The Hawaiian gazette., 1874-07-15
rhe National loan Project.

og the uoss thoeshual and jadieious minds q
the besseess ec,nnratty whose raonis3 interests
are deeply at stake ia whatever measure may Be
passed Most o. oes basiseSs nee came here
gate ycaog they have spent the best part
q tssir lives IL their vsrogs vccaiioes, ard have
a rsas TO be heard in asy measure that may
ssecl thsiv interests, Il IS rot 70 &c expected
lhai they VIII sit 6y sils1tly s1d see the work Of
years DESTROYED ey esuiss arc hasty Legislation.
Our eosemPora-y. 10 his last issue. practically
admits The fores Of car srguusuts by modifying
hrs tc1e 70 ha-uc1ize more with what Is IN
toubts6iy The vsr65cs q the business community
IA condemnation q the bin betecs the House
TSose Who eri.ieise the loas biil and object TO
its passage. are 20; bogB3 70 fsrniSh = better in
is Place. for criticism IS never expected 10 As
<ens such ea-ase- Yet we waive the rights
OF the eri.ic. ard Cfsr below The traG Of bin
FOR -atioull loan. which. If il possess 10 other
merits. has these OF brsyity. elsaruess aud Sold
gold bass,
I Il a I9as IS authorized By The Legislature. the
arrasgsnsHs Of It's details should BE- entrusted TO
the Board created 70 carry 1t cut This Is CIV
Ing % 1t great power. ard soue nay object to
vsstirs 50 ugch ir any Board, Bgs if the Cabi-
net ard Privy C0g1ci Of the king are net TO De
trusted IN the a5oP-io1 Of any measures psrtai1-
i1g TO the welfare OF the nation. zflsr the sppro-
va q the business community, Pray who Is to be
trusted
The Bill makes nc provision F,r the ISSUANCE
F. ~ - 4-,s--- 49, 81. a 40. - -. 4.
sira5te. ard can ozly De attended with the sane
disasters which fglow then il other eogu-
tres where they have been tried. As Mr.. Wells /.
SAYS, il bis article O. Texas f1ancss. There .
cannot be cue s11g3s Instance referred to in the .
history Of any state, nation or people il which .
the adoption ard use OF irredee1able paper
money has rot been wholly disastrous
AN ACT
To create i Board Of Finance. and to authorize
s Natio1a Loan.
WEezsus, It : desirable tia. provision SHAH Be-
mads By the Legislative Assembly for the Ne
g0tatign Of .1an By the Government, 10 CO.
able ls 60 Encourage and assist agricultural
commercial and mechanical Industries. and to
furnish employment and support 10 the labor
ing classes b extending the public works and
Improvements Of the hi1gtCu, thereby uru-
noting l-ccStry among them therefore,
b q sH1cts6 o. sis EHI and s5s Lg7tsl,tf-y
-4sSs1EtLy u he HrrEfiTH ki1lis n tts Lrg- ]
tsiEsla-s y sis hlgEE1u 4sSsH5isli-
SETUy 1. That HIS Mgjssty the King Is
hereby authorized 20 create a Commission con
's-l1g Of ssvsn persons, three Of whom shall be
Cabinet Ministers and the other four shall &c
lrivy CCg-ci.crs, who shall constitute j Board 7
Y Finance. to hold Office during the pleasure OF
De King Of which Board the Minister Of FL =
ancs shall Be. sI0fici1, President.
SETr1S > Sad Board zhaT have full azsh5r- c
y 90 borrow, IN the name CT the Hawaiian Gov
ruueus and People, the sun Of one HTEgz Il
lClu-S, ssging therefor iutsrsst-bearf1r bouds. b
gusc By the Minister Of Finance. and counter
gusd b. the Registrar Of Public Accounts. 10 o.
lch amounts and o. such terms. as regards inter-
SC u1t a. other details. Is the Board shall ssopt
rcvlcsi that is acts shall first BE- submitted 10 o
u approved b. the King and His PRIV Cgu1- b
g and provided also that preference shall always
given 20 applicants toe the loan residing 10 this
.l1gtom, and on the SINE terms Is are offered
, Applicants resting abruud. II
SsCrr0S g Sai5 Board shall have full a1thsritv f.
-Ca1 70 Planters Or others actually engaged 10 u
-rtcuLt1ral, commercial and mechanical pursuits
tbs sr1Ct1u, On their PrUuissCry notes made
Iyubls to the Minister Of Finance a1v ulousvs =
'rruwed under this Act flc such time AMI 80
mounts. and iu SUCH manner Is Il nay deem
.vlsaois provided that 20 higher CT lover rate
interest shall Be charged for such I1aus than Is VI
I'd b the EUveruueut7 and provided also that Sc
bans snail Be made except ca real or personal It's
cperty &C other securities. amounting 10 double SIS
g taZs6.s value Of the sum loaned <
SEcTl0S 4 And be fs further enacted that al
s. 81
isemahis at maturity ia United States gold -
n or Is equivalent, together with the interest
at nay accrue ca them and for the ua7meut
SAID principal 1z1 Interest the rsTanu5s Of the -
1E-cm ara hereby Pisi-ed- And al loans
Ids 20 agrculrurisJs aui others Is authorized pri
Section !. a. vel Is the interest accruiu- ca 81
sm, slaA Be payable IN the sane GUN, &C rs
lITalsnL
SECrueS ; Al moneys borrowed Under tins ID,
e, AMI not lCd1ed Cut As provided ID Section
nay Be passed into the national treasury. for ?.
: general expenses Of the gcvsrumeut- and q
II Be accounted for b the Minister CE Finance
bis bis1uial reports 60 the Legislative As
lbiy. under the head Of Loan Of ISTL5- =
SETON G. This Act shah take effect Erca and =
sr the ily Of Tts passage
As VII &c seen ca perzsaI Of the above It pro
IS first. fur BGart ct Fi1auce- 20 Be euu- is
ed CT Cabinet Ministers a1d Privy Councillors !
Q ara fully empowered to arrl1ge the details pol
/ Ica1 Of gue uiIIi1u dollars, fzfng the rate Of 4
srssz and any ether matters. zubisct 70 the All
r9vaI Of the kf1g nd PlvE Council. ags
,ecuufI7-the board can I1a1 cut funds to
icultursts CT others CO the sane rates CT inter va
that government pays provided the security -.
LmPls-
he fourth sectiou gives the Ila1 gold bass, Z
B to principal and interest. aui provides fer the
redemption 4
.1ch laE az tbs VII inspire coufizuce II the Z
Is Of capitalists. =ho VII never a57ancs dol I'm
&C a nw Ike that be67rs the Legislature. o
Sc Eha invest II cur bo15s VII be certaiu Of rzts
T interest and prilcif7aJ-1c5 II what NAP be -
currency Ct the ccGutsy twenty years hence, +.
II solid Euii c1ia &C ia ss7li7alzns. -
e Missionary Packet Morning -
@r7r-
ID Lazt >atlriaE CO ! voyage CT adventure. -,,.
1 Tsritahlz viking craft 1f scule ruvIur arz-
she had &c black. omiuC1s. rl7zu banner Of