The Hawaiian gazette., 1872-07-03
Legislative Proceedings.
FoErr-srvrs-H DAY, June IS, 1872.

Mr. Rice, Chairman Of the Committee on Commerce
reported favorAby on petition from Kauai, praying
that steam communication be established between
that Island and Honolulu. Report accepted
Mr.. KHukahs read for the frstcsime Bill to amend
Sec. Of Chapter ID Of the Penal Code. Bill passed
70 sesona reading and printing
Resolution Of II. II. W. C. Lunalilo to amend Arti
Gle % Of the Constitution was then considered by tbs
Assembly.
BIl TO authorize special loan next considered IN
Committee Of the Whole, Mr.. C. H. Judd in the Chair
Notion 70 indefinitely postpone Section i. Motion
70 pass Section l.
The Minister OF Finance said he Should speak to
the motion that this Bill pass The enterprise, the
OF which this loan is to cover was undertaken
by ihe Government aftera good deal of thought and
careful consideration and with the belief that the
public good would be advanced by it. 1t was not
undertaken hastily or pHadvisedy, and he hoped to
show the Members that the arguments advanced by
the opponents Of the Bill were not sound. strict
and rigid economy OF the public funds is an excel
lent thing, but there is such thing as niggardy
economy, that becomes In itself a barrier to all
material progress which stops every effort i'm
proremeut OF our present condition. The Assembly,
in choosing q policy, ought TO avoid q close and
iliberal one well the other hand an extray-
agGni and wasteful one; that "self-intcrest, well
understood, would produce in national as in pri-
vate undertakings, efforts for Improvement and
fnal success Let not the Members believe that the
Hotel had become failure in any sense OF the term
that il is not adapted TO our wants and circum-
siances-that like great Cathedral" il is most
Of the time unused and without occupants The
experiment OF the business has but Just commenced
aBd although hardly to be expected Sc soon vet the
fact is that the business has than paid its way
already. Ii has been no loss TO the proprietor
while there is every reason to believe that 1t will
rapidly grosF and be eorrespondingly profitable In
addressing the House he had no hope Of convincing
the Honolulu Members. These gentlemen had
spoken and voted, during the whole session, on
every subject, with an unanimity that was really
marvellous, If We allow that each one has reached
his vote from individual reasoning and reflection.
These gentlemen seem to have made up their minds
very thoroughly this Loan, and although he
could not convince them that their arguments adj
duced were insufficient, he hoped that the other
Members might be convinced, II they at least would
consider caudldly what he was about to say on the
public debt The Member from Honolulu (Mr. Mi
kalemi,) had in several addresses, enlarged upon
the public debt, and had indulged in such extra
ordinary fights of fancy about It's magnitude, that
he had, possibly, alarmed some of his hearers who
had not given Btenton to the figures and facts The
immense and crushing debt Of the Member from
Honolulu, which he shakes with such vigor before
your eyes, and which we must commence paying off
Immediately TO avoid national bankruptcy is not
the debt OF the Treasury-of these latter obligations
he (the Miuister,) knew something The present
Treasury Debt amounts TO s17,97l, less the School
Bonds and Escheat Estates and Cash on hand on
the Slst OF March last These deductions made
the figures for which can be found in the Finan-
cial Report-Members viii perceive that the public
debt is only about $50, 00O,-a small amount com
pared with our resources and not at all alarming.
We shall get out OF debit" cries the Member
for Honolulu. If be will turn TO Table Ga Table
expressly made up TO give him informaton-he will
observe that in 1865, only four years ago. the ma
ton really out Of debt that the Treasury could
write OF its obligations aud have stin a handsome
surplus of cash in hand. The nominal debt in 1865
was S130Sl5, while the cash on hand was Sl6S567.
So in 1866, the debt was sls2, 974 and the cash,
sl69,059 The Table shows that since 1856, when
the first public Bonds were issued, the debt has
never been onerous. Its eliminating figure was in
1862 SO that the public debt has not been constantly
growing, as the Member for Honolulu has vehe-
1neutly asserted. Now, what was the occasion of
the first Exchequer Bonds being issued-the begin
ming Of the public debt-in 1852 Some in this
Assembly need not be told, since they remember
- the Waikahalulu lots which at that time lay
under the sea, bus now form that valuable ground
makai Of this Assembiy-room, which is fringed with
wharycs giving ample facilities to commerce, while
upon it stands the new Custom-house, and the
buildings of many business firms. This ground is
now worth thousands of dollars its sale, if neces
sary would discharge the present public debt many
times over. The dredge-boat the steamer Pele,
aud the other machines for dredging the harbor and
filling up these lots, put in operation at the time
spoken or carried up the public debt TO large
figure as compared with the then revenue. But
suppose the Assemblies Of that and the following
years had been moved with the same fears which
now agiiate the Member for Honolulu, and that
they had adopted the misery policy Of not
attempting any public improvements because
capital had 10 be borrowed to do it, would this
Assembly have witnessed to-day these improve
menis which now so amply Justify the wisdom
OF the policy which conceived and carried them
outs The Water Works are another Illustration
in point, they too could now be sold for much
larger sum than the present public debt And now
what Is the result of having borrowed money in
years past for these Improvements? for the public
debt thus far has been incurred solely for improve
ment BY turning to the reports of the revenue you
will End that from rents, it has more than doubled;
the same from water receipts, and from wharfage.
The income from these improvements more than
meets the interest on their cost. The Honorable
Member has confused the present debt and the loan
asked for in the Bill with the figures Of the report
Of the Finance Committee, which were given TO
show what the public debt might reach if we rush
cd into expenditures lavishly. But enough has been
said on this point, TO show, that there is no cause
for agitation aud fear on the subject of the public
Debt The Loan asked for, is for public improve
ment, which will return an income, 10 meet the in.
terest, and moreover is not so large as to incon-
venience the national credit TO carry it. Our chill
dreu it is said ought not TO be burdened. Truly
they ought not to do so TO unjustifable degree,
vet il they as well as ourselves reap advsn-
tage of public improvements and more so, perhaps,
We arc justified in making them pay their proper
ton Of the cost II is safe rule to follow, 10
for the things Of our own day and generation in
wise way and let posterity for its things when
it comes into possession. Your children and mine,
gentlemen. may wei be charged with part of the
expense of what we are doing to-day TO forward the
material progress OF these Islands.
Mr.. Kupakee said that he had considered wen the
merits Of this question, and had to the eOneu
sion that he should support the Act to authorize the