The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-05-07
FUNDING BILL.

| The main measures of this session,
! the very backb bone of the Legislation,
are the now celebrated bills Is, 10, 20
and q. Upon the success or failure OF
those bills depends the future of the
country for the next two years, or more
properly for the next four years, at
/ least.
| The funding bill, of which an abstract
| appeared in these columns two days
ago. is one phase Of the question. That
settled. we can take into consideration
the loan bill, but the loan bill cannot
be considered unless the refunding bill
| passes. AS a fact, upon the refunding
bill hangs the financial policy of the
ministry.
Were we never going to borrow any
money, we might get along without re-
funding, but a young country like this,
with roads to build, wharves to build,
bridges to build and teeming acres to
develop, will be obliged to borrow. Now,
before borrowing it is but right that
our affairs should be set in order. The
funding bill does set them in order; it
reduces our interest and puts us in
better position to obtain the additional
sums we may need.
There seems to be no doubt that the
funding bill has the support of a ma
jority of the House of Representatives,
and there can be no mistake that it is
a measure which meets the approval OF
the smaller merchants and traders. The
Senators who oppose the bill have been
quick to see how ill-advised was their
action in promptly tabling the bills be-
fore even a suggestion of a discussion
was allowed in the matter, and the
trend of their action now seems to be
to throw the responsibility of possible
failure to refund upon the Executive.
The Senators are playing into the
hands of the bondholders. Whether
advisedly or not, we will not attempt to
saw. but the fact remains, nevertheless.
They may try to take Minister Damon
to task for practically refusing to &C
cept the terms of Senator McCandless'
resolution, but whatever may be said
on that point is paled to insignificance
by the fact that the Senate refused to
discuss Minister Damon's measure, and
by so doing made move directly in
opposition to the best interests of this
country.
Senator McCandless says the loan can
be refunded at the figures named in his
resolution, but it is only general as
sertion, with little or no figures or
finances to back it up. The Senator and
his supporters have made statements,
but they have proved nothing. True,
the proof. of the pudding is the eating,
but in financial buildings there must
be more substantial forecast of posi-
bilities than the McCandless resolution
gives before the people will support the
Executive in an attempt to swallow that
morsel. The opposition in the Senate
practically tells Minister Damon that
they don't like his measure; that they
have a theoretical idea which they want
him to carry out; that they are positive |
their idea is sound, thoegh they don't
care to offer tangible proof; and finally, |
that in case of the success of their |
scheme, they would like all the glory, |
and in case of failure-the probable |
eutcome-the Executive mast bear all
the blame. After the peremptory man
ner in which the funding bill has been
put aside by the Senate, the snapshot
financieTs can take it for granted that
they will sign their political death war
rant by forcing the NcCandless reso-
luton upon the Executive. The people
won't sanction such move, nor do we
believe their representatives in the
House will do so.
The greatest credit must be given
to the Minister OF Finance for bringing
forward so popular a. measure as the
refunding bill. All his. tendencies and
surroundings would seem to have urged
him to the side. of the piaist, but he
has seen clearly what was for the good
of the country and it's population, and
has boldly outlined a policy which is
not agreeable to the capitalist class.
The measure Is n q ghost, it is a strong
and healthy youth, and it's friends mean
to fight a good fight for it and see it
through in spite OF all the efforts made
to strangle it.