The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-01-15

vate station where ne could NOT do any
possible harm.
On August 7, 1874, an Act was APP
proved authorizing the Government to
borrow 81 900, 900 at a rate not exceeding
Z $40 per cent interest. This law was re-
pealed by the Act of September 26, 1876,
two years afterwards, and on the day
following, September q, 1875, a loan
Act authorizing the borrowing OF $500, 600
at 9 per cent was approved. The Act Of
August, 1874, was the only law which
provided for the issuance of per cent
bonds, and as it had been repealed nearly
six years before the present Administra-
ton took office, how in the name of the
intelligent Finance Committee of the
Chamber of Commerce and Mr.. ]. o.
Carter, was it possible for the Gov
eminent either to hawk such bonds
around the street or sell them to pay
maturing per cents? The idea is pre-
posterous.
We have thus demonstrated the entire
falsity OF Mr.. Carter's position, and the
misleading nature of his criticism. He
should know better, however, and there
is noexcuse for gentleman Of his expe-
rience in Hawaiian affairs committing
such a blunder. 1t is valuable in one
way, however. 1t illustrates the danger
of entrusting important public functions
to a man who is so reckless of his facts
and careless of the public credit, because
it was not the Gibson Administration Mr..
Carter attacked in his letter and speech.
1t was the national credit which he en-
deavored to show stands at as low an ebb
now as it stood during Mr.. Bishops
Administration, when the American Adj
miral on the Pacific Station reported to
the Secretary of the Navy at Washington
that the Hawaiian Government of that
day [''the present Government" were his
wordsl was on tn verge of bankruptcy.
Touching the allegation that ga con-
siderable sum of the per cent bonds
have been illegally extended" we have a
word to say. AS already shown the
| issue of per cent bonds was limited to
100000 by the law of September 81,
1874. These bonds are payable at the
date expressed on their face, or at a
period not exceeding twenty years from
the passage of the Act. OF these bonds,
$4,000 became payable September l.,
1884. They were part of the assets of
| the James Robinson estate, and by a
mutual arrangement between the trus-
tees of that estate and the Government
they were continued. This is the trans
action which Mr.. j. o. Carter character
lied as an ''illegal continuation" and
from which he draws the injurious and
unjustifable conclusion that the Gov
eminent cannot be trusted to meet its
engagements to the public creditor as
they mature. We are not prepared to
argue the point of law involved in this
continuance, but We are fully satisfied
that the facts do not warrant the inher-
ence which Mr.. Carter draws frOm it.
With regard to the 6 per cent loan OF
1882 no one kJeows better than Mr.. Car
| ter and his friends why it was not all
raised and the intentions of the Legisla-
t1re carried out. He had no small share
I in the partially successful attempt
made by the Opposition to pre-
vent this loan being placed-an attempt
aimed at the public credit and engi-
neered in way which reflected any
thing but honor upon any of the parties
to it. That law expired August 5, 1885,
and there are therefore no per cent
bonds available for sale any more than
4 there are the mythical per cents, which
Mr.. Carter says the Government was
hawking round the streets.
The Government reissued $50, 100
school bonds as required by law, and
this is the further borrowing" upon
which an ill-informed Opposition news
paper commented the other day, in. its
notice of the quarterly Treasury state
ment.
And now let us say word personal to
ourselves. Mr.. Carter defends his allu-
sion to the private affairs of "the unfor-
tunate Kunuiakea" in the following
terms: GAS retort 1 may be per-
mitted to say that it seems to me, and te
some others, to be in bad taste to be sc
repeatedly taking Colonel Spreckels by
the coat collar and posing him before
this community as the only public bene-
factor we benighted Islanders have ever
had"
Does it rot occur to MIR. Carter that this
is very like sneaking out of an unpleas-
ant position. There is only one way o.
| making amends for the offense which he
committed, but Mr.. Carter has moi
chosen to take it. On the contrary, he
SAYS that his allusion to the private