The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-06-03

rate of commission and discount ana
in which just enough is appropriated
TO cover the temporary need, which
can be regulated by legislation at each
session according 10 the state of the
DUbIic credit. If it is high a premium
can be demanded. or vice versa IL
would not do to have the Loan Act,
which is printed on the bonds, and
which the buyer looks a, amended
each session Of the Legislature. It was
for this purpose that the Acts were
separated so that the Legislature could
AT any time raise or lower the rate Of
discount without affecting the status
of the loan under which the bonds are
issued for the full amount Of two
million.
However. even when these Acts are
passed we still need an Act appropri-
ating the money borrowed for the spe-
cifc items agreed upon. In studying
Act No. SO I find that several items
were omitted which should have been
inserted. and / have drafted an Act
TO take its place, as follows: An Act
making special appropriations for the
use of the Government during the two
years which viii end with the 31st day
of December. a. D. 1897. Be it enacted
by. the Legislature of the Republic of
Hawaii: Section 1.-The following
sum. amounting TO $.........., are
hereby appropriated out of any moneys
which viii be received by the treasury
during the binenniaI period ending De
Gem Der 81, 1897, from the loan authOriz-
ed by the Act approved .......... A. d.
1896, and by Act IS Of the Provisional
Government. approved February IS
Il
posits in the Postal Savings Bank, and
from current revenue and from any bal
ance in hand Of the loan fund from
whatever source on the 31st day of
May. 1896. Provided, however, that any
moneys advanced from current receipts
or from deposits in the Postal Savings
Bank for the objects named may, as
soon as practicable, be reimbursed from
moneys obtained from such loan l
haven't the different items, but they
can be inserted as soon as the confer
ence committee has decided on them.
''The motto of our country well says,
The life of the land is established in
righteousness You might also say very
truly that the life of this Government
is perpetuated by a strict regard to our
credit. 1t is a matter which | cannot
too strongly impress upon your minds.
1t is not only the Government which is
affected by the national credit, it is the
whole community. | cannot urge you
too strongly in dealing with matters of
this important nature to act with the
greatest care so as to continue to in
spire the confidence which we have en-
jOyed in the past.
eff l have made any statements which
look like fault finding, l can assure you,
gentlemen, that they were wholly unin-
territorial. 1 have made this statement
to you solely with the idea of stating
our position in regard to the national
credit"
House bill No. 81, relating to letters
from the leper settlement, passed the
third reading.
Senate bill No. 50, reserving lands
in HiIO for public purposes, passed the
third reading.
House bill No. 81, relating to sake,
with report of the committee, came up
on third reading. Action on the bill
was deferred until the afternoon SEES
sion. al
Recess until 100 p. m.