The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1893-06-20
THE FINANCIAL STATEMENT,
June, ISs 3.

The weekly financial statement
presented by Minister Damon to
the councils yesterday was not q
surprise to his friends, and will
certainly not be to the public, who
will have read his previous reports.
The showing which the government
is making on each succeeding occa-
sion becomes an earnest for further
improvements; and thus far there
has been no disappointment or ex-
ception.
The argument and figures used
by the minister of finance are con-
elusive, and show that the United
States would not have to make up
a deficit or assume a n ational debt
for which there would be no pro-
vision in case of annexation. Not
only this, but in case of annexation
the revenues for the liquidation of
the debt, at the end of twenty
years, amounting to $6,419, 200
would be greatly increased over
the minister's estimate. Under
annexation the present duties
would be doubled and in most
cases tripled. The amount of i'm
ported goods, other than American,
upon which duties would be col
lected, would also largely increase,
while the expense of collections
would vary but little from the
present rate.
The average for the past five
years of $a2O,96o per year, as
pointed out by the minister of
finance, seems to be a fair and rea-
sonable one. At any rate it is not
at all likely it will decrease in case
of either annexation or protector
ate, as may be granted US in the near
future. But with any stable form
of government established in Ha-
wall, under the direction or with
the consent of the United States, it
is not at all improbable that new
sources of revenue would rapidly
develop, which would throw the
surplus of 1871 200 mentioned by
Minister Damon into the millions.
This is not mere speculation.
Wherever the influence and bust
ness thrift of the United States
make themselves felt, the golden
harvest of success is sure to follow.
The prosperity which followed
the reciprocity treaty can easily be
revived and repeated here with no
other financial magic than the bust
ness methods and public credit
which an alliance with the great
republic will insure. Annexation,
of course, will be the chief factor
of future success. It is not to be
understood, however, that Hawaii
cannot exist without annexation.
That this can be done by economy
and frugality has already been am
ply proved by the example set the
public by the Provisional govern
ment since it came into power a
little over five months ago.
1t is not saying more than truth
allows to assert that by the applica-
ton of strict business methods
and governmental economy the
present administration has snatched
Hawaii from the crumbling verge
of national bankruptcy, and has,
for the first time in a decade, made
financial ends meet. 1t is the
knowledge of this indisputable fact
which has made any compromise
or hint of return to the old order of
things an utter impossibility. None
appreciate this truth more than the
supporters of the monarchy. Had
royalty followed the methods and
policy now being pursued by the
Provisional government, the mon
archy would have numerous friends
instead of a host of enemies.