The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1896-05-04
GETS ONE MORE STAB.
THE McCANDLEss Ref NDING PRO
POSITION VOTED DOWN.
Executive Opposed IL - Argument a
Reply to the Portuguese
Petitioners.
FIFTY. EIGHTH DAY.


Mr.. Holstein read petition from
residents of Hawaii asking that the
bill to make a port of entry OF
Kailua be passed. Tabled to be
taken up with the bill.
Mr.. McCandless' resolution, at
is the opinion of the Senate that
the Executive should bring in re-
funding bill for not more than ~,
ISIS, 900 to take up the present out
standing bonds amounting to 50,
COS, 900. The new bonds to draw
interest at the rate of 4 per cent.
per annum, and to allow a discount
of 3 per cent. and a commission of
per cent. "
Mr.. Damon was asked to express
his views on the resolution. He
said he did not see how it could be
discussed with the loan bills on the
table.
Mr.. McCandless contended the
resolution opened up a new propo-
sition.
The chairman ruled that the re-
solution was in order and could be
acted upon separately.
Mr.. Baldwin said the Executive
evidently wanted the loan bills up
again. He moved TO take them off
the table, and did not see how the
Senate could object, as the object
was merely to bring about bill
constructed on the basis OF the
resolution. The law as proposed
by the resolution could not be OBJ
jected to. Everybody wanted to
see better terms in the loan matter.
While the resolution might not be
operative now, it might prove so
later. Motion seconded by Mr..
Waterhouse.
The chair decided that the bills
could not be taken off the table on
an amendment to the resolution,
nor with less than a two-thirds
vote of the Senate.
Mr.. McCandless said the Senate
owed it the country to speak on the
question. He desired to hear from
the Executive on the matter.
Mr.. Damon said as this session
was to become a precedent he de-
sired to refer as far as possible all
such matters to the Senate. The
Senate was a body that thought
and acted for itself. He did not
care to force measures. The Exc
cutive had no vote. In the first
place the bills were taken from the
Executive. He did not see how
the Executive could talk. If free
to speak, however, he would say
that the resolution would more eff.
fectually table the refunding meas
ures than the killing of the bills
On the market such proposal would
give the country a black-eye for
years to come. The speaker was
not prepared to compromise on
what the Executive considered the
best terms possible. So solicitors
was he in regard to the country's
credit that he was willing to post
pone the matter.
Mr.. McCandless failed to see how
it could hurt the credit of the Gov
eminent to be unable to refund
under the terms of the resolution in
the next two years. The terms Of
fered by the country would form
the basis of business with the finan-
cial world. During the most try
ing periods the Government had
gone through without defalcation
A great improvement had taken
place since 1892. He did not think
the Executive appreciated the credit
of the country. In 1892 a London
firm offered to take We, 900, 900 Of
Hawaiian bonds at ~ per cent and
2H commissions. If these figures
could be obtained then, what might
be done now? The Government
having acquired the crown lands
and developed new resources, wa:
richer today by from S6, 900, 900 tC
rs, 900. 600. The Senate should
show the country that they hav,
confidence in its credit and ar,
working for its best interest, Thes,
London fnanciers, who are writing
down here, are looking out fo
their own interests. He woult
!, prefer to wait two years to passing
even a S per cent bill.
, Mr.. Schmidt was still in favor @
: the minority report of the commit
+ tee on the loan bills.
Mr.. Damon said the Executive
had had the matter under careful
consideration and had decided tina
the measure as proposed by Sen
/, ator McCandless could not b
carried out.
$ Mr.. Baldwin had no interest i
the matter further than the interes
of the Government and the country
Many thought better rates could b
obtained later. Anyway, the orig
maj DlllS SuOulu NC tdhSn llOiu III
/, table and referred to the Executive
He did not think the country coul
go before the world with the figure
proposed, and thought with ii
Minister of Finance that such
measure would injure the countr,
!, Mr.. McCandless said nothin
so established mans credit as
stand up for his credit.
Mr.. Damon said he did not pr,
pose to put bonds on the mark
that could not be redeemed in ever
= OF annexation. Annexation wi
: in all of his bills. He did not wal
it blocked by bonds not redeem
able.
, MI. McCandless agreed with Il
. sentiments of the Minister of FIJI
u ance. The United States, hoy
o ever, borrowed money for a p
II cent.
al The resolution was lost by Il
following vote: Ayes Lyma
Northrup, Hooking, Homer, NJ
r Candless and WilcoX-6, No
u Holstein, Baldwin, Waterhous
"a Schmidt, Wright, Rice and Ka