The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-04-03

changes in the banking law, passed
third reading unanimously.
Senate Bill $50, relating to insurance
companies. was deferred, to be consid-
cred with No 149
Senate Bill No. 14s. amending the nui-
sance law, passed third reading unani-
mously.
Senate Bill No. IA. substituting
Chief Engineer" for Fire Marshal in
the fire protection laws, passed third
reading. Is ayes, no noes.
The same vote was recorded on No.
las. substituting Board of Health" for
minister of the Interior in the health
inspection laws.
Senate Bill I35, defining the sanitary
district of Honolulu and fixing plumb
ing rules, passed second reading on the
adoption of the committees report; to
be read the third time on Monday.
AFTERNOON SESSION
The morning session ended during
the consideration of the Brown deposit
ory bill which had been adversely re-
ported by the Ways and Means Com
mittee with a substitute. Senator
Brown eontended in favor of his bill
saying that unless his bill passed the
Territory would have to pay premium
on the fire claims bonds. To pass the
bill would save $1,000 to the Territory;
but it must become a. law before April
20 when the bids for bonds are to be
opened. He said further that the only
objection to the bill was that the bank
might become bankrupt, but he argued
that the Territory would be secured by
the bonds. At present, he argued, large
amounts are tied up in the treasury
vaults to the injury of the people. He
proposed also that If need be the de-
post could be limited to eightxo or nine
ty per cent of the government funds
and the remainder left in the Treas
ury. If the bill failed the. bonds could
be sold only by the payment of a pre-
MUM, for the purchaser would lose two |
to four per cent. interest.
Senator Baldwin replied favoring the /
committee bill, saying that the Brown /
bin tied the government down to max I
ing deposits in one bank for ffteens
years-the life of the bonds. Bids al
ready had been received for the bonds {
from the East and it was not known
what the saving would be; the bids
might be at par or very close to it.
The committee bill he said had been
drawn on the lines Of the national de-
oository law and does not bind the gov
ernment; it may change its deposit if
a bank is thought to be shaiy. The
government deposits often amounted to
/ million dollars. while the bonds were
for but 1926, 1000. The committee bill
provided for a division of the money
among the banks
President Crabbe inquired what
would happen If two banks bid the
same. Senator Brown. replied that
here would be no money in it for two
banks.
CLAIMANTS WANT BONDS.
Senator Achi said the Brown bin was
n violation of the Congressional fire
Iaims. act, and Senator Brown replied
hat amendments were ready to make
t conform with the law. Another OBJ
ection offered by Achi was that one
,ank in Honolulu would be given the
deposits, while he favored
flowing county deposits in FIilo, Wal
nku and Kona banks.
Under the rules made by Secretary
Hitchcock the government would lose
.othing, for if the bonds are not sold
L par the claimants would have to
axe them. Senator Achi said he knew
ne Chinese claim of $4,000 which could
e satisfied with bonds. The bonds could
e discounted for three or four per
emit while not long ago the claimants