The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-06-27

Waimca on Kauai, aud various other localities, that
may suggest themselves % cur readers. Every dollar
laiI out By Government in measures that Will bring
these lands into cultivation, viii return fourfold into
the Treasury
''In short, By the timely and j~udicious negotiation
in the right direction Of en- adequate loan, and 3
prudent disposition Of the funds, the entire condition
Of affairs in these Islands may be speedily removed
from stagnation and the verge Of national bank
ruptey, 70 uneEamplei activity and prosperity in all
branches Of business.
In this, as well o. in all other undertakings Of
national importance, We require a spirit Of enlight-
enei enterprise and energy in the heads Of Govern
ment. The plan now suggested to raise Hawaii nei
from the slough Of despond i nothing new among
the nations and governments. It is common enough
with the States Of the American Union, and has
recently been followed with markell success by the
Colony Of New Zealand.'
In reading over the above paragraphs, penned
by Us a year since, it may well be imagined that
we publish His Alajesty's message recommending
such q Loan, with no little satisfaction and we
likewise print the Bill, which is now before the
Legislature.
IoLASI PALACE, June %, 1874.
To he LegisIafivs assembly Of the Hqraiian Isl
auds.
NpELi- AND hEFhE-EEIAIIFE--H frequently nap
pens that it is advisable and even necessary for the
State to lend its credit for the purpose Of promoting
the enterprises Of its citizens, when the general good
depends largely upon those enterprises.
II is apparent to me and no doubt it is likewise so
to you, Mobiles and Representatives, that for some
years past, there has been no extension Of business at
all equivalent to what We might expect.
Our resources are large if well used, but the low
price at which our staple articles have ruled in the
markets accessible to US, and an absence Of capital,
have prevented the extension in any considerable de-
gree Of our chief business.
Under these circumstances it would appear a pru-
dent policy to make use Of the national credit 50 as
TO enable my Government to extend q helping hand
to the industrial enterprises of the country.
Impressed with these views, 1 propose to your
Honorable Body 70 discuss the expediency Of seeking
among wealthy and great nations that capital of
which we stand in need, and for which our resources
should furnish abundant security.
/ suggest to you the passage Of an Act which will
empower my Government TO negotiate o Loan Of such
an amount as shall be deemed wise, and at the same
time shall afford the Government the means to relieve
the burdens now pressing so heavily upon the indus
tries of the country, while it will also permit them to
initiate works of public utility and improvement
tending to develoPe our latent resources; following in
1 tllS ~ eA1ulple " luOSt ONleE duu more eXpeFleuCeu
nations of the world who have never hesitated to
contract loans Of this nature where the public ext
gencies seemed to call for them.
Commenting, Mobiles and Representatives, to your
careful consideration. this grave subject, 1 pray that
you may be guided to q sound and wise decision. and
that the measures decided upon by you may be the
starting point for the growth Of n new prosperity.
Accompanying this is a petition which I have just
received from the principal merchants and business
men Of Honolulu, praying that certain steps should
be Immediately initiated with the object of obtaining
a Reciprocity Treaty with the United States. As the
United States is the most convenient market for our
principal staples, it is very desirable that we should
have better commercial facilities with that country.
Therefore 1 commenced this petition to the careful
consideration Of the Legislature, feeling assured that
they will, having 50 considered it. take such action
in the premises as will be conducive to the best inter-
ests Of the Kingdom. KALAKAUA r.
The following Is sho PROPOSED Act 70 ~-sho-'-4
a Loan, as introduced on Thursday last:
AN ACT
To authorize a National Loan, and TO define 70 what uses such
Loan shall be devoted.
Be Il Enacted by me KING and che Legislature Assembly Of
the Hal0Riau Islands, an The Legislature Of the Kingdom
section l. That His Majesty the King is hereby authorized
10 borrow, on the credit Of the Hawaiian Government, within
six years after the passage Of this Act, a sum not exceeding a
million Of dollars, OF 50 much thereof as may be deemed desir-
which His Majesty may cause to be issued Coupon Bonds,
he may deem advisable. The Bonds TO bear interest not to
exceed six pc. cent; per annum, payable semi-annually re-
Sec. . And be it further enacted, That stock shall be
cent. per annum and the Minister Of Finance is hereby au-
thorized, with the consent Of His Majesty the King, 10 cause
be signed BY the Minister Of Finance, and countersigned by
the Registrar Of Public Accounts, and sealed with the Seal Of
the Treasury Department and made payable to the parties
lending the money. represented by such Certificates, or their
assignees which Certificates may be transferred on the books
Of the Treasury, under such regulations a, the Minister OF FL
for the payment Of interest shall be attached, any Certificate
10 which such Coupons may be attached, may be assigned and
on the books Of the Treasury. And the Minister Of Finance
NAV also issue, 10 exchange for coin. as part Of this loan, or as
payment for salaries. or other dues from the Hawaiian Gov
eminent, Treasury Notes, payable in five years from the date
thereof Of a denomination not less than fifty dollars, bearing
interest at four per cent; per an1um provided that the Treas
the aggregate, at any time, one hundred thousand dollars. And
the Minister Of Finance may likewise issue, as a part Of this
I hL beariaS no interest ana payabis 10 bearer n den dems udy
provided, that the amount Of Notes so issued shall. not exceed
in the aggregate, al any time, seventy thousand dollars and
provided always, that no person shall be compelled TO take
such Notes in pay ment for salary, or other dues, if he should
the redemption Of the principal Of the Stock and Treasury
sec. 3. ARA be it further enacted, That the Treasury Notes,
they shall be returned into the Treasury, be re-issled, or
others substituted for them, at any time during the entire
provided always. that ali such Notes shall be ui, innate p nl
sec. I. And be it further enacted, Thai lhe Minister of Fl
nance Is authorized 70 pay out Of any moneys in the Treasury
] not OL4eENl-e alFIolAA1tuf SUN SUMS As may ue necessary
\ for the preparing Of Certificates Of Stock and Treasury Notes.
and for negotiating and accomplishing the loan authorized by
this Act provided always, that when the loan SHAH have
been accomplished. the expenses aforesaid shall be charged 10
the account Of the said loan.
Sec. 5. And be il further enacted, That the Minister OF FL
nance may negotiate the loan authorized by this Act, or any
portion Of IL, IN any foreign couAtry, If IL shall seem most ad-
yantageOus 50 10 DO and in such case he may make the prin-
cipal and interest payable al any designated place In any
foreign country andhe j. hereby authorized to appoint such
/ agent, or agents. as he may deem necessary for negotiating
such loan under his Instructions, or paying the interest thereon,
AMI 20 tx the compensation Of such agents. and 10 prescribe
all such rules, regulations and modes regarding the negotiation
Of the loan. and is transmission % this Country, a. he may
deem necessary. And the Minister o. Finance is further au-
thorzed 70 dispose Of the Bonds by this Act authorized, al
such rates as may be deemed by him for the public advantage.
Sc. 8. And be IL further enacted, That whereas the loan
by this Act authorized Is intended for the assistance Of the
Agricultural and other productive interests Of the country
l - L.---.-. IL. LII - IL D q