The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1872-07-17
Legislative Proceedings.


SlNTY-FIRsT DAY, July -, 1872.
The Assembly met at 10 A. NJ, the President, His
Elk. P. Nahaoleua, in the Chair Prayer by the
Chaplain. Journal of preceding session read and
approved
Mr.. Rice gave notice of Bill for the purchase of
a steamer to be used in Inter-Island Navigation.
Resolution of Mr. Carter to eensure the Minister of
Finance for issuing Bonds to the amount Of $40 OOO
Mr.. Carter said
Mr. Presideat-In speaking upon this resolution Of
censuro propose to go back in the history Of these
bonds to the preamble which headed the subscription
list that contains the Of the subscribers to the
hotel fund First, however let Inc ask the other side
whether they intend to dispute the fact that bonds
have been issued-whether they intend to demand
proof of the fact? minister of Financo-I suppose
you intend to debate the matter) As you have not
before spoken not aware that you had an opin-
ion upon this subject. The Assembly is aware that
bonds have been issued for they have been freely in
spected. Who authorized the issue Of these bonds
Has any Legislative Assembly passed upon them
Can you find any authority for issuing them in the
laws Of 1870, in any volume of session laws preced
ing? You cannot. What body has power to cause
the issue in the interim, except in case of INVASION
war, pestience, other public disater? VIII the at
tempt be made to prove thst tina want of hotel was
emergency under the provisions of the Constitu-
ton think not and if so, no other excuse can be
offered. The preamble to which I audc reads:
We, the undersigned, agree with II. NJ. s Minister
of Finance to pay into the Hawaiian treasury the
amount Of money set opposite to respective Names
the to be paid in by installmens as may be re-
quired by the said Minister; And the Minister of Fl
hereby agrees that the money paid into the
Treasury shall be used exclusively for the erection
of Hotel Building and preparing the same for occu-
pancy.
"And the Minister of Finance further agrees that
upon the receipt of the money, he will issue to per-
paying the same, Negotiable Bonds of the Gov
eminent, to be denomnated Hotel Bonds, payable in
Five Years, pro rata dividends from the rent of said
Building to be taken in lieu of interest" 81
This subscription list was circulated in the commu-
nifty by the Minister of Finance and was called upon
to subscribe, but declined. By this preamble it is
clear that the subscribers paid their money into the
Hawaiian Treasury as fund for the erection Of a
hotel and the Minister Of Finance agreed to give the
bonds Of the Government for the mdney so paid in 1t
not J. Mott Smith who agreed to receive the
money and give the bonds, but it the Minister of
Finance. 1t not private enterprise, but one in
which the Government embarked The promise was
that negotiable bonds of the Government should he
issued Were these bonds negotiable? If so they
must be the legal bonds of the Government. Now if
the Minister issued them believing them be legal,
then he is responsible under this resolution Of censurc
II he did not believe them to be legal be circulated
subscription list with falsehood in its preamble OBJ
tanned money uEder false Pretences. His Excelleney
make his choice Of the horns Of the dilemma Of
cred him. Much has been said on the other side /