The Hawaiian gazette., 1909-03-30
TsTritory's Money Discussed.

wv ifNNuNiNu IiANHfo NhhuimnuAiNs
Terriiory's Money Discussed.
{ 4. VI. T. Boiiomley of the same com.
miitee made report on House Bill
~ relating 80 deposits ~ Territorial
moneys in the banks Of the Territory.
! The Legislative Committee believed
this TO be step in the interest Of
the community. The hill provides for
per cent on such moneys, etc A
number Of meetings Of representatives
/ oi The banks were held and meet
! ing was also held with the Finance
Committee Of the House. The bill has
been amended 50 as to fix n minimum
of per cent. interest. This bill has
been favorably passed upon by the FL
nance Committee Of the House. Mr..
1 Bottomlev said that the fact that the
/ government would receive interest on
its revenues, instead of permitting the
money TO lie in its vaults. and the fact
that the currency is kept IN circula-
ton. constitutes a favorable item, and
4 the committee therefore asked the
chamber to endorse the bill. Mr.. Bot.
/ tomley introduced a resolution in line
with his report.
/ l.. Tenney Peck of the First Nation
nj Bank asked that the chamber sus-
| pend action on the matter until the
Legislative Committee of the chamber
had consultation with the different
banks. So far as he knew. there had
been no consultation or conference of
the banks yet. and he thought that the
committee should at least talk the mat
er over with them before recommend.
ing to the chamber that the bill be
| ~ l..
Cecil Brown of Mr., Peck's banking in-
stitution had kokuaed the matter.
Goes to Highest Bidder.
1t was Mr.. Peck IS contention that
the minimum of 2 per cent. interest
meant that the governments money
would be let out to the bank which
bid the highest interest for its use. The
bill would compel bids by the banks
for its control Some banks, to get
the money, might bid up as high as
and 8 per cent. That would make a
revenue measure out of the bill. 1t
might lock the money up in the bank =
vaults, If there was fiat rate of
per cent interest it would yield the
Territory revenue of, say, $4,000,
but if left open to competition the
|
wanted it badly.
f. d. Tenney didn t see any objec-
ton to depositing the public money in
the banks at a rate of interest not
less than per cent. If that was a
fiat rate there might be some objec-
ton. He thought that depositing the
money in the banks would be desira-
BILE. Mr.. Peck, however, did not be-
| 81. oh l., I'll
about. Congress had decided that it
was not a good thing for treasurers of
public money to handy it about among
the banks on public bids. The law
says that it should be left to the gov
eminent officials to deposit the public
funds, and the rate of interest should
be equal, so that the money could not
be conferred in any one group of insti-
buttons. The matter was a question of
principle, not of the banks.
Mr. Morgan thought we should get
as much as possible out of the govern
ment funds. Mr.. Cooke said he did
not understand why the government
should not do its banking business the
same as private concerns.
AS to competition, Mr. Tenney re-
4 ferred to the system in vogue in the
government to compel bids to be made
on supplies, the contract going to the
lowest bidder. There was not much
difference in the system of calling for
bids and the proposed method of
banking the government moneys.
The resolution of Mr.. Bottomley
finally passed, Mr.. Peek asking that
it be recorded that he did not vote.
AS to the plan for the counties to
look after taxation matters. instead of
the Territory, it was decided to wait
until such measure is introduced into
the Legislature before passing upon it.
Entertain Japanese Squadron.
Mr.. morgan called attention TO the
coming visit of the japanese squadron,
which is due here April from Japan.
Sin view of the fact that the Amer
lean battleship fleet and members of
this Chamber of Commerce were enter
tanned so well in JAPAN | think it be-
hooves this Chamber to assist in the
entertainment of the coming squad
ron. The local japanese have taken
up the matter Already He asked
: for a motion. j. p. Cooke moved that
the matter of entertainment he re-
: ferred to the Committee on Reception
J and a report made at a special meet
} ing in rev days. This was done.
! Promiscuous Advertising.
!, j. +. Hackfeld brought up the ques-
ton of advertising. He said that all
the business houses in town are called
upon to advertise in various publica-
tions and give them support. There
4 were guide books and pamphlets and
: all manner of things cropping up.
: Some one had called upon him that
day to secure advertising. He thought
t that the Chamber should appoint an
Y advertising committee, SO that when
Q person goes to business house and
+ asks for advertising matter for this or
that publication, he can be referred
y to this committee.
3 Mr.. Morgan kokuaed the remarks
!. of Mr.. Hackfeld, saying that the
| Chamber should have such a committee
as suggested for the protection of the
, business houses. as the publications
were good, bad and Indifferent A
: committee of three could act as a
! buffer. A resolution was introduced