The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1871-07-01
Ien-A Loan.

L1~ 1~T 1SN-- @ N@
question, having been efsctually disposed Of by
our illustration If the 50 House that JACK built -
incur last. the organ is left alOne with a ~yeEatious
money subject 70 gnaw upon. We would call at
ten.ion % the handsome offer made BY the Gov
eminent 70 the public generally, in asking for a
e. Loan Of $4,000, for ten years" Handsome,
iu5gmueh that while 1t Is admitted By the Govern
ment Organ that there are sinstanees where per-
sons having a few thousand dollars TO invest, are
wiling, if they could place it for q length of time
o. undeniabie security, 70 Ian II al six per oeHt,"
srill the Government Is willing 20 give nine
How generous, We would strongly advise our
monied friends in this community, 10 hasten TO
secure this loan % themselves, least some idle
summer tourist visiting Us this week, seeing this
chance for investment, should step in and take
the whole. Just think Of it while other Govern
ments invariably place their loans at something
les than the current rates Of interest, this Gov
eminent pays more.
We have the Government Organ as our au-
tbority for stating that this security Is first
class, and undeniabIe." We do not doubt the
security offered ~ the Government. We are
all Interested in uphoIding It's credit, and there
fore object to the begging tone taken by its ae-
credited Organ in It's appeal for S12,O 900. With
the Gazette we have 10 hesitation in saying
that such is the confidence of the public in the
Finance Department Of this kingdom, that If
$3.50 900 were asked for instead Of Il, 600 - the
larger Io2n would be taken in this community as
quickly as the smaller" The only question that
remains in this Connection, Is, how soon will the
smaller loan be placed?
De.,. o,do,.d 18th on-,ou 90 (Lo.;nz
taken our choice between that and a subsidy
we : see the point" And that is . that it would
be unjust to those (tbe Ring who may desire, at
the latest moment, to make bids, and also 10 the
public, (the italics are cur OWN to snap up the
first tenders made, with or without premiums
In it, i5sue Of the 2Ist inst, the Gazette says
that =" several bids have been made for the whole
sum Of money, at a premium" This week we
now find it saying Suppose the whole sum
had been bid for at a premium at the date of
our last Issue - leaving US to take the whole ar
ticle as suppositious. Are we to understand that
there was one bid made for the whole? 1t would
seem 50, for we are told that 9 it does not follow
that it The single bid?I will be the only one made
at a premium either for the whole or a part Of
the loan" We did not ask whether, if one por-
ton Of the loan was taken at ten per cent. pre-
MUM the balance a. could " not be negotiated at
a less rate, but whether it g would " not.
If the ten per cent. offer would be favorabIy
considered what becomes Of the small offers from
those who leaning one or two hundred dollars,
could not afford a " ten Per cent ?" or in fact,
any premium at all.
The Gazette suggested last week. that these
bonds being issued in sum- to suit, could pass
readily from hand to hand. And now when we
ask whether they would pass at their full value,
premium, accrued interest and all land we know
they woGld notJ we arc told that - it would be
very unwise to sell it for less than its value. -
therefore the scheme of passing them ''from hand
TO hand must be abandoned. =
In conclusion we would say, that it seems as
though the Government were trying to scare peo-
pie off from their loan, so that the Z" Ring - may
take the whole-or else that they know that the
tax paying public have not the confidence in the
administration of public financial affairs that they
might have, if they were not put on their guard
by the Gazette.
If it is true that we "approach as near to
what are known as : foolish questions, as are
permitted in the columns of a newspaper then
our cotemporary must acknowledge that he did
not ask anybody's :" permission =" before publish
ing their last bemuddled answer We happen to
know that the result of the discussion by this
journal Of the subject of the proposed loan, and
the singuIarly bewildering attempts at explana-
ton made by the Gazette, has been that funds
that under ordinary circumstances would have
been invested in Treasury bonds, and indeed were
! intended to be so invested, have been diverted to
other securities. So much for incautiousIy dab
bling in printers ink.