Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1884-07-12


accumulation ut home capital. The
benefit, are SO apparent that no one is
blind 10 them II IS not q grateful
task to dtcrt attention to the evils
connected with the employment oi
torcign capital in island industries
The lavish hand with which foreign
capitalist, have extended aid to feeble
enterprises has led to equally lavish cN.
ptudImre ln expenditure that would
no, ordinari, have followed the en-
ployment ut home capital, subject To
greater scruun, and more liable To-
Withdrawal The controlling presence
oi foreign capital has also vraugh, uu
doubted uIuD to island producers.
creating rs lt has more expensive
system oft middle men than home capi
nl with IT'S known conservatism would
have sanctioned Then. agaln, we
have bitter reason to- watch with con.
Germ the attitude of foreign capital to
ward immigration. cnIistng its re-
sources, US We have reason To- fear. in
the importation OF laburtts, regardless
of the laws ot population. Foreign
capital has, moreover vet To tree itself
from the seftou, charge of having inter
lcrcd in the politics ol the realm, buy
ing voters and legislators, debating the
policy of the government and corrupt
ug the executive Finally. foreign
capital has assumed the role of auto.
craft and has btlfcnN uncovered its
purpose to make or break the whole
mercantile interest OF the islands
Listen 70 the Indictment Foreign
capital is impovershiug the sugar in
dustry with its cruel interest and per.
eentagcs Ii is disorganging society
by It's disregard OF social obligations
and community interests in its impor-
tauon OF male laborers. Ii is corrupting
government by its shameless use OF
money in cnecting special legislation
II is seriously threatening the practical
independence of the kingdom.
And what is the remedy , II is, in
4 word, in the utilizing of home capital
1t is popular impression that the
bottom would fall out OF everything il
foreign capital were withdrawn from the
islands. Its sudden and general with
drawal would inevitably precipitate
grave financial difficulties, involving in
diyidual bankruptcy in some cases, and
putting our island business to a severe
strain But the gradual displacement
Of foreign by home capital could be
effected without any i'll effect and be
accomplished much easier and sooner
than is generally believed. There is a
large amount OF uuinvested home CAPT
tai that ought at once to displace
foreign capital and force it to seek in
vestment elsewhere There is quite an
amount of home capital invested in
foreign securities. There is no reason
why that capital might not be safely
and advantageously reinvested in island
securities. There is quite a large sur
plus capital among our well-to-do mer-
chants that, not being needed in bust
ness is being extravagantly expended,
when it might lift the burden from
hard-working producers who see their
profits leave the country bodily in the
shape of high interest and commissions.
And then by far the most important
item of all, large waste of capital is
going on among us because OF the in
sufficient means of conserving the pro
fits of our small dealers and the savings
OF our salaried and laboring class
Amasa Walker, from the basis OF
statistics furnished by the United
States Treasury Department and the
Census Bureau, computes the whole
national wealth of the United States to
be equal to only about se5eR times NE
gross earnings of Laboy f5j. single year.
The habit of saving needs to be
stimulated ap,pDtr ne hf,t =, &c car,,ip