The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-07-04
THE PACIFIC
Commercial A0bertiser.
SATURDAY. July 4
THE LOAN BILL.

800 HNN O@0
As we observed in our last issne, the fact that
our neighbor throws cold water on the project of
the Loan, encourages us to believe that nearly if
not quite everybody else will favor it. He says
that be will favor any measure HONESTLY de-
signed to aid our great agricultural interests"
Now il not this measure 90 honestly designed"
for that purpose? The fact is understood, and
does not require to be urged, that our agricultural
interest and general business is not PROSPEROUS.
Two months Of the Legislative Session have
passed away, and no measure calculated to give
relief has been proposed most Of the time has
been spent in talk about some insignificant
changes in the laws, and some if possible more
Insignificant reductions of salaries, when the King
comes out with his Message, and Immediately
upon it follows the Bill for a Loan,-and we are
told that another will follow. proposing to enable
any Treaty of Reciprocity that may be concluded
to 90 into immediate effect without summoning
anew the Legislature. Is it too much to suppose
then, that the Bill appears under the immediate
and personal patronage of the King? And if so,
is it not " honestly designed" to aid our great in
dustries-Or does honesty reside entirely with our
neighbOr, and because he is yirtuOus shall we have
no more cakes and ale? 1t does seem to us that
if our neighbOr, or any body else, has any better
measure to propose they have had ample time to
mature their plans, and to propose it for public
consideration.
There are in every community, people whose
forte is not construetiveness, but their talent
seems to be in saying that something ought to be
done, and then when any one else attempts a
movement, they approve of the general design,
but exclaim, that they don't like the way, and
save their characters for wisdom-at least in
their own estimation-by not attempting to point
out any other way.
Ii might almost appear that we hope against
hope, when the Government editor, himself hon
Ored by a call to the Priyy Council of State,
writes in the same issue in bis editorial columns
such contradictions As these
"A bill to authorize a loan has been brought
forward in open defiance of the popular sentiment,
which was unequivocally at the late election in
favor of a reduction of the national debt" = . .
1t can only be gotten at n rate of not over
seventy-fye per cent" . . sis it right
to foster such an incubus on this nation is it
honest is it patriotic" Eve propose, at some
future time, to speak about the public sentiment
above referred to, and to cndeavor to hold some
people accountable at the bar of an intelligent
public sentiment, for misleading a simple people,
exciting their fears groundiessly, and using their
best endeayors to thwart the best interests of the
community But see the contradictions of this
teacher OF the people
This feature Ito legalize the borrowing of money
TO aid sugar plantatonsl so far as the bill may pos
sCss u, We heartily endorse; rs We consider il the
first duty Of every goyernment-mOre especially one
having a sparse POI ulatiOn and limited capital like
ours-to do all in its power to cherish every industry
and 10 open the avenues through which produce and
manufactures may reach their market. National aid
may also be wisely invoked TO assist private indus
tries, though this IS liable TO serious abuse through
favoritism. Still, there are private enterprises which
governments may properly assist, and for these,
especially pioneer efforts to develope new industries,
national aid should be extended"
And again
eve heartily endorse the amount Of the loan, as
also the rate Of interest, provided the last sentence
Of section FIVE be amended 50 as 10 forbid the sale of
the bonds at less than par"
If these sentences, which are quoted from our
neighbours second editorial, were not written by
a different hand from that which wrote the sen
fences first quoted,-which will be found in his
first ciitorial-then 1t must be confessed that he
has an inimitabIe way Of blowing hot and cold
at the same time, OF is resolved to be able to say,
I advised to this course-whether the measure is
adopted or rejected.
W hat must he thought OF a man who says IN
one sentence that the money cannot be obtained
except below par in another, that he is in favor
of the loan. and therefore urges that n clause
should be introduced prohibiting it being nego-
tiated at less than par?
Is it not TO be supposed that those who are
intimate with the public business have some little
common sense. some little common honesty, some
little knowledge Of business and some little
patriotism, and are not likely to use the authority
which may BE- granted to them in a manner dis
graceful 70 themselves and hurtiul or disadvan-
tageouS 10 the public?-more especially when it
is considered that by the very terms Of the Bill,
the King Is to receive the assistance of the in
valuable advice of the editor of the Gazette in
negotiating and managing the loan. The writer
upon whose remarks we are commenting, says
that we cannot negotiate our loan at more than
seyenty-fye per cent. IL Is certain that we can
never know until we try and he is no more a
prophet in that respect than the rest of us, but
the course which the editor now recommends Ito
prohibit selling at less than par) cuts off all ne
gotiations, and rs he says, prevents the obtaining