The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-08-31

sides that, there was the Hawaiian PoSta
/ Savings Bank, which would bring in 500.
COO year, and the japanese fund would
/ also bring in Il large amount Il it VA,
/ shown the loan was wanted. and
it was to be judiciously used. Ia,
! Government could get all the
money that was wanted. Since the
I first 81 900 900 loan, about 81 800 900 had
! been sent away by Island people and
/ vested in foreign securities, and they had
/ not got six per cent Ii they borrowed
from people here the interest IS paid 70
them. II borrowed from abroad the inter
/ est goes abroad. There was not 81 country
that had burroWe ed from abroad but had
got into trouble. He stood up for the good
of the Hawaiian people, the dignity Of the
Crown and the general prosperity of the
people If il was shown that $2,UOO. OOO
could be spent judiciously he would vote
for it. Section says. To recall and can
eel all bonds lawfully issued under any
prior acts of the Hawaiian legislature -
Why should they recall them; they are out
at six per cent. 1t was optional whether
the owners would give them up or not.
Under section ) a commission OF Ave per
centum Is allowed to any person or syndi-
cate which may negotiate the bonds. Some
one here wants TO make $4,000, nice lit
tie sum. 1t was easy To borrow, but hard
to pay back. He asked the members TO
think little and not vote bIindly.
Mr.. Castle moved that section | be in
definitely postponed He would say right
here that he was not opposed to a loan if it
were spent for proper purposes. If they
had Loan bill it should be pretty well
guarded.
The motion to indefinitely postpone the
section was put and lost.
Hon Mr.. Bishop said it seemed To him
that the Hon. Mr.. Cleghorn had given
good reasons that this first section should
not be passed without amendment They
had been told a loan was not wanted; but
to-day it seemed that it was wanted.
smaller amount would he required for i'm
migration and Water Works, and leaving
out other things, would bring the amount
to less than $l000,0O0 1t was never
yse to to RI orEE@ 6%r,,,.
damages credit, whether public or private
More than half of the 81 ,OO0. 600 would not
be wanted without they took up outstand-
ing bonds. They are out at the same rate
of interest as proposed in this bill. He
referred to the six per cent bonds Ac-
cOrding TO the Finance Report there was
outstanding $725, 400. 1t had been said
they were not going to borrow all at one
time. Last sessions bill was 81, OOO, 900,
but Sl,OO0,000 could have been obtained in
gold if there had been any appearance of
economy on the part OF the Government. !
These extravaganza appropriations would !
hurt the Government. A 81 600, 900 |
loan would more than cover all |
the items in the bill, and those old |
bonds running at nine per cent should be |
taken up. The japanese and the Savings |
Bank funds will be large. As there would |
be no gain in picking up the six per cent |
bonds outside, he was in favor of 81, OO0. 900. |
Mr.. Thurston said he had been patiently /
waiting to hear what the Ministers were
going to do.
His EXcellency Mr.. Gibson said al
though authority might be asked for the
Government to raise $2,OOOO 900 by way OF
months they would not want more than
$500, coo or 500 900. Neither he or his col
leagues, or indeed any Government would
ever think of raising money when it was
not needed and paying interest on it, But
when the Legislature sanctioned expen-
iiture for certain works the Government
should be III position to raise the amount
@ complete them from time to time In
crest of course would only be PAYABLE
no -
money would not be borrowed unless it
vas actually required for works under
by the Legislature There
ore the argument that an authorization
or $1,000 900 loan should not be
'assed because the Government might be
aging interest upon money which could
Ot be used, was without any force; in
Their words. although the Government had
n authorization to borrow $1,000, 900 it
Ould only be raised in sums as required
0 carry out the specific appropriations by
ne Legislature.
The motions to pass the amount at ST.
1000 and 100000 were put and both lost
The section passed as amended, and
aads as follows:
Section l. The Minister of Finance, with
lie approval of the King in Cabinet Coun-
|, is hereby authorized to issue coupon
)nds of the Hawaiian Government of a /
nomination not less than one hundred a
Dllars and in the aggregate not exceeding
20 millions of dollars, in the manner and
r the purposes in this Act stated.
His Excellency Mr.. Gibson said that as
: and his colleagues were not fully pre-
lred to present their views this afternoon,
! moved the House adjourn to 10 O'Clock
lesday morning.
The House adjourned at :05. 2