The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-07-11

We RETURN to the consideration of the Loan
Bill to-day, because we believe its success is of
the utmost importance to the country. We had
heard before the last issue of the Gazette, that
that journal was coming out in an alarming man.
ner, and the event has fully justified the hints
that we had received. The editor of the Organ
says that he not only gives us his own thunder,
but that all classes" have furnished him with
the result of their reflections. What may be
meant by "all clnsses," we cannot undertake to
surmise, but his several articles all appear to
emanate from very much the same class of minds.
But it does not matter to us who are the authors
of his views, and whether or not they are of diff
ferent classes of society; after all the talk the fact
remains that those who profess opposition to the
Bill profess also to be in favor of a Loan for the
purposes of aiding our industrial and agricultural
enterprises.
Our cotempOrary, when praising as his own
work what cmanated from the King, remarked to
the effect that some of the best financial ability
in the country is in the Legislature, and doubt
less that they would initiate a measure ~satisfac-
tory to all; but he did not seem to think that he
was at oil called upon to furnish any contribu-
ton to the stock Of experience or thought, and
up to this date we have heard of no other project
than the Bill which we have advocated. If there
is any one who can draft q Bill which will be
" satisfactory to all, >" to which no one can raise
any objection, either real or lanciful-we would
like much to see him come forward. This much
is certain, that all we meet with who are anxious
for the real interest of the country and for the
permanenee of its prosperity, are anxious that a
measure having for its objects those proposed by
the Bill should be passed by this Legislature.
The variety Of difficulties which are predicted in
this matter, are like the difficulties which are
often predicted in private afairs-they are found
not to exist as you approach them.
. The idea Of one writer (editorial) in the last
issue of our contemporary is that /" the government
of $4,000 people is a very simple problem if
rightly understood, - and " requires no new ex-
periments or intricate theories" Well, every
problem is very simple if rightly understood >
and we propose "nO new experiments or intricate
theories" Ii is "nO new experiment or intri-
cate theory to give the authority to government
to use its credit (he general credit) to promote
the industry of its citizens; and the proposal to
establish Savings Banks, though very good in it.
self, will not be very ~effectual for the purposes
which we have proposed, and for what this Bill is
intended to effect. Indeed, it may be doubted
whether the "pOorer classes" IN this country
would have so much use for a Savings Bank as to
aggregate any considerable sum of money. We
wonder how much in a year the So 900 "poor
natives" (the adjective is not ours) who are so
much commiserated by some writer's, would lay
by in Savings Banks? Certainly not a large
sum; but still, the idea is a good one, and does
not at all initiate against the Loan Bill. Pass
ing down that article. we are attracted by the ad-
vantages of borrowing at home instead of abroad.
But on that point people differ, and for the pur-
pose of the matter under discussion at present,
we do not propose to go into its consideration. 1t
is sufficient to say, that the Bill before the Assem-
bly, gives authority to do both. Now it seems as
if some people supposed that by passing the Bill
the money would be already borrowed, whereas
proposes to give the authority to the King in
Priyy Council, from which body three of the
Of the Loan will be selected, making
when taken In connection with the Ministry
suPpOsing that the Ministry is
full. This certainly is a sufficient safeguard that
he Loan, if accomplished, will be dealt with dis
,reetly. All the writers who use the columns of
he Ga=ene to oppose the Bill, seem to entirely
.gnore the idea that the members of the Privy
Council will be at least as much interested as any
,ther citizens in seeing TO It that the Bonds are
old at proper rates.
The fear of political complication seems to
alarm some, in case of failure to pay the interest
md principal to foreign bond-holders. This kind
# fear of remote consequences would prevent
moving in any direction. The fears of possible
COMPLICATIONS, are as if one should live IN con-
tant fear of being struck by lightning. In the
ret place, we do not propose not to pay, and the
.oan is made doubly secure by personal security
nd public credit; and it is certain that the con-
transfer of the sovereignty of FIJI to
,ngland has not arisen for a debt of forty thou =
md dollars,-Or whatever other sum they may 7
from the turbulence of the foreign r
immunity there. I