The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1896-06-02
Eighty.Eighth Day.
SATURDAY, May 80.

After the Judiciary Committee of the
Senate had made favorable report OF
a bin relating to an amendment to the
4 Civil Code, Senator Brown made mo-
ton to refer the various refunding and
loan bills that had been tabled by the
Senate back to the Executive. He stated
/ that this action was due to the concluu
sions reached in the Senate caucus held
Friday afternoon.
Minister Damon said he would put nc
obstacle in the way of having the bills
taken up, but he could not give the
matter his personal attention, as he in
tended leaving for the coast on We'd
nesday's Australia. He stated the con-
ditions on which certain capitalists rep
resented by P. C. Jones had offered to
float the national debt The interest
realized by the parties represented by
Mr.. Jones amounted TO about AT per
cent. Under the funding scheme he
had proposed, interest. would amount
to 4.75 per cent, but the terms he pro-
pos7d were such that the benefits would
be reaped by the people in this coun-
try. Mr.. Damon had proposed to make
the loan SO that the people of Hawaii
would exchange their per cents for
the new bonds at a lower rate, and thus
keep the money at home. This last
proposition would put ali the money in
the hands of English capitalists Mr..
Damon wished it thoroughly under
stood, however, that if the Senate saw
fit to accept this final scheme, he,
as Minister of Finance, would do ali
in his power to see it carried through
successfully. He was always willing to
work Tor the best interests of the coun-
try.
Senator Brown said it was very un-
fortunate that Minister Damon was to
leave so soon, but he still believed that
the Executive should have an opportu-
nifty to act on this new plan.
Senator Browns motion was carried.
The income tax then came UP for
final reading and was carried by the
following vote:
Ayes = Lyman, Northrup, Holstein.
Hooking, Horner, McCandless, Schmidt
and Wright-S.
Noes = Kauhane, Baldwin, Brown,
Rice and Wilcox-6.
The House bill relating to the i'm
orovement'of lands deleterious to public
health passed the third reading.
At the suggestion OF Minister Damon,
he loan bill for public improvements, |
Is amended by the House, was taken up
The House amendms nts were accepted |
with few minor exceptions.
The bill relating to the storage of |
grape wines of home manufacture pass
I'd the third reading.
Minister Damon rose to question of
privilege and read the following letter
rom Hon. P. C. Jones:
Honolulu May, 80.
Hon. S. M. Damon, Minister of Fin
lnce-Dear Sir: BY the Australia yes
erday we received lstter from a gen.
leman who has been an ardent sup
porter of this Government, and who has
always been ready to assist to the ex-
ent of his ability. Ths discussion in
he Senate on the new bonds to con-
;olidste the debt of the Government
anne to his notice, and he wrote to
riends of his in London upon the sub
ect. Our correspondent placed a large
oan for British Columbia with these
bonds bearing 8 per cent
as he is man of wealth
himself, having large influence in
inancial circles, we have the fullest
confidence in his ability to carry out
lis agreement.
In presenting this proposition TO his
riends in London he stated the amount
# the loan to be s4,000,000, to bear
,er cent interest, on term of not less
han twenty-five years and up to fifty
ears, the bonds to be offered at S95,