The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1890-09-30


ported in advance of requirements
to evade payment of the new duties.
The Secretary of the Treasury has
paid years interest on bonds in
advance and is buying up all the 4
percents offered at a heavy pre-
MUM. The action of Secretary
Window has been condemned in the
Senate. Many conservative bankers
have protested against paying out
public money to aid speculation
They contend that the panic is pure
ly artificial, and has been gotten up
10 the interest of q handful Of cap
italists and corporations who hold
bonds. Fhe United States Treas.
ury has been used ny the Admins
tration to enrich these capitalists at
the expense of the nation. The
Assistant Secretary of the Treasury
goes further and says that the bond
holders will be able to buy back
about $40, 10000 bonds in few
days and clear between and per
cent Oh the operation. Senator
Sherman says the crisis was purely
fictitious. BE this as it may, and
there is the strongest presumption
that it is true, the fact remains that
the Tariff Bill has created unusual
stringency in the money market
East, before its passage. If the
bare anticipation of such legislation
can so injuriously affect the none.
tary interests of the country what is
the reality likely to be? This can
only be demonstrated by the working
of the new schedule of duties.
There does not appear to be much
comfort in all this for the Islands
planters. Blaine's proposal would
undoubtedly benefit them, because
it would enable the bulk of this sea-
sons crop to I've marketed under ex-
listing tariff and treaty conditions.
But this is hardly probable, if the
Washington dispatch noting ac-
quiescence in Aldrich's amendment
is correct. There would be free
trade in sugar with all the world
until the President, by proclamation,
should impose duty upon the sugar
product of non-reciprocating coun-
tries. A settlement will probably
be reached by Monday or Tuesday
next.
In regard to the continuance of
the Australian mail service, Post
master General Wannamaker saw
the Importance of the proposals
made by Mr.. Creighton, Agent for
the New Zealand Government, and
telegraphed that he had submitted
his dispatches TO Congress and
awaited authority to act, adding
that he hoped to be able to comply.
Mr.. Creighton cabled this reply to
New Zealand while the House of
Representatives was considering the
California mail service, against the
continuance of which strong effort
was being made in the interest of
the direct steamship companies. The
House thereupon resolved to renew
the service of another year, and in
vited New South Wales TO contri-
butte to the subsidy; but it is not
likely that it will give any money to-
wards it. Meantime the Hon. MIR.
Bingham, chairman Of the House
Committee on Post office, etc.,
promptly reported joint resolution
from his committee authorizing the
Postmaster General of the United
States to contract for the transpor-
tation of the New Zealand mail at
reduced rates across the continent.
In addition to the JOINT resolution
looking to the removal of the over
land charges, which now average
about $4,000 year, Mr.. Bing-
ham has just submitted the report
of his committee on the Ocean Post
al Subsidy Bill. This is the strong
est argument in support of the bill
that has yet been made. The pros
pect is therefore very favorable for
, Congress passing both the Tonnage
, and Postal Subsidy Bills, as we'll as
the joint resolution favoring New
Zealand, during the present session.
, Honolulu and the Islands generally
will participate in the direct advan-
tages arising from this ocean postal
r service, and would have been Sc
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