The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-08-31
II II +
TUESDAY
THE LEGISLATURE.

The Legislative Assembly yesterday |
got through fair amount of work, and |
adjourned at about four o'clock on mo-
ton of the Premier, who was not then
prepared to proceed with the further con-
sideration OF the Loan bill The House
after short debate affirmed that TWO
million dollars should be raised by loan,
but beyond that no progress was made.
The Hon. Mr.. Cleghorn made a reason
able speech outlining an expenditure OF
one million, and 50 far az it went his
position was sound. Hon. Mr.. Bishop
followed in the same strain, and argued
against borrowing more money than was
absolutely needed. To do 50 he said in
iured credit whether public or private.
This is entirely true, but His Excellency
Mr.. Gibson pointed out that such thing
was not contemplated by the Gov
eminent. Ii 81 loan were author
lied for two millions, it would
only be raised as money was re-
quired to carry out improvement works
approved by the Legislature. This is
very usual practice A public loan is
uthorizSd for specific amount, to be
expended on public improvements, and
although syndicate may subscribe for
it all, interest is only chargeable from
the date the money is actually raised
In other words, two million loan may
be floated in bulk, to be raised in install
ments at fixed rate, but interest only
accrues from the time the Government
Il. wi
syndicate binds itself to provide the
cash. This meets Mr.. Bishops objec-
ton, and the only questions left for con
sideration, therefore, are whether loan
of two millions is needed, what rate OF
interest should be paid, and upon what
objects it should be expended.
We have no doubt that two millions
NAV very properly be expended in re-
funding bonds bearing high rate
of interest, and in improvement works; ;
and although we have said that in our
opinion the present is not a favorable
season for borrowing to any considerable
extent, Yeti the Legislature is otherwise
minded, and due care is taken in franz
ing Loan Act, specifying the objects
mon which the loan iig, be expended,
and the conditions which it Is to
ne raised. we see 80. {, cd reason why
such measure nd not be passed.
1t is not an extrayagant loan by any
means, and there il no possible question
of the ability of the country to bear il
without any appreciable burden to the
taxpayers.
The adjournment till to-day was nee
essarv for many reasons, but chiefly be
cause such Il measure should not be
passed without due consideration. The
schedule of the bill needs careful ar
rangcment. There are several votes III
the Appropriation bill which should be
horne upon loan if the Legislature APP
proves of borrowing. This would free
the ordinary revenue from charges fol
tournament works on large scale, and
enable the Government TO execute al
the minor works contemplated in the
AUGMENTATION bill. II it had been de
c;dad that the country should live within
its means for the next two years 1t mlgh
he impossible to give effect to all the ap
Dropriations already passed upon, bu
we have no doubt the Government
would Loyalty observe the spirit and IN
tent OF the law within the means a
their disposal When a loan bill Is Il
he passed, however, its schedule shoulC
relieve the current revenue from th'
charge for costly permanent works. We
are not prepared to say in this relation
what the loan limit should be, but we vii
be agreeabIy surprised if it falls much
short of two millions.
The Appropriation bill was iurthe
considered in committee, and an item
sq.s13 so was inserted for the relief Q
the Grown Land Commissioners, WIN
became liable for that sum under clr
cumstances which are detailed in our re
mort Several bills were called up am
referred to committees, and others wer
either introduced or advanced a stage
Altogether the Legislature manifesto
a greater aptitude for work than we haV
seen exhibited b. it for some TIN
past.