The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-08-28

two millions of dollars, in the manner AM
for the purposes in this Act stated
Mr.. Thurston said il would be waste O
time in considering a loan bill till the,
knew the policy OF the Government
there was anything the Government SHOULD
have q settled policy on il was a loan bill
They did not know where TO plac,
them on loan. At first the air was full
of loan" then it went to sleep and they
did not hear any more. Then they heard
that the Government did not think a loan
/ necessary, as they could get all the money
! they wanted. He had heard from not one
! but many persons, an explanation OF this
/ very changeful policy. 1t was that Mr.
/ Spreckels had declared that loan was un-
| necessary. That seemed very plausible
/ 10 him for many reasons. One was that
! they had heard very little from the Min
| lister OF Foreign Affairs so far. He had
| been as dumb as an oyster. But this after
noon, during the argument on the subsidy
for Mr.. SpreCkels on a matter of fifty cents,
he got up five times. 1t seemed to him
most .emarkable on the part of Minister
who was supposed to represent Hawaiian
interests. 1t simply gave a semblance of
truth to the reports regarding that Minis
ter. There was no use in talking about
a loan unless the Ministers announced a
definite policy. The House was entitled to
have that policy laid before them.
His Excelency Mr.. Gibson said that Mr.
Thurston once made calculation that
their time cost over $50 an hour, and he
was just wondering how much Mr.. Thurs
ton had cost during the ninety days they
had been in session.
Mr.. Thurston said he would like to know
how much the Minister of the Interior had
cost.
His EXcellency Mr.. Gibson said that Mr.
Thurston had been giving them street
talk of supposed Government influence
What business had he with street talk?
He ranted and raved on matters about
which he had no information. He remem-
bers talking to well-informed persons, but
his rant had no foundation. In answer to
the Hon. Mr.. Cleghorn, he said ne had not
changed his mind on this subject. If he
had done SO he should have moved the
withdrawal of this bill. But the bill was in
regular order and was now up before
the House Early in the session the
certain local improvements. Then period
of reflection came. A cry of retrench-
ment arose, not alone among the Minis
tiers, but among other people. The coun-
try was represented to be staggering under
load of debt. That was the description of
their condition, notwithstanding that one
item of their assets (the Water Works.
would bring in the market sufficient to pay
off all the debt. There was a message
from the King, recommending retrench-
ment, and for a time the Assembly was in
a very economical mood. Under the in
fluence of this prevailing mood, he had
written to Mr.. r. w. Irwin, their agent in
Japan, telling him that the Legislature
seemed to be opposed to bringing in more
immigrants, and advising him to wait
awhile until the mind of the Assembly was
more definitely expressed. He (the
speaker believed that the Assembly would
be disposed to vote more for immigration
now than they were then, or even six
weeks ago; that, instead of the small APP
preparation for bringing in one shipload,
they might, on third reading, be disposed
to largely increase the item so as to bring
in three or four shiploads. The course of
the Government was not due to the dicta-
ton of the conference.-the good friend of
this countrywide had been referred to.
Mr.. Spreckels had told him, about the
time he introduced this bill, that he
thought it was advisable for the Govern
ment to borrow money, and he believed
that the whole amount could be obtained
in San Francisco. The Government was
now ready to proceed with the considera-
ton of this their own bill, than which no
other loan bill had been introduced. He |
moved to amend the first section by max
ing the denomination of bonds 500 instead |
of $500.
Mr.. Thurston, in reply to the Minister of
Interiors reference to his waste of time, |
said he would be willing to put the amount |
lost by the waste of time by the Minister |
on top of what was lost by himself, |
and the Minister could take pick and |
shovel and would not get at the speakers |
pile if he dug for week.
Mr. Dole asked the Minister of the In !
terror if he or the Cabinet favored a loan !
act
His Excellency Mr.. Gibson said he intro |
duced the Act under consideration with |
the intention of supporting it.
Mr.. Dole-Do you favor that Loan Act |
now?
lis Excellency Mr.. Gibson-I do favor
ii with considerable amendment, more
perhaps than / should have made two |
months ago.
Mr.. Dole said he understood that the
Government did not intend to borrow, nor
needed to, as money could be derived from
the sale of land and the Postal Savings |
Bank. He thought it reasonable in a mat
ter like this to look for a definite policy. !
They could go on section by section and |
the bill, knowing the Governments /
policy was in favor of a Loan Act.
Mr.. Thurston said the Government had |
only just stated its policy. They could |
now discuss whether 1t was desirable to eff /
feet loan or not. He wished to place |
himself on record as opposed to borrowing |
money except for the purpose of paying off |
the debt. If they borrowed 81, 100000 at 9 |
per cent they would have to pay at the next /
session $240. 900 for interest.
His Excellency Mr.. Gibson said 81 900, 900 |
was to extinguish debts. The Government |
might not want to borrow more than three |
quarters OF a million.