The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1892-08-23
AFTERNOON SESSION.

L .
Noble Cornwell said he did not pro-
pose to speak upon the merits of the
bill, but he thought it matter of
such Importance, affecting the finan-
cial condition of the country: that the
Ministers should express their
opinion, and define their position re-
lating to it.
Minister Widemann-I am not pre-
pared to express an opinion. There
are arguments both ways. We are
not for or against it. We have been
asked by many to let the bill go back
to committee, and we feel inclined
to vote for such reference. / speak,
believe, for all the Cabinet.
Noble Ena was against the bill from
the beginning, because it provided for
the issue of irredeemable paper. We
import $7,000,0 900 worth of goods, for
which we have to pay in gold. This
we must get at the banks, and ex-
change may go up % per cent. If this
bill passes the price of all commodi-
ties will go up. AS to the ideas of the
member from Hilo about insuring
ones life, that was done simply be-
cause one had confidence in the sound
ness of the company. But this cur
rency was never to be redeemed at
all.
Rep. Kaunamano said that if this
bill passed, man would only have to
pay $3.50 interest for money for which
he would now pay $500. The result
would be that the banks would lose
the difference, $40, and that was the
secret of the opposition to the bill.
The evasive answer given by the Min
lister of Finance a short time before
had simply convinced him that he
was capitalist. He was afraid on
account of the $4,000 he had loaned
out to the Kings estate. Instead of
not paying attention and nodding, the
Ministers ought to pay attention and
have some policy. They ought to be
leaders. This was an important mat
ter. The Cabinet preceding this was
one for which the speaker had great
admiration. They Wee men of bust
ness. There ne yer were so many roads
and bridges built and so m UGH accom-
plished. They were leaders. But
these did nothing except sit with
their feet up like a man bracing his
feet when he is pulling a boat. The
speaker did not want to say anything
disagreeable, but when you were rid
ing horse which would not go, you
in. That was all. He was merely
prodding the Ministry, trying to get
something out of them.
Noble Kauhane said the bill pro-
vided for the borrowing of money by
small landholders, to enable the start
ing of small industries. The sugar in
dustry was not started in this way,
but by enterprising men who believed
it would pay. Would not this bill re-
suit in the natives borrowing more
recklessly than ever, squandering
what they had and having a good
time for while, with the final result
that they would lose all their lands.
The member from Hamakua said the
bill was contrary to the interests of
capital. Very well. The House was
not here to injure the business of the
country. If we crippled industry, we
would only hurt ourselves. The coun-
try owed large sums in gold to foreign
bondholders. By and by those bonds
would come due, and what would they
be paid with. This bill would have
driven oil the gold out of the country
II real estate were sold to pay the
bonds, what would people pay for the
real estate with? With this same
paper money. He might be mistaken,
but he feared that that would mean
the eud of Hawaiian independence.
Rep. Kanealii said the only question
in his mind was whether we had the
legal authority to issue this paper. If
SO, he favored the bill.
Rep. Wilder said that he thought it
was high time to come to a vote now;
the business had been before the
House now for some time, and for the
last six weeks he had studied the bill,
listened to arguments pro and con,
and had vainly tried to find something
good in it. He could not say, as the
Minister of Finance had, that his
mind was not made up. His mind
was fully made up. He was, like
Noble Maefarlane, opposed to it first,
last and all the time. There was no
good in the bill; it was full of evil.
The fact that there is no provision for
redemption in the bill is enough to
condemn it if it had no other fault.
He respected the introducer, but
thought his views were most vision
airy. He did not believe in the views of
the memberfrom the Third Ward, who
he knew and could appreciate for his
intelligence, and who had spoken in
favor of this bill. He was we'll satisfied
that the member did not believe what
he had himself said. The member
from Hilo (Nawahi) had said that the
Hawaiians had but little knowledge
of the mysteries of finance. He had
listened to that member for. one hour
and a quarter on Friday, and for an
other hour and quarter to-day, and
from what the member had said he
was well prepared to believe that he
at least knew nothing about finance,
(laughter) and therefore believed he
told the truth. Comparison had been
made with the issue of the American
greenback. That was unfair. The
greenback had been issued as q war
measure; the United States had found
themselves in contact with gigantic
position. They had to raise money
Immediately to meet the daily eX-
pense of the war. No other country
could have gotten round this state of
things; the speaker produced 4 twenty
dollar greenback and read that the
United States promises to pay twenty
dollars. That meant twenty dollars
in gold or silver. This greenback pays
all debts public and private except
custom duties and interest on the pub
lie debt. There they were like the
Hawaii of to-day, but they made pro-
vision that the custom duties should
be payable in gold, and that was for
use in payment of the interest on the
public debt. With all its great re-
sources and all the confidence of the
wealthy North, the Government could
not keep that paper at par with gold
for one day; it decreased in value until
1T was only 40 per cent. in its value.
For ten years it was never at par. No
one ever got dollars worth for a
dollar paper; the prices had increased