The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1877-05-12

and what Is more, actually gets the money.
The reason Is evident because, the money
lenders understand that the Uruguayan Republic
possesses natural resources, and only needs money
and enterprise to develop them. Hence the
golden stream flows from England TO Uruguay,
seemingly without stint,-like J~upiter's shower
upon Dsnaei When the writer was living IN
Uruguay in 1873, that government had borrowed
three millions of pounds sterling at nine-per-
cent; and was then negotiating a loan in En-
gland for six millions Of pounds sterling at six
percent. w%herewith to pay Of Its debt of three mil
lions at nine-per-cent, and have three millions still
in hand 10 develop the resources Of the country,
its national debt only bearing six-per-cent interest,
instead of nine. In Uruguay, the statesman
had a head for finance.
Now, 10 this Kingdom-POuT rerenir a nos
mou4ons-the national debt bears enormous in
terest, and furthermore, as the Royal Commits
sioners have openly observed in their valuable
and highly important Report, a large amount of
money is needed, il their work is not to be an
idle journey, and the development Of the numer-
Gus and mulrriarious resources of these splendid
islands is really to be undertaken. With the
example of all other intelligent governments be-
fore their eyes, plainly this government should
not hesitate to look for money, where it is always
to be had, on the Money Market, when good
security is offered. Now, We believe that the
security which this prosperous little Kingdom
can offer for the money it wants, is as ~satisfac-
tory as can be desired. 1t is worth while then
to make the trial of floating a loan for the re
quired amount at siX-per-cent on the Money
Market, il England or Germany or the States.
Thus, the present twelve and nine percent credi-
tors could be paid of, and money could be got
for the development of The country at fair interest,
six-per-cent per annuzn. We think it hardly neees-
sary to enter into arguments upon this project with
those oscurankisti whose obscure vision only enables
them to see the dark side of every question.
To the enlightened statesman it must be evident
that this country must either borrow money to
go on and prosper, or else fall away completely
into decay. There is no stationary law likely to
meet it's case. Either retrograde or progress il
must. Alarnists may exclaim at the consequent
ces of getting into debt. As a rule, debt is not
advisable nor desirable. But a national debt is
very different from that contracted by an indivi-
dual. Those alarmists, who talk to the country
about avoiding debt, confound the question.
They misunderstood the nature of a national
debt, which some Political Economists consider
the very safeguard of a country. Creditors take a
decided interest in any thing in which their
money is involved. As a case in point, an inn
mense amount of British Money is sunk in
Buenos Ayres; in 1874, a rebel Argentine gener-
al was marching to attack that capital, and his
army got as far as three leagues from the city,
where people fully expected sack and plumber,
a.l Hl1aA- .vI ,pho, tho acnaro cot
q civil note from the British and other consuls
not to advance any farther, or else abide the
consequences; and that general wisely retired
and disbanded his army. Now, this, we think,
shows what a good thing it is for a country to
have a national debt, and foreign money invested
in it's enterprises. Let England, for instance,
or the United States, lend the Hawaiian Govern
ment a million of dollars, and we may be pretty
sure that the war vessels of our creditor will
look pretty closely after the safety of Hawaii
nei.
The sooner, then, this government looks for
money, where it can be SO readily got, on the
Foreign Money Market, at fair interest of six per-
cent, to enable them to reduce the present enOr-
nous interest on the national debt and proceed
with the development Of the magnificent resour-
ces of these islands-the better for present and
future generations of Hawaiians. Nor should
they be deferred by alarmists and oseurdntisti-
blind leaders of the blind-who can only see like
owls in the dark, and are incapable of looking
beyond their own little day into the future des-
times of these islands, whose coming generations,
if saddIed with a heavier debt then their fore
fathers, will find their country thereby proper
tionately improved in value, and far more flourish
ing and important in consequence than in past
or present times.