The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-04-20
Logical Reasons Why II Should
Be Consolidated.
FROM LORRIN A.:THURsTON's PEN
The Lord Helps Those Who Help Them
selves-Money for Public Improve
ments-WaIve Questions of Detail
and Get Money I'm the Best Market.

EDITOR ADVERTISER:-A condi-
ton confronts us. The condition is
that the Republic owes 100000 in
round numbers on the greater part OF
which it is paying per cent. interest
or $4,000 per annum.
a further condition confronting us is
that immediate pressing needs for
roads, wharves and other improve
ments demand the further expendi-
ture of another $1,000, 900 if the prog
ress and development which the coun-
try is capable of is to be accomplished
Where is this money to come from?
The Legislature may put the screws
on to the corporations and squeeze an
extra fee ont OF the BARRIERS, the doc
tors and the lawyers. but the gross
receipts from this source will not make
much OF an impression on 100000
The logic of the situation is that
we must borrow OF go without.
To drop the contemplated improve
ments-the roads through Kona, Puma
and Hilo-the wharves absolutely re-
quired in Hilo and Honolulu by our
growing commerce, means stagnatiOn
and retrogression.
This cannot be thought of.
We hope for annexation and believe
that it will come in due time, but such
belief and hope justify no "Macawber"
tactics.
Waiting for something TO turn up, -
is going to build no wharves, open no
lands, make no roads, and give no
progress in any direction.
The Lord helps those who help
themselves" Sitting still and wait
ing for some one else to do something
never accomplished anything yet and
il never will.
While we should earnestly work for
annexation and cherish the belief and
hope that it will be accomplished, we
should not for that reason relax our
efforts for our own salvation. Like
the old lady who was ready TO die at
any time, but made her plans as though
she expected to live forever, we must
at all times work and prepare for an
nexation but go on with our plans as
though we were to be independent for
all time.
If in carrying out these plans we
borrow another 81 900 900 at per cent.
1t will mean another $4,000 a year
interest, or a total interest bill of
s24O, 900.
What are we going to do about it?
Go along in the old groove paying
6 per cent. without making an attempt
even, TO get lower rate?
The old Gibson regime with its cor
rupt and ignorant inanciering Dor
rowed money at that rate. Can we do
no better?
For ten years we have met the in
terest on our London bonds with not |
a break. Revolutions, changes, pesti- |
lence and difficulties have never caused |
a default in our interest, either at |
home or abroad.
Are we not now in a position to take |
advantage of our good reputation and |
get little better terms 81 None but |
defaulting, irresponsible |
now pay as high as 6 |
per cent. interest on their loans. In |
fact it has been we'll said that it is |
a suspicious circumstance for a coun- |
try to be paying 6 per cent. interest |
on its bonds. Such fact is taken by /
the financial world TO indicate that |
there is something wrong somewhere,
and that the bonds must be of specu-
atiye character. Nothing is so disas-
uOus to national credit as such a
Is it not sound policy under these
to try and cut down
our interest rate?
If we can refund our existing debt
at per cent. we can borrow another
81, 100000 making a total interest
charge of $500 900 only $4,000 a year
more than We are now paying. If we
IAN refund at AZ per cent. the annual
interest charge on 81 ,O0e, 900 will only
be S1SO,000, OF exactly what We are
now paying for the use OF only
8, 600, 900.
Is not this worth working for?
1t is said that we should wait for
.wo years and see what the United
states will do.
The reply is, We want the money
waiting. to see what the United
states or any other country is going to
10, is unworthy of the energy. the
luck and the manhood of this country.
1t is said that if we go to England
or the money it will displease thu
eople of the United States. Very well.
)on't go 10 England if we can get the :
lOney in the United States Don't go
o the United States if we can get the
honey in Hawaii
AS TO "displeasing the American PEG
le'' if we borrow money from England
hen we cannot get it from the United
tates, and use it to develop Hawaii.
'hich draws 81 per cent. of it's in