The Hawaiian gazette., 1896-02-25

. fixed fO- the GurStiOu OF TWO year
. Sud il i 10, spprehsndei that moT,
thsn $50 GO viii be required 81 Sny
one time, sui this will os rspSid trOu
current revenue So Sny time wneI
funds from thSr SourcSi : in hand.
DEALING with Loan Funds
The statement that have mad,
brings Is now TO the point where We
leave the current revenue | think II
has been very happy method o
handling the fnSuee~ Ot this country
rhSr me different Ministers in past
times have eudsSvorei 70 separate the
currents funds from the lO4u tuuis;
tnSr Ss muco s. possible We mSy
eoudne our expenses TO general
expsnss % the Government, -
thst If We expend losn funds OF
current funds there shall os foe thSt
expenditure something in return;
there shSll be something coming
. eaek, something that If We Sre asked
Whist hiss $ certSiu sum been eXpSnd-
eli for, there viii be somethi0g 20
show for il. II the books OF the Gov
er1meut should De kept, sud - We
hope they will Os kept some dSy,
where We bSve Su SecOunt 20 that our
our land resources, our publIc bQilt-
iuES, our school fuuts, etc eau snow
everything thSt aAs 0eeu expended
{ for eSch, this will certSiuly snow an
advance il the interests o. the eoun-
Try.
To Consolidate the Loan.
We lssve uOw The current 4ccount
Sni IN very few woods I wish 10
state what the pTUpOsisiO,s OF the Exc
curive Is with rsf-reuc- TO our bonded
IO4u fund account. The present debt
Ot the country l. something over
100000. Th->e oonts show interest
varying from u per cent. down 10 )
Per cent There sre few Il the
bonds Bearing Interest at u per cent.
eoink only SIS co. belong To the
Board OF Education, Others bearing
interest ~ per cent, s great msjor
ity st 8 Per esur. Sud few st ) per
cent. Tue proposition OF the Execu-
tive i 70 SsE the Legislature 70 IS>s
an set SIlOwigg z 5be Minister of Fin
Suce ST such time s. be mSy think
prudent 20 clu>1ltlScs tue pres
eus bonded deot Whether rhi.
Is done pSrJially here sui parLI-
silly IN = fOrsi-n goyerameut or
entirely here or entirely IN foreign
government IemGiu> with the future
Developments.
Il have sent y cOgy OF the set which
| originally drafted, 10 London for
Consideration sud 70 obtain their
views. | hsye secured the Siyiee OF
men who were interested in loan mst
ters sud the draft was prep rel sitter
thoroughly reviewing the subject; the
draft wzs then submitted To counsel
snd rstrSfted sud submitted 10 the
Executive WHO allow II now to come
before the LEGISLATURE
- Vas advised that il would not be
wise for the Government TO cite in
the original draft Just Whist each ex-
peudituEe would be for but that
should eomesin = following set which
will Dc presented to you. have stated
the proposal with reference TO the
present bonded Indebtedness and sn-
other set will be submitted for your
consideration dealing with the suo-
iect Of future loans.
New Loan Act
1T i the intention Of the Executive
to propose that s highway shall be
plsced II the kOua district, also
wharf here and az HilO snd new high
wsys near HilO and that the other
islands shall receive due consider
stIOu thst school buildings shsll De
erected anu il mzy be Necessary that
>Ome new public buildings should De
erected. Iney will come under what
i known 50 the New Loan Act. Tue
proposal Is that thi- set shall not
specify 80 many thousand for this and
% many rhOu>SUd for that, out 1t
sEsIl Oe general loan set, from
which this L gisistUre If II chooses
could irsE one or two thousand dol
ar for anything that might come
under the set The only statements
therein thSt sre compulsory sre that
it >hsll De devoted 10 public improve
meDts, education and Immigration;
that the legislature ST eaeh. session
shsll name how much money has 10
De devoted 70 each particular purpose
and in this way il will have usny
sdysutsges over the previous loan
scte. We have now more ths- Sd,
600 remaining under the Old loan act
but which L unavailable because il l.
not known how much should 90 to
eaeh separate thing. The money Is
tied up and L unavailable for many
purposes. This set Is also followed by
an set limiting the powers Of the
Minister Of Finance in making his
Srrzngrmsnt- With those who choose
70 take our bones and with syndiestes
who propose TO take them in large
amounts.
There sre many points Of issue
could talk about, but do lot care 10
take up the time Of the House sud
do not care to tire them too much on
this subject. Il i new departure On
the part Of q Minister 10 make pub
lie sta emeut Of this nature and /
consider IL better TO limit my state
meut 70 what We actually propose to
90. This will sII b. brought eur in
the nsture Of ueE license set, and
the tax law ard other MEASURES which
will be taken and be explained TO this
Senate in the future.
Conddezce in the Country
For myself personally have been
connected with this Office for nearly
-