The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-04-23
OPINIONS ON LOANS.
Business and Professional Men
Favor Funding Bill.
NO OBJECTIONS TO LONDON.
Rate of Commission and Interest
Considered High - United States
should Take Bonds at Par-Excep-
lions Taken to Mr.. Davies Letter.
NO OBJECTIONS TO LONDON.

AS the DAYS pass, the anxiety OF the
people regarding the action of the COM
mittee, in whose tender care the fund
ing bill has been placed, increases. The
rumors that the committee opposes the
measure, for what may be considered
purely sentimental or selfish reasons,
has not had the effect of quieting the
men whose interests are in Hawaii
and who believe the difference between
the present rate OF interest paid by the
Government on its bonds and the pro-
posed rate could be better spent on
public improvements. A. B. Loebea-
stein, the well known surveyor, says:
Il may not belong to what Thee. H.
Davies calls the best order of states
men, but l am one of the taxpayers
who are anxious to save the country
100000 per annum. 1t makes no differ
ence, really, whether the commission of
Is per cent. be high or low. In view of
our transition state, we should make
the loan and put the amount saved in+o
internal improvements. There should
be no sentiment introduced into the
discussion. The last loan but one made
by the United States Government was
largely taken up in London, and don t
see that the condition of that Govern
ment has been weakened. It is folly to
shift the burden of responsibility to the
Legislature which meets two years
hence, because at the end of that time,
with an expenditure of $500 900 on roads
on the Island of Hawaii alone, receipts
from the sale of Government lands
would be doubled. We are at the part
ing of the ways-Asiatic or Caucasian
A little more and the country will be
thoroughly Asiatic. The man from the
Orient needs no roadside month and
hoe satisfies him. Vice versa, as you
expend the revenue to be obtained by
the Government from any source, SO dc
you make this country a home for the
desirable Caucasian element.
In every discussion of this kind, we
must go back to the fundamental prin-
ciple of land ownership and land tax,
1t goes without saying that numerous
areas are controlled by the sugar inter
ests, upon which taxes, if any are paid,
are merely nominal. The trend of leg
islation during the past twenty years
has been in favor of corporate interests.
Immense sums have been paid by the
Government for labor for these inter-
ests, and if our treasury is empty today,
if this country has not the money in
hand to carry out the work of develop
ing it's great and natural resources, it
is because of these facts, and because
these same corporation interests have
never paid back to the Government
1.-THE of what they could have been
made to pay
Now we are asked to continue in this
way another two years l, speaking for
Hawaii, say we will not submit to it.
The continued prosperity Of Honolulu
and it's leading citizens is indissolubIy
interviewer with the speedy develop
ment of the outer districts.
I'VE are the people who must labor
and live here, and we spend our money
here. We are not of the sort who live
abroad and can sign receipts for sugar
dividends, upon which not dollar of
taxes are paid.
The voters on the Island of Hawaii
stand as unit on this matter"
W. w. Hall had not read The bill,
but from what he had heard of it he
thought the measure a good one and
the bill should pass. The matter of
commission should be arranged as Mr..
Thurston suggests-15 per cent. is Too
high to pay ON such securities as the
Hawaiian bonds.
Hugh Mcintyre said: I'm not inter-
ested in sugar, and l am not financier.
The Government should negotiate the
loan, and it can be done 1T @5--that IS,
| believe the bonds can DE sold in the
United States or England at %. 1t may
be necessary to pay an agent a commits
sion to negotiate. l believe the flnan-
ciers in either the United States or
England would take them at / per
cent"
E. o. White favored Mr.. Thurston
and believed there was no harm IN let
ting the London bankers have il, as
the United States went over there for
money, and it could in 10 way inter-
fere with the reciprocity treaty or the
relations existing between the, two gov
ernmens. The bankers there might be
willing to'take the bonds at per cent,
and the chances were they would take
them to London and dispose of them at
a profit of 1 per cent. The Government
should secure lower rate than AZ,
and at a less expense than 10 per cent.
D. B. Smith, who has taken a promi-
nent part in the affairs OF the GOV
eminent since 1898, SAID:
L have only this 20 say: The bonds
can be sold at par in he United States,
and could be negotiated by the Minister
of Finance direct with the bankers
there. 1 am opposed 20 boating the loan
in London except as a last resort. The
reason 1 think the loan can be hoated
at par in the United States is because
of the close proximity of Presidential
election. the absolute certainty Of Re-
nublican administration, and also the
hedges made by the Republican party
On the policy of annexation. If COM
mission must be paid, 5 per cent. is
sufficient
a prominent attorney and financier,
when asked to ventilate his opinions,
declined. with the remark that II MS
name was used in connection with the