The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1886-10-13

section by adding the words,
provided that hereafter no bonded /
debt shall be incurred, nor any bonds
issued prior to the maturity of the
bonds issued hereunder unless pro-
vision be first made for the payment
of bonds issued under and in ac-
cordance with the provisions of this
act"
Rep. Kaulukou moved the amend
ment pass.
Rep. Nahale moved indefinite post
ponement.
Rep. Aholo moved the further
consideration of the amendment be
deferred until Wednesday. This was
a new amendment brought in. Per-
haps it had been considered by the
Ministers, but certainly not by men,
bers. The loan bill was hurried
through the House, and it went off,
and now the Ministers come in with
an amendment to it. They ought
not to be in a big hurry TO pass it.
Rep. Thurston said that all they
did not know about this bill would
| fill volume. The Ministers do not
give any explanation. Rumors were
around that Mr.. Spreckels wasgoing
to take it, and also that some English
people would take it. Were they
like a lot of sheep being led around?
He thought not. Now was the pro-
per time for the Ministers to state
their policy. 1t seemed to him that
! they had not got any policy at all.
Rep. Brown asked the Attorney
General the object of the amend
ment.
Minister Gibson said that certain
ly matter of this Importance should
receive every consideration. The
Attorney-General Hlhad previously
moved that this bill be postponed
because he (the speaker) was alb
sent. He was only one, but he un-
derstood he was expected to have
something to say on this matter.
He did not intend to make a lengthy
speech then, but wished to say Il few
words in reply to Mr.. Thurston.
That gentleman had not given the
Government time TO express them
selves on this matter. There was n
question before the House of borrow
ing money. At one time it had
been proposed to get along without
doing so. There was no difficulty
in doing that. But while the Gov
ernment were perfectly able to get
along without borrowing a single
dollar, they would then have to aban-
don certain enterprises which were de-
sirable. Although they might have
obligations during the period inter-
vening before the next Parliament
assembled which it was desirable to
meet, still those obligations were
not absolutely necessary in order to
carry on the Government. If the
House decided upon borrowing they
would have to consider from whom
they would be likely to get the mo-
ney. There were two opportunities
presented of doing this-one was
where they already had a creditor,
namely in San Francisco, though it
might be said that this was a do
mestic source, for they were nearly
all local business men to whom the
Government owed q million dollars
of bonded debt. 1t had also been sug-
gested that they should borrow in a
certain foreign market, for which
they would probably have to pay q
higher rate of interest. 1t was fol
the House to consider whether there
would be any advantage in so doing
Their liabilities were at present vir
tually confined to the domestic mar
, ket they had not yet entered upon thu
t foreign market. 1t was proposed te
, borrow little over million dollar
in addition'to n certain amount for .
1 special loan. The measure was tt
: borrow certain amount TO refun(
the old debt shortly due at nine pc
e cent with one to extend over sc
ries of years at six per cent, ant
= thus obtain about 100000 cash ad
$ ditional, The question was whethe
they should undertake these enter
1 prises or let them alone. Their
were some parties willing to lend u
money on certain pledges of th
consolidated revenue of the country
v There were others willing to len
t on no pledge whatever. They wer
e in the position of an individual VIII
G had borrowed money on the strengt
|. of his good name, and then wer
somewhere else and borrowed on hi
d property las security. That woul
certainly damage his first creditc
v and would not be fair. The fir
y creditor would naturally say, civ
d me an assurance that you will nj
# borrow from someone else on til
II pledge OF all your resources. A
al far a he could see there was onl
l. one source-that from which the
# had already borrowed-from whent
If they could be sure of being able I
borrow money. He had heard {
d others, but did not know. N
doubt upon proper representatio
they could borrow in England
l. France or Germany, an amount sui
IS ed to their requirements, only the
had no assurance to that effect sue
IS as would satisfy a business man. A
far as he understood, If the Assem-