The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-04-02

SALE OF GOVERNMENT BONDS AND
PUBLIC CREDIT.


The Government sold to resident
81, goo worth of six per cent bonds on
March 31st. This transaction is not
q large one, but it shows that public
confidence is maintained, despite per-
sistent efforts on the part of those
who should know better, to break it
down. And now, speaking generally
of public securities, we say advisedIy
that there is no better or safer invest
ment to-day than Hawaiian Govern
ment six per cent bonds. The time
will come, and that at no very re-
mote date, when those who have not
scFupled to clog the wheels of national
progress for the sake of embarrassing
the Government will regret their
action, under the weight of popular
censure, which is certain to overtake
them if they persist In their present
course.
Time was when United States bonds
went a-begging at 40 per cent dis
count; now 1t can borrow as much
money as it dominates at 27S per
cent, while its per cents are selling
sc high rate of premium in open
market. We may be told that the
Hawaiian Kingdom is not the United
States. This Is very true. But 1t is
quite as rich in undeveloped resources
In proportion to its public obligations
ss the United States was at the time
alluded to-; and relatively, therefore,
our comparison holds good. And
this Is what the public creditor looks
to. 1t is not to the personnel of
Government, but to the resources of
q country and its ability to pay.
II will be remembered that Repub-
lican newspapers In the States made
q strong point against General Han
cock, to the effect that the election of
q Democrat would destroy confidence
In American securities abroad, and
produce financial panic at home.
Wall street spectators took their
cue from these articles, which eman-
ated from the literary bureau of the
National Republican Committee, and
so worked upon the fears of the trad
ing classes that the Democratic
candidate was defeated in New York
State and lost the election. It was
campaign trick unworthy of ''the
party of great moral IDEAS" but it
succeeded. An attempt was made to
get up similar bondhoiders' scare in
1884 against Cleveland, but it coll
lapsed, and the Inauguration of a
Democratic President was not the
signal for throwing United States
bonds indiscrininately on the mar
ket. None of the prophesied evils
came to pass; none of them would
have happened either if Hancock had
been elected President Instead of
Garfield. The public creditor cares
nothing, as we have said, for the per-
sonnet of a government; he simply
satisfies himself of the ability of the
country to pay.
1t will be easy for our readers to
apply these remarks TO our own cir
cumstances. The Opposition papers
of Honolulu are doing, in their own
way, the same kind of work that the
Republican newspapers of the States
did for the sake of party supremacy.
They do not scruple to impeaeh pub
lie credit, and by advice and sugges-
ton, endeavor to create a commercial
panic. The attempt to fasten charge
of reputation upon the Government
by the Gazette yesterday is in the
line of INSCRIPTIONS attack already
alluded to. There is no justification
whatever for the charge. And it