The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1897-11-02
\ LITTLE FINANCE.

The sale of bonds yesterday shows
how strong the Hawaiian Government
is financially. The bidding was more
than double of what the Government
required, and the offers, except two
small ones, all offered a premium up
on the bonds. Such offers have never
come in the financial history of the
country, and they show that those
who have money have confidence in
the government, and the policy which
it is advocating.
There is no better criterion of what
a country's finances are worth, and
what its financial basis is. than the
question of borrowing. The purse is
the touchstone of the hearts of a large
section of mankind. 1t is one thing
to use windy rhetoric upon a cause,
but it is quite different thing to put
ones hand in ones pocket to support
that cause. This money. which has
been offered to the government does
not come from the purses of those
who are unacquainted with the finan-
ces of the country. or who have been
hoodwinked by specious financial ag-
ents. 1t comes from men who have
a perfect knowledge of our financial
system, who are well aware how the
money is to be spent, and who look
upon the transaction as a purely bust
ness matter, no speculative affair, but
a thoroughly safe investment, from
which too high a percentage is not to
be expected.
The question probably hinges upon
chow the money is spent" Under
the republic today the money has
been well spent. There are few coun-
tries where money from loans has
been spent so well as in this. The
Minister of Finance has conducted the
finances on a plan which is unim-
peachable by friend or foe. The cur
rent expenses are kept carefully be
low the current revenue. The loan
funds are not expended upon current
expenses, but are kept strictly for
public improvements. With the loan
funds roads have been built, wharves
have been put up, school houses have
been erected. These all are produc-
tive expenditures. To borrow money
for these is like borrowing capital to
increase the capacity of "A mill or a
trading concern. For every dollar put
in two or three come back.
1t is this that makes the govern
ment so stable, and this which calls
forth the admiration of every think
ing visitor. 1t is understood to be
political immortality to refer to any
jobs under the monarchy, but now we
have no Kaimiloa foisted into the gov
ernment's hands by those who had no
use for her, and We're quite willing
to assist the transaction, and no doubt
pocket the commission. We have no
opium license scandal, the documents
of which stand in print in the old vol
umes of the Gazette. We have in fact
none of the iniquitious jobs that made
monarchy rotten, and made it difficult
for monarchy to borrow money I'M
less it gave a 'quid pro quo in the
shape of some little scheme, which the
lender or the manipulation wished to
carry through.
Now the Minister of Finance can go
among his own people, people who are
of different shades of political
thought, and get more money than
he actually needs. There is no press
ing people to make bids, they are all
made in perfect good faith, and no
better criterion of the standing of this
government could have been given
than that furnished when the bids for
100000 worth of loan were opened.
The government is regarded as thor
oughly stable by the moneyed classes,
and its prestige abroad is wonderful
" increased by the showing