The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1896-03-27

draw IRON Bishop x Co.
under the act tor that purpose
the sum Of $500 The January
bills should be pal | in the early
part of April. While | am speak.
ing OH the subject, of using the
Act that has granted the privilege
to the Treasury of securing funds
from outside sources temporarily,
want to say, that have noticed in
the newspapers that possibly the
Minister of Finance may use his
position as banker and his position
as Minister Of Finance TO make them
harmonious and to have them work
together, | can state here that last
summer when our firm was changed
and the present partnership took
over the business from Mr.. Bishop,
we felt that a large
amount of money would be required
iii the coming fall for the planta-
tons and in general business, a
large amount of coin being required
here i'll the fall between the crops,
and also to provide for what is al
ways sure 10 happen, the unexpect-
ed, for you never know what is
going to happen in money matters,
and the same rule applies to the
Treasury. That is one of my
strongest reasons for working for a
reserve. Bishop & Co. disposed of
its Government bonds and securi-
ties that it held in Honolulu in the
amount Of SI7o, 600. So that at the
present time Bishop & Co, hold here
in Government securities SIS, 900 in
the shape ola promissory note of the
Postmaster General and 1880 in
bonds. Under these circumstances
| cannot think the Minister of
Finance will be accused of using
his position as banker to work for
his Own advantage. If Bishop &
Co. had not taken that position last
year we could not have drawn upon
Our credit in San Francisco 20 sup
ply the coin for the cholera ex-
penSes.
When the subject of the Loan
Bills comes up would like to meet
the committee and also would like
to meet any others who are inter
ested i'll the matter of finance; and
will hold myself in readiness, so
far as am able, to answer any
questions that may be put to me.
We must remember, and the Exc
cutive remembers, that in our
present position the people
have good deal to say
about the management of finances.
The questions Of what style of loan
should be put upon the market, how
much Of the loan should be put up
on the market and everything that
is done should have the most care
full consideration and the freest
kind of criticism. I do not think
there is an Office in this Govern.
ment that should have more critic
ism than the Treasury. 1t is
the peoples money that is spent
and it is the people who are
being taxed, and the Executive is
agreeable to have everything con-
nected with the Treasury CRITICS.
cd. We do know what effect these
Loan Bills will have. The fact Of
putting upon the market a loan for
public works may have a far
reaching effect not only on our
own industries but it may effect
our connection with the United
States.
Having made this statement
will leave it to you to decide for the
future. l shall make no other state
ment in regard to my personal con-
nection with the Treasury; but
will give you the freest hand to
examine and criticise and bring for
ward suggestions with reference to
the conduct Of the Treasury De
partment, for it is the life of the
Nation.