The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1896-03-27
MR.. DAMON ON THE FLOOR
ADDRESSES THE sE;ATE oS ma
TIONAL FINANCES.
As Banker and Treasurer Bishop
n Co. - The situation Loan
Act

Following is the address of Min
lister Damon to the Senate today:
= think it is we'll sometimes that
the Minister of Finance should
come before the Senate, as the pro-
per authority to whom the Consti-
tuition especially committed the
presentation of financial matters,
and state the position that the
Government is in financially. Es-
pecially at this session when there
are so many matters before it COM
ing from the Treasury, for instance,
the Act, which has been passed
granting the Minister of Finance
facilities for carrying on the Cur
reIt Account; also the Tax Bill,
the Loan Bill and the License Act.
There is so much that pertains to
the Treasury i'll consideration of
these various matters | thought it
might be well to give you a short
statement of our present position
and let you know how the Treas
ury stood this morning.
The question of whether the Re-
public is safe in its financial stand
ing, | think, is past. The crisis,
you might say, connected with our
monetary affairs, has gone by. The
Republic has proved its ability to
meet its requirements. The people
have signiiied their willingness to
bear additional taxation that the
public interests may be fostered
and the public works carried OH.
As far as the public works are con-
cerned think we can look ahead
with assurance that we have passed
through the critical period and are
now on better ooting, | place
this assurance on the fact that
the people themselves, since
the Republic was established, have
subscribed for our bonds in an
amount Of nearly six hundred
thousand dollars. In addition to
that, the Postal Savings Bank from
position in which it was strug-
Cling 10 meet its liabilities has
grown until now it has in addition
to the sum of Of $50, 600, required
by law, a surplus OF S2I 900. The
Loan Fund also has a surplus TO its
credit of "a, 900.
The point to which | refer now
specially is our current account.
The current account shows this
morning, cash on hand SIoo, 600,
On the last day of this month we
will have to meet the bills for sal
aries and pay-rolls, which under the
present appropriation bill amount
to about $50, 600. Under the new
appropriation bill it will amount
to about 1888, 900. There will be
interest due on the Ist of April
amounting to S24, 900. This is
interest on the loan of 1898, insti-
tuted by the late Government and
approved by this Government. In
terest is due on this loan on the
first days of April and October.
The interest on the different loans
is scattered through the rest OF the
year, the principal payments of in.
terest being due OH the first day Of
January, April, July and October,
AS | said the interest on the first Of
next month will amount to S24,
600, which will make a total o.
SIo4, 900, which will leave us g
small margin. There are a few
days left in this month to swell the
amount, but we have enough tC
meet this months liabilities.
In the early part of April | pro.
pose to meet our January bills, anC
if the situation in the treasur,
should not warrant it ! propose tC