The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-10-13

{ incurred
nor any bonds issued prior to the maturity
! of the bonds issued hereunder, unless pro
vision be first made for the payment oil
/ bonds issued under and in accordance
| with the provisions OF this Act"
/ Mr.. Kaulukou moved the amendment
pass.
Mr.. Nahale movedit be indefinitely post
Poned.
Mr.. Aholo moved the further considera-
ton of the bill be deferred until Wednes-
day This was new amendment brought
in. Perhapsit had been considered by the
Ministers, but certainly not by members.
The loan bill was hurried through the
House, and it went of. and now the Min
listers come in with an amendment TO it.
They ought not to be in big hurry to
pass it.
Mr.. ThurstOn said that ali they did not
know about this Dill would fill volume
The Ministers do not give any explanation
RumOrs were around that Mr.. Spreckels
was going to take it, and also that some
English people would take it. Were they
like lot of sheep being led around2 He
thought not Now was the proper time
for the Ministers TO state their policy. 1t
seemed TO him that they had not got any
policy at all
Mr.. Brown asked the Attorney General
the object of the amendments as he was
rather cloudy on the question.
His ExceIlency Mr.. Gibson said that
certainly a matter of this importance
should receive every consideration The
Attorney General had previously moved
that this bill be postponed because he (the
speaker was absent. He was only one.
but he understood 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 few words in reply to
Mr.. ThurstOn. That gentleman had not
given the Government time to express
themselves on this matter. There was a
question before the House of borrowing
money. At one time it had been proposed
to get along without doing so. There was
no difficulty in doing that. But while the
Government we're perfectly able to get
along without borrowing a single dollar,
they would then have TO abandon certain
enterprises which were desirable. AL
though they might have obligations during
the period intervening before the next Par
Lament 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 con-
slider from whom they would be likely to
get the money. There were two Opportu-
mites presented of doing this-one was
where they already had a creditor, namely,
in San Francisco, though it might be said
that this was domestic source, for they
were nearly all local business men to whom
the Government owed million dollars of
bonded debt 1t had also been suggested
that they should borrow in a certain for
eign market, for which they would proba-
bly, have to pay a higher rate of interest.
1t was for the House to consider whether
there would be any advantage in so doing
Their liabilities were at present virtually
confined to the domestic market; they had
not yet entered upon the foreign market.
1t was proposed to borrow a little over a
mi. ion dollars in addition to a certain
amount for a special loan. The measure
was to borrow certain amount to refund
the old debt shortly due at nine per cent
with one to extend over q series of years at
six per cent, and thus obtain about $780,
900 cash additional. The question was
whether they should undertake these en-
terprises or let them alone. There were
some parties willing to lend US money on
certain pledges of the consolidated revenue
of the country. There were others willing
to lend on no pledge whatever. They were
in the position of an Individual who had
borrowed money on the strength of his
good name, and then went somewhere else
and borrowed on his property as security.
That would certainly damage his first cred
itor and would not be fair. The first cred
itor would naturally say, give me an as
surance that you will not borrow from
someone else on the pledge of all your re-
sources. AS far as he could see there was
only one source-that from which they
had already borrowed-from whence they
could be sure of being able to borrow
money. He had heard of others, but did
not know. No doubt upon proper repre-
sentation they could borrow in England,
France or Germany, an amount suited to
their requirements, only they had no as
surance to that effect such as would satisfy
a business man. As far as he understood,
if the Assembly wished to have carried
out the large number of enterprises on the
Appropriation bill they would need
over million beyond the expected reve-
nue., which, it is understood, will be pro-
vided by law. If the Assembly means to
carry them out it must borrow money, but,
he said again, that if they chose to let
alone those enterprises and confine them
selves to the ordinary expenses of govern
ment, then they could get along without
borrowing a dollar. For his own part, he
did not think it desirable to drop immigra-
ton and certain other things. Therefore
it was desirable to borrow. AS regarded
the motion to postpone, he had no objec-
ton to that, provided that nothing essen
tial were added to the bill except this one
important condition that represents the
interests of the lender-that there shall be
an assurance that they would not borrow
elsewhere on security, because the next
Assembly could repeal this law That
is, that it will not take the
money from this lender without
making provision for the future,
ried out, that there shall be no security
given elsewhere to hurt his interest, 1t
was not of vital interest to borrow money
in order to live. There was nothing more
pressing than any business might have,
nothing to cause apprehension. Consider
Ill IL