The Hawaiian gazette., 1896-04-21
EDITOR ADvmTIsER:-A csndi

which il is paying 8 per cent. intereS
or $780, 600 per annum.
a further condition confronting us
that immediate pressing needs TO
roads, wharyes and other improve
ments demand the further expendi
ture OF another s., 900 900 if the prog
ress and development which the coun
try is capable Of is TO be accomplished
Where is this money to come from
The Legislature may put the screw
on 10 the corporations and squeeze al
extra fee out Of the BARRIERS, the doc
tors and the lawyers, but the gros'
receipts from this source will not make
much Of an impression on 81 ,000, 900
The logic of the situation is that
We must borrow or go without.
To drop the contemplated improve
ments-the roads through Kona, Puma
and Hilo-the wharves absolutely re-
quired in Hilo and Honolulu by our
growing commerce, means stagnation
and retrogression.
This cannot be thought of.
We hope for annexation and believe
that il viii come in due time, but such
belief and hope justify no "Macawber"
tactics.
Waiting for something to turn up"
is going TO build no wharves, open no
lands. make no roads, and give no
progress in any direction.
The Lord helps those who help
themselves" Sitting still and wait
ing for some one else TO do something
never accomplished anything yet and
il never viii.
While We should earnestly work for
annexation and cherish the belief and
hope that it will be accomplished, we
should not for that reason relax our
efforts for our own salvation. Like
the old lady who was ready to die at
any time, but made her plans as though
she expected TO live forever, We must
Al all times work and prepare for an
neXation but go on with our plans as
though We were to be Independent for
all time.
II in carrying out these plans We
borrow another 81, 900, 900 at 6 per cent.
il viii mean another $4,000 a year
interest, or a total interest bill of
$4,000.
What are We going to do about it?
Go along in the old groove paying
6 per cent. without making an attempt
eyens TO get a lower rate?
The old Gibson regime with its cor
rupt and ignorant fnaneiering bor-
rowed money at that rate. Can we do
no better?
For ten years We have met the in
terest on our London bonds with not
. break. Revolutions, changes, pesti- (
Ience and difficulties have never caused
4 default in our interest, either at
home or abroad.
Are We not now in a position to take
advantage OF our good reputation and
get a little better terms? None but
impecuniOus, defaulting, irresponsible /
communities now pay as high as (
per cent interest on their loans. In /
fact II has been well said that it is
a suspicious circumstance for a coun-
try TO be paying per cent. interest /
on its bonds. Such fact is taken by
the financial world TO indicate that
there is something wrong somewhere, I
and that the bonds must be OF a specu-
latiye character. Nothing is so disas- /
trous TO national credit as such a
reputation.
Is it not sound policy under these
circumstances to try and cut down 1
our interest rate?
II We can refund our existing debt
at per cent. We can borrow another 1
81, 100000 making a total interest /
charge of $500, 600 only $4,000 a year I
more than We are now paying. If we
can refund at AZ per cent. the annual /
interest charge on s4,00e, 600 will only
be SlS0,O00, or exactly what we are
now paying for the use OF only
50, 600, 600.
Is not this worth working for?
Ii is said that we should wait for
two years and see what the United
States will do.
The reply is, we want the money
now-waiting TO see what the United
States or any other country is going to
do, is unworthy OF the energy, the
pluck and the manhood of this country.
II is said that if We go to England I
for the money it viii displease the
people Of the United States Very well.
Don't go TO England if we can get the
money in the United States. Don't 90
TO the United States if we can get the
money in Hawaii.
AS TO ''displeasing the American peo-
pie" if We borrow money from England
when we cannot get it from the United
States, and use it to develop Hawaii.
which draws 81 per cent of its i'm