The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1896-03-20
Work in the Senate Yes
terday.
COMMITTEE WORK IN HOUSE.
from Hilo ctive-Reassessment of
Property-ProvidinR for Improve
ment of the Deleterious Land.
Twenty-third Day.
THURSDAY March Is

Every member of the Senate was
present when that body began the
business of the day.
President Wilder announced that a
communication had been received from
the House to the effect that the bill
relating to the sale of foreign newspa-
pers had passed the third reading and
was transmitted for the consideration
of the Senate.
The Printing Committee reported
copies of the bill to consolidate the
license laws; also Senator Holstein's
bill to amend the law on contested cleo
tons.
Senator Baldwin submitted the Act
making Kealakekua, Kailua, a port Of
entry, with the report Of the Commit
tee on Commerce.
Senator Brown, from the Committee
on Passed Bills, reported that the joint
resolution on the shortage of the
Marshal's office, and the House bill re-
lating to a certain class of leases, had
been placed before the President.
The special committees on opium and
tax-law revision asked for further
time.
Senator Holstein introduced bill
for recodifying the Civil Code by a
commission of three. Referred to the
Printing Committee. Senator Holstein
also introduced a resolution to pro-
vide the Senators with copies Of the
session laws, to be returned at the
close of the present session. Passed.
Senator Browns bill licensing the
manufacture of alcohol from island
products was read and referred to the
Printing Committee. He also intro
duced the bill to reorganize the Judici-
airy Department.
Minister Damon's answer to Senator
McCandless' questions on taxation was
submitted in writing, The Minister
said he would read the figures if the
Senate desired. On motion of Senator
Brown the figures were referred TO the
Special Taxation Committee without
reading.
Public Loan Bill.
Minister Damon introduced four
measures, as follows: An act to author
ize the consolidation of the public debt
of the Republic; an act to define and
limit the powers of the Minister of
Finance; an act to provide for public
loan. and an act to authorize the Min
lister of Finance to negotiate certain
bonds.
The act to provide for public loan
empowers the Minister of Finance,
with the approval of the Executive
Council, to issue the usual interest
bearing bonds of the Republic from
time to time, to an amount not to eX-
ceeed in the aggregate 100000. No
bonds are to be issued except in pur-
suance of an act of the Legislature au
thorizing the issue. All bonds shall be
issued as the Executive Council may
deem expedient, shall bear per
cent. interest, payable semi-annually,
and shall be redeemable at such date,
of issue thereof, either by operation of
of issue threof, either by operation of
a sinking fund or otherwise, as the Min
lister of Finance for the time being, with
the approval of the Executive Council, |
may determine. All bonds shall be ex-
empt from taxation.
The denominations of the bonds, cur |
rency, place of payment of principal and |
interest, and period and method of re-
demption is left to the Minister of Fin
ance, to act with the approval of the |
Executive Council. The Minister of
Finance may make arrangements for
registering the bonds in London, Paris,
New York, San Francisco or Boston,
and transfer the register to any of the
cities of registration, and also to trans
fer any of such bonds and to receive the
interest payable thereon, and repay
ment Of the principal thereof in any for
eign country.
The proceeds shall be devoted exclu-
sively to the purposes for which the
bonds are issued.
The Minister is authorized to allow a
discount on the bonds as he may see
fit; also, with the consent of the Ex-
ecutive, to make arrangements with
banks, ETC., for the purchase of bonds,
at the discount mentioned, ii necessary,
of an amount not less than 1886, 900.
All bonds may be redeemed at any time
after the expiration of five years from
the passing of the act, by the payment
of per cent on the amount of the
|
notice of the intention to redeem. The
power to issue bonds conferred by any {
act passed in conformity with this act
shall not lapse or become void as the re- {
suit of a first issue, but may be exer-
cised from time to time until the limit !
of the amount authorized has been {
reached.
The act to define and limit the pow
ers of the Minister of Finance in allow {
ing discounts provides that the discount /
allowed on the bonds issued under the t
Public Loan Act shall not exceed per
cent on bonds issued under or in con-
with the said act bearing per /
cent interest, nor 10 per cent. on such t
bonds bearing Az per cent. interest,
nor Is per cent. on such bonds bearing il
per cent interest.
The commission which the Minister of t
Finance is authorized to allow under
Section of the Public Loan Act to any g