The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1889-01-22

brains. limo VIII soon prove who |
are the "dupes." | am not afraid to |
congratulate The Hawaiian Tram /
ways Co. upon their prospect of re- /
cCiving more than the entire actual /
cost of the whole outfit, every three /
years during the whole term OF their /
franchise Ohirty years.. \ better in
vestmcnt for our own capital could
not be found, | think, in this coun-
try. ltis the reward OF enterprise,
and while | rejoice in their success
and prosperity, | could not be true
to the interests OF this my adopted
country if did not say | wish we
had had the foresight and enterprise
manifested by Messrs. skinner d
Co. Think OF u city the size of
Honolulu paying $l50,000 in sim
gle year for hack hire and support
ing an outfit OF private carriages
equal to almost any city in the
United States with twice the popula-
ton. Almost any cntcrprising town
in America with population OF
1000 to 5000, can boast of II well
paid horse car system. This place is
as good as II gold mine for such an
enterprise. If there are any doubt
ing Thomases still in our midst they
will not have to live many months
more to he convinced OF this truth.
Now let us consider the Pearl River
scheme" The franchise granted to
the home company for the construc-
ton OF steam railroads on the island
of Oahu is good and valuable one,
though it was something OF Il dam
per upon my enthusiasm to witness
the successful effort of some of our
statesmen in cutting my franchise
down from thirty to twenty years,
and to know that it was their wish to
grant no exclusive right whatever
while in the same session an extern
sion was granted to the London Com
pany for II thirty years right to OK
tend their line through some OF our
| principal streets. While all this was
| anything but an inspiration to wan-
| ing courage, it was accepted for an
honest intent to serve the best inter
est OF the country.
1t was said would only sell the
franchise, that it was impossible to
| get any subscribers to the enterprise
| here. This led me to state through
the press that | would neither sell
the franchise nor seek capital abroad
until the people OF this country had
had an opportunity to refuse to in
vest in the scheme. Barely four
months have elapsed since the fran
chise III question became II law. The
| rails for fifteen miles Of track are or
dcrcd to be shipped this month, and
over half the bonds are subscribed
for. 1t is due TO the courage and en-
terprise of Hon. NJ. p. Robinson that
this work has been SO quickly ac-
complished. Had he not turned
over 1000 acres of valuable land in
fee, $4,000 acres under lease for
| nearly twenty years, and subscribed
| So 300 towards the construction Of
the road, the rails would not have
| January vessel which would have
deferred the construction Of the line
at least four months, and it is posi-
BILE that none oi the subscriptions
which followed would have been
made. Some Of our largest firms
and best citizens have since sub
scribed and more will follow. In
situations which | accepted as Il
| Joke were made to me because native
members OF the Legislature all voted
solid in favor OF giving the Hawaiian
man the franchise. Yes, ! did pro-
mise them something; it was this
and nothing more: that | would do
my utmost to make this Il Hawaiian
Company, and carry il out if posi-
bic to II dollar with Hawaiian cnpi-
tai. That | would try TO secure
sold to the people. That ] would try
to make it safe investment for any
one, and finally, that | would make
the bonds or II portion OF them small
enough so that the native people
with limited means could share
equally with the wealthy foreigner or
white man, in this national enter
prise. Accordingly the company will
issue a part OF the loan, say T25, 900
500, 900, in first mortgage bonds in
denominations of $25 each secured
by the entire property OF the com
pany and bearing interest ut Z per
cent. net.
Now we come to the question ui
the suundness Of the enterprise and
safety OF investment. The following
is II schedule of the property which
will be mortgaged to secure the pay
mcnt Of the bonds
Exclusive right to operate steam
railroad or railroads for the "Pcarl
River line" for twenty years with all
the rights and privileges conveyed
by The special Act TO b. +, Dilling-
ham.
Fifteen miles Of railway with 9Olb
steel rails, ohiN ties, aud lirst elias
equipment of rolling stock including
two American locomotives and nine
teen cars, Six stations and car
sheds hight Of way for railway
Thirty miles fencing in track 2,OiO
acres OF land in fee, perfect title
$4,000 acres under lca,e ion nearly
| twenty ycmsi lG miles new 5-wiro
fencing ruclo,mg the above land
! goo head Ct cttlri 20 head horses
| Tuuninu. uIUlu ,gil land, and Ilu