The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-04-28

better stand for ourselves in the matter
q raising the money.
Minister Damon asked permission tc
read two points which would go outside
the commercial or the dollar and cents
part of the argument. After reading
an opinion by Mr.. Foster on negotiating
loans he said: No Government wants
to mingle with another that cannot
manage its finances. If we negotiate
this loan in spite of epidemics, in spite
of revolutions, the United States will
viii have a much better opinion of US
than it ever has had
Senator McCandless agreed with Sen
ator Baldwin regarding the low price of
the bonds in London. The bill as it
stands reflects upon the credit of the
country. He wished to float loan
at per cent to take up the outstand-
ing per cent. bonds. He did not make
this motion idly but after mature con-
sideration and consultation with the
hnanciers of Honolulu. This per cent.
loan can be negotiated in the United
States with commission, and discount
at per cent, and it can be done with
out going to England. / know this
can be done. Money has been loaned
here at 5 per cent, and / believe the
Government should obtain money as
cheaply as business man. Let us go
out with the idea that our credit is
Al, not that it is bad.
Minister Damon-The Chinese have
a proverb that when man is down in
well he cannot zee the horizon" This
motion introduced by Senator McCand-
less is direct slap at the Executive
He is endeavoring to block the Exec
IN no r. hia6
will benefit the country.
Senator McCandless denied that he
wished to hamper the Executive He |
wanted the Government to go out with |
good opinion of itself and get the |
loan at rate of interest which he be-
heved could be secured
Senator Baldwin questioned if the |
loan could be negotiated over there at |
per cent. less than mortgage loans are
negotiated here.
Senator Brown opposed the Act at
this time. He merely wanted a post
pOnement until the next session of the
Legislature. 1t will injure us to ask
the bondholder to agree to consolidate
the loan at AZ per cent. and in the
next breath ask for another loan.
Minister Damon-Then the Hon. Sen l.
atOr Brown is willing that the Senate
take the responsibility for procrastina-
ton.
Senator Brown am.
Senator Waterhouse moved the adop-
ton of the majority report Lost by a
vote of to 5. >
Motion to lay Senator McCandless'
motion on the table was lost by the I
same vote.
Motion to adopt Senator McCandless' =
motion, which takes the bills back to I
the committee, with the power to make
certain amendments, was put and lost
by vote of to 5.
Motion to adopt the minority report
was lost by to vote
Senator Brown moved that the bill .
be laid on the table. Carried by a vote
Of to s.
Minister Damon questioned the vote.
Senator Holstein asked for a recon- o
Of the vote, so that the ayes :,
and noes be called. Carried. Follow
ng is the vote to lay on the table:
Ayes-Northrup, Hooking, Brown, Il
Waterhouse, Rice, Will
.ox-7.
Noes-Kauhane, Lyman, Holstein,
Baldwin, Schmidt, Wright-6.
Senator Brown moved that Bill No .
- be laid on the table with No.. IS, as p
{ is part and parcel of the same bill I
Carried. L
Senator Baldwin moved that Bill No. d
20 be deferred until action is taken on q
Dan appropriation bill Carried.
Third reading of House Bill % was
AIKEN up and passed unanimously.
Recess until 100 p. m.
N