The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1886-08-30
che 5ailg g tllFtin.
THE LEGISLATURE.
DAY. = CONTINUED
FRIDAY, August 9th.

On suspension of the rules the
bill was read a second time by title.
Rep. Kaulukou moved the bill
pass TO engrossment.
Noble Cleghorn gave history of
the bill in the house and before the
committee, and, proceeding, said
the statement of the Minister that
they did not need loan very much
him. He was not OPP
posed to a loan, because he thought
a loan judiciously made and applied
would be beneficial to the country.
The Minister of the Interior had
foreshadowed in the early part of
the session that he was in favor of
loan, but later he announced that he
changed his mind. 1t was a mis-
taken statement the Minister made,
that they would do without a loan.
An old saying was that a wise man
changed his mind, but a fool never.
He thought that bonds not less than
$500 was mistake. There ought
to be bonds starting at $50 and run
ming up to $1,000. In Australia,
France, and nearly all other coun-
tries, loans were taken up by their
own people in small sums. A great
many people could save money
and take up q $50 bond, who
could never save $500. The
strength of country was in having
money borrowed from its own peo-
pie and not from outsiders, and
from many of Its own people rather
than a few large capitalists. 1t was
better that the Government should
owe thousand people at home than
hundred abroad. Section 3 of
this bill ordered commission of
percent to be paid to any person
negotiating the loan. This looked
like a "nigger in the fence" That
would be large commission on a
small transaction, and in this trans
action of two millions would amount
to 500, 900, or twentieth of the
whole. One percent, or $4,000,
would be very liberal allowance.
A man offering . very large bonus
in a business matter made person
suspicious. They were paying
liberal rate of interest, six percent
free of all taxes. He believed that
loan was absolutely necessary, but
he thought the Cabinet should intro
duce, through the Finance Minister,
a bill stating precisely what they
wanted. Such thing as a loan
bill being introduced in Great
Britain by anybody but the Chan
cellor of the EXchequer would not
be thought of. A loan was now
necessary for wharves, waterworks,
immigration, and other urgent
works of Improvement. Japanese and
Portuguese immigration was very
important, having proved great
benefit to the country. To stop
japanese immigration at this stage
would be disastrous. 1t would cause
the Japanese Government to feel
that 1t was being trifed with, es-
pecially after the visit of His Ma
jesty to that country and the send
ing of an envoy there. He thought
the japanese immigration must be
admitted to have been success,
for which the Government deserved
more credit than anything else. He
should like to see the japanese COM
ing here in their own vessels and to
see line of steamers between this
country and Japan. The Japanese
in Hamakua wanted to bring their
wives out, which would be difficult
if immigration was stopped. He
was therefore in favor of reason
able measure and he hoped that,
instead of going into consideration
of this bill, the Government would
bring in new and more reasonable
one. The speaker referred approx
ingly to the work the Minister of
the Interior was doing, in laying the
water pipes that had been lying idle
so many years, whereby he under
stood that the water supply of Homo
lulu would be greatly increased at
an expense of not more than $780,
900. He thought it would not be
wise to spend large sum on water
works. They had spent enough on
engineers from abroad to lay those
pipes. There were able men born
here, as competent as those i'm
ported for such purposes. There
should be special item for deep
ening the entrance to Honolulu har-
Dor, which had always been a pet
scheme of his. If full particulars
were advertised, he believed people
in London or elsewhere wonld come
and do it for reasonable sum, say
100000. He believed in the Gov
eminent substituting one railway,
and only one, and that from Wal
pic to IIilo. Plans and details had
been prepared by an hon. Noble
(Wilder) at great personal expense.
But he was opposed to the Govern
ment going into that job itself.
Rep. Kaulukou moved the house
consider the bill section by section.
Carried.
The first section was read, author
izing the Minister of Finance, with
the approval of the King in Cabinet
Council, to issue coupon bonds of
the Government of denomination
not less than $500 and in the aggre-