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

this committee think it advisable to
change the title. We also recommend
striking out the words that the said
Act shall be.annulled by the addition OF
new sections, to he numbered Sections
IL and Is, to read as follows:
We also recommend striking out Sec
ton and inserting in its place rs fol-
lows: Section 2. This Act shall take
take effect from the date of its publica-
tion."
CECIL BROWN.
+. L. LYMAN.
The same Senator from the Judiciary
Committee reported favorably on the
bill governing corporations.
From the same committee Senator
Brown read the report concerning leg
acy tax and recommended the bill pass
Senator Holstein from the committee
to whom was referred the Portuguese
petition asked for further time to COR
slider; also. asked If Executive con-
templates amending tariff Act of 1892,
in relation to increased duties on
wines and fermented drinks wherein
| sake would pay a heavier duty.
Under suspension OF the rules Min
| lister Smith read by title bill relating
to permanent allowance to Kapiolani
Park Association. Referred to Printing
| Committee.
Minister Damon presented resoIu-
| tion providing for the cessation OF sale
of old stamps at the Postoffice after No
| vember, 1896. Referred to Finance
Committee.
Minister Damon, under suspension OF
the rules, read O. bill providing for the
4 -
provements. Ref ed to Printing
Committee.
In the regll der of the day, Bill
No. Is, relatf % consolidation of the
public deb $ taken up and Senator
Baldwin ID that majority and mi
nority Il s be read.
Senat( Brown, for the purpose of
bringing. the matter to discussion,
moved the adoption OF the minority re-
port.
| Minister Smith moved that the bill
be taken up and considered section by
| section
| Minister Damon opposed the setting
aside of any provision for the taxpayer
or in retarding the work of improve
ment.
| Senator Brownsville moving the
minority report / do not want 1t un-
| derstood that 1 am in favor of IT, The
committee does not think this is the
proper time to act and because they
have no data on which to calculate.
The committee thought there might
| be some data furnished so they might
| ascertain what the actual cost would
be to float the loan. But we are in the
dark. We know what it cost to float
| the million dollar loan, and we know
! that f15,000 disappeared mysteriously
and TO this day has not been discov-
ered / do not say this would occur
again, but-"a burnt child breads the
fire." We have as much confidence in
| the Executive as it is possible for any
| one to have, but / say we should be sup
piled with data; as it is we are work
ing in the dark. We have information
| that the bonds are to be negotiated at
discount of Is per cent. and a COM
| mission of 212 per cent. The Senate
has no objection to the bill read by the
Minister of Finance this morning. I
have no doubt that the Senate will pass
such bill. In view of the possibilities
of political union with the United
States, the committee deems the nego-
tiation of loan in London at this time
would be ill-advised.
Minister DamOn-No money lender
in New York, Boston or London will
negotiate unless the person has a right
to act and that is just what l ask, viz:
an authorization for negotiating such a
loan. Until we have such right we can
not get an offer for the bonds. The
Minister then read extracts from let
ter he had received from an Eastern
house on this subject, and again ex-
tracts from a speech by Mr.. Foster 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 1t would
be good thing to refund the London
bonds and then create a popular loan.
If the London bankers found we we're
calling in our bonds they would soon
be willing to bid more for them. AS to
annexation, l am not so sure of it. 1t
is a phantom we have been chasing for
the past three years, and we may chase
1t for three or six years more without
catching up to it. l am opposed to wait
ing Inn foy Va