The Hawaiian gazette., 1886-08-31

b I'VE bonds of from $50 To $1,000 great many
persons who save money c)uld take bonds 'f 500
but thry could not at 5000 The strength Of n
country Is III having muney borrowed from lis
pc ipe, and not outsiders. 1t would he mnch
better for try to be owing to n thousand Oh
its own people than one outsider. Section says
that the Minister IF Finance may allow n conf
mission not seding i've per centum to any
person syndicate which may negotiate sald
bonds" That would be Il very large commission
small transaction, and in this trans eiion OF
$2,00OOOO would be $l0O,OOO in profit. or n
twentieth of the whole. de Considered one per
ceut. \ iull aud fair commission which would be
S2lOOO. 1t looked rs if there was " Niger In
tue fence" They VT re pay ing liberal rate
of interest, per ce1t free of all taxes. He cou-
sldered a loan absolutely IL cesSary, ana was IN
favor of it.
The bill was now, on motion, taken up section
by sec III for discussion aud action, the first SEQ
ton being re I'd, foil .ws:
section l. The Minister of Finance with the
approval of the King in Cabinet Council. is hereby
ed to Issue coupon bonds of the Hawaiian
uoVernineht OF delonln ition not less than nve
hundred dollars aud in the aggregate not exceed
Ing two millions of dollars III the manner and for
tue purposes i'll this Act stated"
Representative rhurstOn said it would be a
waste of time III considering loan bill Till they
knew the p Iicv of the Government Ii there
anything the Government should have a settled
policy TN, 1t was loan bill. They did not know
where to place them loan. At first the air
WAS full of "iolL," then it went t sleep and they
DID not hear any more. Then they heard that tue
Government did MT think u loan necess iry, AS
they could get all the money they waited. He
had heard from not one, but many persOns al
explanation OF this very chauSefu jlIcy. 1t WAS
that MIR. Spreckels had declared that loan
unnecessary. That seemed very plausible to him
tor nAuy reasons. One WIS I'll It thev had he ,rd
very little from the Minister of Foreign Aft irs
tar de had been rs dumD oyster. But this
Afternoon. during the argument On the subsidy for
Mr. 'preckelI OIL matter of fifty cents, he got
40 i've times 1t Seemed to hun most remarkable
the part of Minister who was supposed to
represent Hawaii interests.
Tue Minister Of Interior said that early in
the esslou the Mi istry were very earnest III
consl ierlug certain local improvements. Thea
4 peri Id of reflection came. cry OF re-
treucumeuI arose, not alone among the Mill
listers. but among other people. Tue country WAS
represented e. be staggering under load of debt.
U .ider the influence of this prevailing mood, he
uAd Iiten to MIR. X. w. Irwin, tneIr agent in
Japan, telling MIN tn 1t the Legislature seemed
tie Opposed to bringing in more immigrants, and
advising hum t. walt awhile until the mind U the
Assembly more deinit ly expressed. He [lhe
speakerl believed that tine Assembly would Oe
dspOseL TO Vote III IRE TOR immigration now IN III
they were then, or even weeks agI; that, IN
stead of tue small appropriation for bringing III
one shipluad, they hit. ON third reading, be
disposed to largely increase he Item. The Gov
ernme 1t Was no re- dy to proceed with the c1n-
Slderatlon Ut this, their own BILL than which NO
other 10 III bill I'd been introduced. He moved to
amend the first SECTION by making the deDomna
ZION uf bonds 500 instead of $500.
Rep elent itive Dole said he Understood that the
Government did not Intend To borrow any money,
nor needed to, rs money could be derived FROM tue
sale of Land and the Postal ) wings BIuk deposits
He thought 1t reason Ible III matter like thls 10
luuk for 4 definite pJcS.
Representative rnurstOn sal ] the Government
had only just st. ted its policy. They could now
discuss whether it WAS deSirabie to effect loan
not He wished to pl CO himself ON record AS op-
pJsed To borrowing money except for tue purpose
of paying of the debt.
The munster of Interior said Sl.0O00O0 was to
extinguish debts. Tue yeru,uent m9lt uot want
To b jrro tn three gu trtrrs of IL mllliod.
Representative hurstUn said tuev could depend
on il tn It this Jverument would borrow ever
dJliar it could get auyhods to lend it.. iu- liter.
After little more Talk. sIHS ARGUMENT the As
selnbIy, at 435, adj Jurned until 10 d. m. the next
morning.