as In.eres, saved to the Treasury by the
payment Of the Queen Dowager's claim, has been. $500 co
sessses . further sum from the other redemptOns.--- 80 so
$40 so
Before closing the financial review Of the last
two years, l beg to call the attention of your
Honorable Body to the extra appropriations made
in Privy Council. IN consequence of the death Of
our much lamented Sovereign, Kamehameha w.,
and OF his son, the Prince of Hawaii, as well as
OF some other emergencies. These extra appro-
are as follows:
4x uouerAi expenses OF II. X. IL. Prince OF Hawaii. 4 4 JH9 e.
~ funeral expenses Of II. N. kamehameha W.. 1887 II
1or expenses Of Witnesses sent % San Franctsco-.... 1000 co
$500 90
SIS so 70
For which y bill of indemnity is respectfully
requested.
W.-EsTIxATEp REVENUE.
Convinced, as / am, that no present recourse
70 further loans ought to be had, and satisfied
that with proper management the expenses of
the Government can be met by the income accru-
ing from the present taxes, l have the honor to
submit to you the estimated receipts and expendi-
tures Of the Government for the next two years
Ihs estimated receipts for lsss-lsss, as per table
Balance In hand % Is, April, Issi................ 225s3 %
The estimated expenditures, as per table @Eir ".
Page Zl) amount $40 IL
The receipts have been estimated and the ex-
penditures have been calculated as closely as
possible. II is difficult to ascertain accurately
The receipts from the Custom House, subject, as
We are in this respect. to so many variations and
fluctuations originating from abroad. Moderate
as our duties are, compared to those at present
levied in our principal market of expectation /
an, ut opinion that they ought not to be modi-
tied bassily-sudden changes in tariffs disturb the
Balance of trade, and cannot be justiEed except
on the plea OF such emergencies as call for great
exertions. Such is not our case.
Changes in our taxation system will be necess-
@aye DIAOA 1GsnE OHtttt ~ IOus dc LDtI
will likely be at the next session, they must be
carefully considered and so calculated as to make
the taxes bear lightly or many points, heavily on
none. !
To borrow the words of one of the greatest
political economists, Mr.. McCulloch
We do not feel the pressure of the atmo.-
phere. because it presses equally on every part of
sne body and every one in any degree familiar
with gymnastics knows that burdens which,
though heavy. are properly distributed. are borne
without difficulty. In like manner, a well de-
viscd system of taxation. or one that drew its
supplies from a great variety Of sources, would
hardly, unless it were carried beyond all reason
sble limits, be felt to be in any degree injurious.
Bot when taxation is confined to q few deem
channels, they necessarily drain certain parts of
the body polite more than Others, and it conse-
queut:y becomes unequal and oppressive"
In their constant and daily intercourse with
our merchants, the Custom House officers have
always followed a conciliatory course. and have
sedulously guarded against making the Revenue
Laws hard and oppressive. That these laws are
for this very reason to greater observance,
every one viii Acknowledges. While recommend |
ing q continuance of the same liberal policy, L
may state that strict orders have been given in
20 smuggling and other frauds against the
revenue, and that it is the intention of this De- !
partment etrenuously 20 support its off GERS in
their e~xertions and in their zeal to protect, with
the interests Of the Treasury, those of all honest
In regard to expenditures. il is the earnest wish
Of His Majest7's Government to make them. with
your valuable sssistauce, subserTient to the priu- !
ripie ~ wiss ecoBcmy. without strict adherence