The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1874-08-26

section, be and the same Is hereby repealed.
Approved this 4th day Of August, A. D. 1874
KALAKAUA R.
AN ACT
To authorize National Loan, and to define to what
uses such loan shall be devoted.
Be il enacted By The King ond the Legislative AsseRbly
of TIE Haraiian Islands ia The Legislature Of The
Kingdom assembled:
SEC. l. That His Majesty the King is hereby au-
thorized to borrow on the credit of the Hawaiian
Government, within six years after the passage of
this act, sun not exceeding million of dollars or
so much thereof as may be deemed desirable for the
purposes in this act hereafter forth; for which
His Majesty may cause to be issued Coupon Bonds,
Registered Bonds, or Treasury Notes, in such por-
tions OF each as he may deem advisable, subject to
the provisions OF the second section of this act.
The bonds to bear interest not to exceed seven and
three-tenths per cent per snnum, payable semi.an-
nualIy; redeemable in not less than ten nor more
than twenty years.
SEC q And be it further enacted, that stock
shall be issued for the amount so borrowed bearing
interest at seven and threetenths per cent per an
NUN and the Minister of Finance is hereby author
led with the consent of His Majesty the King, to
cause to be prepared Certificates of Stock, TO be Is
sued, which shall be signed by the Minister of Fl
nance and couutersigned by the Registrar of Public
Accounts and sealed with the seal of the Treasury
Department; and made payable to the parties lend
ing the money represented by such certificates or
their assignees which certificates may be transfer
red on the books of the Treasury, under such regu
lations as the Minister of Finance shall establish
Provided always, that when coupons for the pay
ment OF interest shall be attached, any certificate
to which such coupons may be attached, may be
assigned and transferred by delivery of the same,
without being transferred the books of the Treas
ury And the Minister of Finance may also issue
by authority of His Majesty the King in exchange
for CON- as part of this loan, payment for sala-
ries, or other dues from the Hawaiian Government,
Treasury Notes. payable in five years from the date
thereof of denomination not less than fifty dollars
bearing interest at aud three tenths per cent.
per aunum; provided that the Treasury Notes of
this description thus issued shall not exceed in thu
aggregate, at any time, one hundred thousand dol
lars. And provided always, that person shall be
compelled to take such notes in payment for Salaries
or other dues If he should be unwilling so to do.
And the faith of the Hawaiian Governments hereby
pledged for the due payment 1.-the interest and the
redemption OF the principal of the Stock and Treas
ury Notes in coin when said interest and principal
may become due.
SEC. g. And be it further enacted, that the Treas
ury Notes, authorized by the preceding section tobe
issued, may when they shall be returned into the
Treasury, be re-issued, or Others substituted for
them, at any time during the entire period of twen
ty years. for which this loan is authorized provided
always that all such notes shall be ultimately paya-
BILE within the aforesaid term of twenty years.
SEC T. And be it further enacted, that the Minis
ter of Finance is authorized to pay out Of any
moneys in the Treasury, not otherwise appropriated,
such as may be 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
shall have been accomplished, the expenses afore-
said shall be charged to the of the said lcan
SEC 5. And be it further enacted, that the Minis
ter of Finance with the approval of the Board pro-
vided for in Section G. of this act, may negotiate the
loan authorized By this act, any portion of it, in
any foreign country, if it shall seem most advan-
tageous to do; and in such case he may make the
principal and interest payable at any designated
place in any foreign country and he is hereby
thorized to appoint such agent agents as he may
deem necessary for negotiating such loan under his
instructions paying the interest thereon, and to
fix the compensation of such agents, and to pre-
scribe all such rules, regulations aud modes regard
ing the negotiation of the loan and its transmission
to this country, he may deem necessary. And the
Minister of Finance with the approval of the said
Board is further authorized to dispose of the Bonds
by this act authorized at such may be deem
ed by him for the public advantage.
SEC. g. And be it further enacted, that whereas
hv t. III. d.a f,-f h.
payment of the existing national debt whenever the
same may become due, and the assistance of the
agricultural aud other productive interests of the
country, therefore, whatsoever the said loan shall
be accomplished in whole or IN part, His Majestys
Cabinet and a Committee of three persons from the
Privy Council OF State appointed by His Majesty
the King in Privy Council, shall constitute board,
with full power to lend any portion of the same on
promissory notes, secured by mortgage on real es-
tate, on the products Of the soil or manufactures
of this country, or on machinery, whether home
made or imported provided always, that the ad-
vances made on produce or manufactured goods
shall not exceed two-thirds Of the market value
thereof at the time such advance may be made.
And the board by this section constituted shall have
full power to make such conditions regarding in
suranee rate of interest, time and place Of payment
OF interest," or other conditions TO secure the repay
ment of the sums so advanced, as may appear TO
them advisable, and the Minister of Finance shall
report at each session of the Legislature the
SO advanced, and likewise the amounts received.
SEC. q Be It further enacted, that such portion
of the money realized from the loan by this act
thorized, may by the board authorized by the 9th
Section, be deemed advisable, may be devoted 10 the
building of warehouses for the reception OF produce
aud for the promotion of steam navigation between
the islands, and the aid Of immigration. And the
securities received by the government, as in the 9th
Section set forth, shall be preserved intact fund
wherewith to pay the debenures given for the loan,
and shall be used for other purpose whatsoever.
Approved this 7th day Of August A. D. 1874.
KALAKAUA r
AN ACT
To amend Section Of an Act entitled can act to