The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-11-18
?. c. Jones Says. New York
Bankers are Satisfied.
BANKERS MAY PURCHASE
Believes Loan May be Negotiat-
ed Within Twelve
Months.

I. \. Jones, VINO went 10 the Onlteu
States for the purpose of negotiating
the loan authorized by the last Legis-
lature, returned by the Australia yes
terday, the picture of health and not
bit discouraged by his failure to Sc
cure the money When seen by an Ad-
vertiser reporter he said:
Il have very little to say, except that
1 failed to secure the money on the
bonds, and that the failure may be at
tributed to the intense excitement of
the people over the election"
Then you believe the people over
there consider the credit and prospects
of the Government here good enough
to warrant their loaning the money!"
Undoubtedly, but the terms must
be modified to certain extent, and
the Minister'S hands muse not be tied
as they are now. AS to the credit of
the country, it is growing stronger ev-
cry day. | had an offer for the entire
block of bonds from the New York rep
resentatiVe of an English banking con-
Germ, but the price offered, 80, was less
than | was allowed by the law author
izing the loan, to accept. This gen
tleman was anxious to take the loan,
but | merely showed him the law, and
how my hands and the Governments
were tied by it. If the Cabinet had
taken more time for deliberation be-
fore [ left here, [ have no doubt [
could have negotiated the loan. /
talked with the most influential bank
ers in the East, but had little encOur-
agement from them on account of the
close proximity of the electiOn-eVery-
thing was tied up. You have read that
from the last of August until the first
of November $78,000,000 in gold was
imported into the United States, and
this money was boarded. Then, again,
a great many people who carried large
balances and small ones withdrew
their gold from the bank and locked 1t
I'D in safe deposit vaults, holding 1t
there until after the election. Today
that money is ready for investment,
and the holders are falling over each
other trying to find something to put
it into. One banker [ talked with liked
our loan, and would have invested in
it, but he explained that they had
deal involving $4,000 900, which must
receive their attention first. 1 have no
doubt that within II months the loan
can be negotiated by the Government
and without the necessity of sending
an agent over there.
II will say this much: The encOur-
agement / had in New York was from
representatives of the English bankers,
and they were opposed to taking it at
the price fixed, solely because they con-
slider the Hawaiian securities in the
light of the United States, and were
consequently relatively affected by the
election. AS an investment | consider
an Hawaiian 4 per cent bond just as
good as one issued by the United
States, but for speculation, of course,
they are different. I think l convinced
the bankers there of the stability of
our Government, and / have assur-
ances from two of the leading men
there that during next summer they
will visit the Islands and learn by per-
sonal observation the character of the
men at the head here, and let them see
how much they have at stake"
Replying to the question as to what
bearing the election of Mckinley would
have on Hawaii's prospects for annex
alton, Mr.. Jones said:
From what [ could learn from gen
tlemen who have more or less to do
with affairs in Washington, the cause
of Hawaii will receive the attention of
Congress soon after the opening of the
first regular session. Mai. Mckinley
pledged himself for annexation, and
with a Republican House and Senate
the road to political union with the
United States should be an easy one"
In speaking of the refusal of the
Government to grant the franchise for
the cable, Mr.. Jones said he thought
a mistake had been made. He had met
Col. Spalding's rival. Mr. Scrimger,
while in New York, and he expressed
the greatest concern in the matter.
He assured him that nothing could be
done in Hawaii toward assisting the
cable; the directors of Col Spald-
ing's company We're located in New
York and there it would have to be
settled