The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-06-27
THE PACIFIC
Commercial A0Oertiset.
LINE D

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Jusr ONE YEAR AGO, we hid before the public
some thoughts ON the subject of "a Loan,"
which upon re reading, we think good enough to
reprint, in part, inasmueh as what was evidently
true and correct reasoning then, obtains add
tiOnal force after the lapse of twelve months.
The theory Of Government with o country stu
ated like this, must be quite different from that
which obtains elsewhere. In populous communities,
where the industries that support the body polite
are established on settled bases, the axiom justly pre-
walls that that country is best governed which is
governed the least. This theory, while it applies
perfectly to such a country as Great Britain, and
will but little less certainty to the United States,
cannot, for very obvious reasons, be suited to Hawaii.
In almost every particular in which the principle of
passive non-interfereuce with private enterprise in
developing national resources is q rule with those
governments, the converse ought to obtain here,
otherwise the Government is n negative benefit,
Instead Of n positive good. We claim, therefore, that
1t is the province Of the Government in every posi-
BILE way to actively forward the Development Of the
agricultural enterprises Of the country, by using its
power and the means at its disposal for the introduc-
Of eGPuI and populatiOn-the two great needs
4. Of the eountry-and both Of which VIC are persuaded
are obtainabIe. \ proper appreciation Of the situa-
ton, with sound and far-seeing economy, should
prompt our Government to take speedy measures for
the negotiation Of a loan abroad at this ~juncture.
Not n petty borrowing Of a few hundred thousands,
but a respectable loan Of several millions, with which
we can pay OF at once all our nine and twelve per
cent. indebtsdness, and go on with new and larger
enterprises. unencumbered with n cOmpounding load
Of interest E H 1880. = II
cit may be suggested that such a project viii be
opposed by the mOneyed men Of the country, as in
terfering with their interests. We do not accede to
this view, for that capitalist must be shOrt-sighted
indeed who does not perceive that q much longer
continuance Of our present system OF high interest,
means a most thorough killing Of the goose that lays
the golden egg
''The Government having by an adequate loan
brought hither the capital, should then proceed to
lend the same to the agriculturists, in sufficient
amounts to pay of all their present Indebtedness,
and to enable them to enlarge operations, where
practicable, charging for such advances merely the
interest which the Government itself is responsible
for, and taE2g security on the estates. We would
OF however 20 so far as has been done in MauriGus,
Where the Government acts as the factor Of the
planter, taking his crop OF his hands and selling it
to the foreign buyer. But we contend that some
such system Of Government aid as here suggested
must be extended to our agriculturists, if they are
to succeed. II, however, the Government shall de-
cline 10 slep IOENaIu 10 luSlN aus II tuat epec1hy,
the ruinous result is easily foreseen and already
overshadows US. Our productive industries must
fall, and in that case the Government itself, with
nothing to support it, cannot long subsist. 1t will
be but the performance off farce without an audience.
"But besides the grateful task of placing our
present agricultural interests on a prosperous basis,
which it would be the province Of the Government
to perform with the means thus at Its disposal, there
are public improvements to be made which would
double our present producing capacity. Many thou
sands Of acres Of the finest cane lands in the group
are now lying idle, that might be made to produce
heavy crops of sugar by irrigation, while n%eighbor-