The Hawaiian gazette., 1896-04-28

loan. Until we have such right we can !
not get an offer for the bonds. The /
Minister then read extracts from a let /
house on this subject, al again ex-
tracts from a speech by vi. Fostes of
the Canadian ministry. The latter
showed how saving could be made in
such loans and showed by Mr. Foster
the very points contended by Senator
Brown.
Senator Baldwin could not agree with
all that Senator Schmidt had reported
on, but in the majority of what had
been said he did. He differed with the
Senator on the proposition to refund
the whole debt, but he favored refund
ing the London loan under the terms
proposed by Senator Schmidt. II would
be good thing 10 refund the London
bonds and then create a popular loan.
If the London bankers found We were
calling in our bonds they would soon
be willing to bid more for them. AS to
annexation, ! am not so sure of il. 1t
is phantom We have been chasing for
the past three years, and We may chase
it for three or six years more without
catching up to it. am opposed TO wait
ing any longer for annexation. We had
better stand for ourselves in the matter
Of raising the money.
Minister Damon asked permission TO
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
will have 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 ii
stands reflects upon the credit OF the
country. He wished TO float a loan
at per cent TO take up the outstand-
ing 6 per cent. bonds, He did not make
this motion idly, but after mature con-
sideration and consultation with the
financiers of Honolulu. This per cent
loan can be negotiated in the United
States with commission, and discount
at per cent, and il can be done with
out going to England. l know this
can be done. Money has been leaned
here at 3 per cent, and l believe the
Government should obtain money as
cheaply as a business man. Let us GO
out with the idea that our credit is
Al, not that it is bad.
Minister Damon-The Chinese have
proverb that when man is down in
well he cannot see the horizon This
motion introduced by Senator McCand-
less is a direct slap at the Executive
He is endeavoring TO block the Exec
= utive in its efforts to do that which
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-
: lieved could be secured.
: Senator Baldwin questioned if the
loan could be negotiated over there al
: per cent. less than mortgage loans are
negotiated here.
Senator Brown opposed the Act al
this time. He merely wanted a post
ponement until the next session of the
; Legislature. II will injure us to ask
the bondholder 10 agree TO consolidate
the loan at AZ per cent. and in the
next breath ask for another loan.
Minister Damon-Then the Hon. Sen
> ator Brown is willing that the Senate
. take the responsibility for procrastina-
ticn.
Senator Brown am.
Senator Waterhouse moved the adop-
ton of the majority report. Lost by q
vote of to 3.
Motion to lay Senator McCandless
motion on the table was lost by the
same vote.
Motion to adoP1 Senator McCandless
, motion, which takes the bills back tC
the committee. with the power to make
certain amendments, was put and lost
, By vote of TO 3.
Motion to adopt the minority report
WIS lost by 3 70 s vote.
Senator Brown moved that the bill
be laid on the table Carried by q vote
OF Z to 8.
Minister Damon questioned the vote
i. Senator Holstein asked for q recon-
sideration Of the vote. so that the ayes
and noes be called. Carried Follow
ing is the vote to lay on the table:
Ayes-Northrup, Hooking, Brown,
McCandless, Warehouse, Rice, Viii
cox
Noes-Kauhane, Lyman, Holstein,
Baldwin, Schmidt, Wright
Senator Brown moved that Bill No.
10 be laid on the table with No. Is, as
it is part and parcel of the same bill.
Carried.
Senator Baldwin moved that Bill No.
20 be deferred until action is taken on
loan appropriation bill. Carried.
Third reading of House Bill 90 was
taken UP and passed unanimously.
Recess until 100 p. N.
AFTERNOON SESSION.