The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1880-08-14
II arAu.rre
Commercial ANOertlser
SATURDAY, AUGUST Il.
LEGISLATIVE PROCEEDINGS, 1880.

sEy ~~f-sIzrE DAy-Erfday, Aug. or, 1851
zEFosr % COMMITTEES.
The .+3-nsy General, chairman Of Special
Coumistt 20 whom was referred an Act to pro-
vide for the codihcation and revision OF the lawL
A the Kingdom, presented tie report OF the coil
mittee that Tie act DC paos1 q
euzrossment. Report adopt
Mr.. Kaulukou. Chairman of Select Committee
IN whom was referred an Act 70 amen Section 2
Of Chapter 40 of an act relating to col racts, au-
thorized by Section l4l7 OF the Civil Code, pre-
sented a report recommending that the bill pass
20 epernssment with certain amendments. Re
rort laid on the table to b considered with the
BILL
Mr.. Kalua, Chairman Of a committee to whom
was referred an Act relating to marriage, recon-
mended its indefinite postponement-
The minority report was laid on the table
until the majority shall be reported.
An Act TO amend Sections 1277 and 1878 Of
the Civil Code, relating to costs in the Police
Court. Read first and second times, and-referred
n a select committee as follows Attorney Gen
eraI, Ealua, Kaulukou, Kakina and Nawahi.
The House then proceeded 20 the unfinished
business, which was the further consideration Of
an Act to amend Chapter SO OF an Act entitled
an act to aid the development Of the resources of
the Kingdom
Mr.. Gibson said. the bill now before u oou-
urises a variety Of subjects, and is what is termed
an omnibus BILL IL seems rather cumbersome
with its many amendments and variety Of sub
jects, still It's main object that Of a loan may be
worthy OF our consideration. The House will
remember that in one OF the reports Of the F.
nance COMMITTEES they recommended a loan for
certain special objects. 1t may be said that the
subject OF loans has occupied the attention or
every civilized Government. The progress and
deyelopement OF countries has been largely car
ried on by a vast system of credit. L. Is said
over and over again that the progress and adj
yancement Of certain States is owing to their
- " - II r
land that its large national debt is the chief
cause Of the stability Of the country and is also
said by Americans that whatever may be attribu-
ted to labor and invention, a large share Of
the advancement OF their great country is attri-
buted to loans from foreign Countries. Ii may
be said that the great debt Of the United States
lie chiefly owing to war, which could not be a
source Of prosperity, but within the Government
Of the United States OF America there Is Il large
family OF States that are owing many millions Of
dollars To foreign Countries. The vast net work
of railroads, some 80 900 or 40. 1000 miles, has
been very largely built up by borrowed capital.
IL has happened that some OF those States have
not been able 10 pay their bonds, and in one case
repudIcated their indebtedness to foreigners.
The State o. Mississippi borrowed large sums Of
money from Great Britain. and lSDg after the
contract, other parties gaining an influence in
the country brought about such action as TO re-
uudiate this State debt. Now this brings US to
the consideration of the point brought forward
by Air. CIeghorn, that our Indebtedness might be
the cause Of our losing our independence. The
State Of Mississippi lost none OF her Liberties on
account of her unwillIDgness or inability to pay
her debts. At the time she was a part OF the
United States, but Great Britain took no action
and did nothing to protect those of her subjects
who had lent their money IN this instance and all
that was done was to send an agent OF the bond
holders to demonstrate with the debtors of Mis-
sissippi. He begged TO call the attention OF the
Asac,,hlv 70 thar agent who was no other than q
former Industrious Minister of our Hawaiian
King. Mr.. r.. q. Wylie- He would say that
Mississippi was not benefited by that action she
log omewhat her good name, but she did not
lose any portion Of her liberties, and there was
no thought of any political action against her on
account Of her being unable or unwilling to pay
the debt due to a foreign country Ihe rich men
of old States like England, France, Holland and
Germany have been lending money to various
Young nations IN the world, but the governments
Of these several mouey-lenders have never under
taken 20 assist them as collectors All these
several countries enumerated have their laws TO
aid in collecting accounts, and TO protect both
creditors and debtors but when the lender goes
bevond his national bounds To engage IN a loan
he must NO longer look to the assistance of his
country 10 protect him In bis venture. Those
nations will not risk their power, or send their
fleets and ornaments To recover money but they
will do SD To save the hie OF a single one oil their
subjects OF citizens
lie TkGAllEA ~ nA8a III
cd Kozta- who was rather a doubtful citizen Of
the United States. but who had been seized
rather arbitrarily by an Austrian man-oi-war.
At once an American cODuiander IN the vicinity
Can't. Ingraham, put his rDtP IN order OF battle
and ,ras ready To risk hs .Hyn lie and those oil
bs officers and men fr the IKE OF defending this
one man. Again another instance during the
late great war Of America. England was ready
TO throw down the gauntlet and rick a destructive
war TO assert her principles IN regard to the
rr1fu fhe Trent al
fair. These nations are ready to rick armies ior
rrioeipIes. but not for money. Capitalists OF
EngLtnd loaned their money many tens oil. mill
lions to Turkey, but England never sent an
army against Turkey to recover one cent OF such
loans. Turkey has been engaged IN oreaoiui ware
from foreign armed Intervention on account Of
her indebtedness.
MIR. CIeehorn asked IT there was not an agent
of England and also one OF France residing 10
Turkey
So and bring about a better administration.
we com to Egypt, a dependency OF Turkey,
EgvDt has attracted especial attention, because
her Pssha was exiIed in consequence OF DIS ex-
trayaeance and large indebtedness lie was
obliged To resign, but his son IeIgns IN MS stead
and the people of that country enjoyed as much
Liberty n they ever had any as before But this
case Is exceptional, and ought not to be adduced-
Fgvnr borrowed under a guaranteed contract
and not by subscription IN an open market.
And besides Egypt was a dependency existing
49, : 6rman. or a sort of power OF attorney Of
~. sovereign the Sultan OF Turkey. References
had aIno been made to New Zealand, with her
;ndsbtedness of SI3O, 600 900. This has been
snent on immigration, railroads, and other IN
ternal improvements. IL il likely that the New
Zealand Government may have borrowed more
money than was actually needed. and pressure 10
now brought to bear on the ta1-pAyers, Dns tney
have all the advantages Of railroads and other In
ternaI improvements which may yet be a cause
of great prosperity to that country. Thus we
NAV consider the subject of loans without tearng
en- r,sk our liberties. But the question: srlses
now. is there any occasion to borrow money
It NAV seem to many that there Is no especial
cause for 4 loan, but shall we spend all.oVr
revenue on current expenditures and leave
nothing for the future? Our w~ateI-works were
undertaken many years ago with borrowed
money, which was judiciOusly expended, ana
now we have property and incouedrom that ven
ture. An enterprise for sewerage now COM
mands our attention. IL uonolulu should lose
It's good name for health, then the prosperity