The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-27
NO BONDS SOLD HERE.
Minister IhWrstOn Explains the Finan-
ciGL Standing of HaqCaii.

Minister IhurstOn Explains the Finan-
ciaI Standing of Hatcaii.
WASHINGTON, Jan. 26-Minister Thurs
| ton was seen to-day relative to the state
ment that the Hawaiian Government was
selling bonds in this country at 25 cents on
the dollar for the purpose of influencing
feeling in favor of annexation. Mr.. Thurs
ton made the following statement:
There is no more possibility of such a
thing being done by the Hawaiian Govern
ment than the United States Government.
By law the Hawaiian Government can
borrow money for two purposes only-viz. /:
First, to pay postal savings banks depositors
in case the treasury is unable to meet the
demand; second, for the purpose of con-
structing certain public improvements,
such as war vessels roads, bridges. harbors
and public buildings, which, together with
the amounts to be spent for each, are spec
flied in the several acts authorizing the
loans. So far from there being trouble con-
corning financial matters, the provisional
Government was and the republic now is
stronger in that department than in any
other. The continuous balance in the
treasury has ranged from 100000 to
$500, 600.
aft it were true that the royalists had
not paid their taxes it would make no ap-
preciable difference to the. treasury, as the
amount which they pay is very small. As
a matter of fact, however the royalists
have nearly all paid their taxes, the delin-
quents being no greater in number or
amount than usual.
"As to selling bonds in this country at
twenty-five cents on the dollar, there is not
shadow of truth in either part of the
statement. In the first place the several
loan acts prohibit the issue of bonds at less
than ninety cents on the dollar, and in the
second place the Government has sold no
bonds over in this country, as it has Dor
rowed all the money it needed right in
Honolulu at and per cent the bonds
being sold over the treasury counter at
par, no discount or commission being paid
or allowed to any one.
'"The net increase of the debt for the
fiscal period ending March 81, 1894, was
5000, 298, all of which was expended on the
public works specified in the several loan
acts. Not only has the Government not
been obliged to borrow money for its cur
rent expenses, but it had such large sur
plus on hand from current receipts that it
advanced from the current receipts in the
treasury to the loan fund accounts the
sum of $50, 493, which was expended on the
specified public works, and also met run
of over 100000 on the postal savings
bank. At the end of that period new de
positors had reduced the amount so adj
vanced from current receipts to the postal
savings bank to $219, 402.
''The net financial result of the period
may be summarized as follows: The Gov
eminent has paid all current expenses,
has built public works authorized by the
several loan acts to the amount of $289, 600,
for which it borrowed in round numbers
only 100000, the remaining sum being fur
nished from current receipts, and paid all
bonds and treasury notes maturing during
the period, amounting to S35, 600; has paid
all maturing interest on bonds, amounting
to $4,000; has repaid to postal savings
bank depositors the sum OF S219, 600; has
deposited sinking fund to meet bonds
maturing in the future the sum of $24,-
775; and closed the period with $3.50, 229 in
the treasury.
1.-THE Government is now installing a
pumping plant and additional water mains
in Honolulu, to the amount of about $780,
O00. All of the pipe and machinery were
bought in this country. 1t is also building
a series of wharves from 300 to 600 feet in
length to accommodate the large steamers
now running to Australia and Japan"