The Hawaiian gazette., 1896-05-01
~second-what is the amour,


siderable expense. and the selling OF
bonds within this country is attended
with little or no expense. cannot the
Government well AFFORD to pay ahigher
rate of interest for a home loan than
for foreign
'Fourth-Taking into consideration
the period OF time for which the bonds
would run. what do you consider would
probably be the highest additional rate
of interest that the home bonds could
bear above the rate on bonds sold
abroad?
In other words. how much higher
than the foreign rate Of interest could
the home rate be, without making the
actual percentage of expense on the
home loan. higher than that on the
foreign loan9
"Fifth-What objection would there
be, If any, TO the passing Of two sepa-
rate loan Acts, one for the issuance OF
bonds TO be sold abroad, and the other
at a higher rate of interest, for sale at
home?
''Sixth-In case the present debt
should be funded, would it not be I'M
deprive them of the opportunity Of lend
ing their money alta lower rate OF inter-
est, if they wished. by placing the whole
loan abroad?
"Seventh-Would not such proceed
ure work an injury TO this country
/ Rep. Bond read the questions one by
one, and was answered by Minister Da-
mon as follows:
/ Answer TO first question-S1 ,000. 900 in
England and about s10O, 900 in the Unit
ed States.
Answer to second Question-On the
1st of January, 1896, the total debt was
So. SOC, 600; Of this 81 100000 was held
abroad, the remaining amount being
held here.
Answer TO third question-H it was
TO be home loan only the Legislature
might decide TO pay a high
rate of interest, but in case the loan
should be placed both at home and
abroad. there would be no distinction
between the two. People abroad find
ing that a higher rate of interest could
be obtained here. would send their mon
ey into the country instead of negotia-
ting abroad.
At this point in the proceedings
Speaker Naone read rule providing
for the asking of questions by any
member OF the House. He must sub
NIT his questions in writing and be
answered on the following day by the
Minister questioned.
Minister Damon said he was ready TO
answer the questions on the spot.
Rep. Bond asked that the rules be
suspended in order TO allow him TO
read the questions and be answered one
by one, as the Minister of Finance was
prepared 10 do. copy of the questions
having already been presented TO him.
Rep. Winston said that a copy of the
questions should be submitted in or
der that the members of the press
might be able TO get a copy of the
same.
Translator Wilcox translated this re-
mark, adding that the press might re-
port something entirely different.
Senate Bill No. II, relating TO Ii
censes, postponed on account of the alb
sence of several members.
House Bill No. u, relating to fencing,
passed second reading.
Ordered typewriter.
I Rep. Hanuna introduced his bill
amending Section 3S4 OF the Civil Code,
and relating TO sea fisheries. Passed
first reading and referred to the Print
ing Committee.
Senate Bill No. Is, relating to pat
ents. passed second reading. Ordered
typewriter and taken up when ready
to be considered.
Rep. Robertson introduced his Act
amending Section IS of Chapter 81 of
the Laws Of 1892, entitled, An Act to
reorganize the Judiciary Department,
|. relating 70 appeals in criminal cases.
Passed first reading and referred to
the Printing Committee.
House Bill No. p brought up in sec
ond reading
Rep. Robertson explained that Bill
No. p was one in q series Of bills look
ing toward the modification Of certain
laws in the Penal Code preparatory TO
a compilation OF the same after the
close of the present session of the Leg
islature.
According 70 the present law larceny
was Of four degrees. There were speci-
fications in detail TO each one of these,
and the prosecuting attorney sometimes
found it a difficult matter to fix upon
the degrees of certain cases Of larceny.
In the proposed law, Mr.. Fosters idea
had been adopted and the degrees of
larceny reduced TO two. The lower of
these was to be considered a misde-
meanor and punishable after trial in
the District Court. The second was to
be considered a felony and punishable
after trial by jury in the higher courts.
Bill passed second reading.
Under suspension OF rules, Rep. Bond
announced the printing Of House Bill
No. 90.
House Bill No. IS taken up for con-
sideration, passed second reading and
ordered typewriter.
House Bill No. %, relating to the
regulation OF the presence OF children
4 upon public streets and highways with
in certain hours, read by title and re-
ferred 10 the Judiciary Committee.
House adjourned at II noon.