The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-10-01

the credit of the 4lced IN the Treasury to
out for the foil ban Fund and be paid
other: kEing purposes and no
/. To recall ana
at present A-4.ance all bonds
sued under Outstanding, is
Legislature kany Act of the
OF this lOaT briOr to the date
the inter 4 special loan and
special lOi Et accrued
bonds -. and outstanding
.. Encourage ,.,...-..,,1..~.'7 s., 235 900
ton 800. .ent of immigra-
3. Interisla' .....9.....'-.e... 10000
light, cables and electric
4. Honolulu lchahOlulu ... 100 600
;. ImprovTE Water Works ... $1,000
HonoEF ent of the harbOr OF
.. Improve and new WharveS 100000
HOnOl ~snt of the streets of
the hLa,ys I and roadways of
7. New brfe eivs dom .......:..... 10000
8. Purcha@ ages and landings 49,. 5000
.. EXpenS o"s of steam tug Eleu 10000
TottI OF "oa'ing loan etc IOo,O0o
Sect ... ........ ...... 50 900 900
and al fs'S q This Act shall be in force from
Mr. sioo. its approval.
pendf thale moved the rules be
bv it, md the bill read a second time
NJ lie. Agreed to.
gro H-aulukou moved the bill pass to en-
I Laws ent.
nell ~ MIR. Bush said the amendment
as W some explanation. He had doubts
IF sUGA it's propriety, and he hoped the
- would not be hasty in adopting it.
c/M Kalua said here was an amendment
I'd without any reason being given
en- nPt Excellency Mr.. Gibson said that
wv ne and any one goes TO borrow they must
We some means of payment and source
tge alth 1t was very easy to speak OF
~ Sums of money, as $5,O0O,0OO or Sl0,-
II 90. With this country such sums
81 TGg entirely beyond reach, without they
Y orted to such methods as other coun-
p es do, and mortgage all their estates.
4ey were now discussing a loan Act on
4 tide good faith, name and credit of the
Tmuntry Nothing else was required as
/ A4curity but piece OF paper and the coun-
II VS. good name What they proposed to
II o was to reduce their whole indebtedness
WYo 81. 900 900, and have but one creditor.
II Whilst it was desirable for great countries
20 permit the bulk of their people to be
creditors, it was hardly desirable in this
country to have the bonds taken at home.
1t caused some difficulties, and these were
avoided when the bonds were in the hands
of one or two responsible parties Instead
of $3.50, 900 for immigration, it had been re-
next session of the Legislature there would
be ample money for all the requirements
.. OF the Government. On consideration of
| RI the whole matter by His Majesty's Minis
IsIt =, .suI.-. - . Il,
VI TOR were Hardly necessary. This bill uas
4 simply repetition of the one introduced
/ IN May last By this amendment the
! principal bondhoIder could exchange his
bonds, which have been running for three
] years for new ones. They did not need to
9 borrow 100000. Borrowers had to CON
: slider the disposition of lenders.
Mr. Dole said he should like to have the |
bill printed. The explanation of the Min
T lister had not satisfied him. At first tho
Ministers wanted to borrow $3.50 900. then
$2,DO,GOO, and he thought the members
were being led all round the country II
was thought that the loan would be a non
ular one, and placed in the hands of tho
people. Now, the Minister had changed
ms mind, and says the loan should he
! taken abroad. The fact of it was The Gov
( eminent was in the hands of CAPITALISTS
and the House is dictated to as to how the
loan bill should be passed. These capitaI-
lists say the loan Act is not negotiable and
a new one must be made to suit them Mr.
Ihurstons question to the Attorney GEN
eral, Which King do you mean?" was =
very appropriate, he thought He was
ashamed of his country when he thought .
It was controlled by an alien. He was not
willing to do anything to strengthen the
rlyets of the chains around the Govern
ment. He opposed the motion to pass the
bill to engrossment, and moved it be re-
ferred to the Printing Committee. N
Hon. Mr.. Bishop said that when this IN
Act was up before he made some remarks h,
about the difficulty of borrowing, and of
borrowing more than was actually needed ".
There was only one feature in this pro-
posed amendment that struck him with tio
favor, and that was limiting the amount to ma
De borrowed. The amendment which he
the speaker) proposed would do all the vot
rood that this can possibly do, and would not
AVE saved some modification and possibly bo,
ONE money. The whole s., 900 900 was r
proposed TO be borrowed from one person Tho
r syndicate, and the full commission
'ould have TO be paid. There will be A r
'ss at least of $4,000, probably more. mil
bout half of the debt was held by persons q
ere. and now 1t was proposed to take that nos
Il up and place 1t abroad. That was not II
wing any one here a chance. How much II
Ould be taken up here he did not know. tion
eOple here should have chance to take Hqy
e ponds II they wanted them. 1t was a ing
W idea for a public debt. to have one tt
rsOn hold the bonds. 1t was not to anv
vantage to have them held by one or TIL
o parties. tie favored this amendment, ton
far as the limiting was concerned. That reIat
d been his view all the time. But there TIL
re features in the bill which were OBJ was
and the whole thing was hui
liating. TIL
The motion TO refer to the Printing Com those