The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1892-03-05
TREASURY BALANCES.

Oen Tue AUNeIJlSeT dJtIdClS Ju6
attention of hungry eyes like its own
to balances in the treasury which it
believes should be expended to the
last dollar, it should be specific and
state what those balances are while
showing how it is in the public inte-
rest to have them expended. "The
money is in the treasury and the bal
anCes are on the books" with charm.
ing naivete remarks the Advertiser.
Without waiting TO investigate the
true state of affairs there are several
observations that naturally occur in
response to this remark of the Adver-
tiser. Some of the balances are
doubtless, like that for dredging the
harbor entrance, going to be ex-
pended in due time. Others are
bound by conditions III the Appro-
priation Act which preclude their ex-
penditure except in cases of unfore-
seen emergency. Some, again, are bal
ances of excessive appropriations, in
the cases of which pledges have been
given to the Legislature, that, in the
familiar phrase, eff the money is not
all needed it will not all be spent. :"
Not to go any further than such cases
as those just mentioned, enough is
therein found to account for balances
of a large aggregate amount. The
country could not approve of the
cleaning out of these balances,
which would mean the starting out
in the next period with bankrupted
treasury.
1t is well-known that the appro-
priations made by the Legislature
were far in excess of the highest
estimate of revenue. This is one of
the evils of the old regime which,
unfortunately, has been perpetuated
under the new Constitution. 1t is
due to very imperfect realization
of the principle of Ministerial re-
sponsibiIity. No Ministry since the
constitutional change has had the
courage TO make a financial budget
and stick to it in the face of the
Legislature. The Legislature has
taken the bit in its mouth and, by a
system of mutual log-rolIing by re.
presentatives of different districts,
doomed appropriations up to an
aggregate away above high-waler
mark of the revenue. In addition to
working on borrowed money, the
proceeds of several direct loans, the
past two Legislatures have author
lzed the borrowing of the savings of
the people from the Postal Savings
Bank. Thus large home as well
as foreign debt has accrued, so that
the interest bill of the country alone
is now something formidable. This
interest as well as the principal it
must be the aim of wise financiering
10 meet whenever any part of it be
demanded.
The people through several party
channels have at every election aimee
June 30, 1887, demanded economy as
one of the cardinal points in the ad-
ministratiOn of affairs. The Legis-
latureS elected by them, however,
have adopted the economical princi-
pie with their tongues while rejecting
it with their show of hands. 1t is all
the more the duty of patriotic
press, therefore, to steadfastly direct
the public eye TO the polestar of econ
omy. This country cannot afford
the paternal policy of expending
money simply to furnish work for the
unemployed. 1t must be just before
it is generous. The inconsiderate
scattering of treasury balances on
socialistic theory would be an act of
menace to the nations creditors.
Even in the case of necessary
services, at this closing stage of
the financial period, conservative
administration of remaining reve-
nues should be endorsed by pub
lie opinion. While there may be
balances of some items, even to an
aggregate of hundreds of thousands
of dollars as the Advertiser says,
there are at the same time balances
against the treasury in other items.
These latter should be paid just as
soon as the Legislature can vote the
amounts, but if the treasury be
cleaned out now, as foOlishly advised,
the creditors of the Government will
have to walt many months for the
settlement of their claims. If hun