Hawaii Holomua, Volume III, Number 170, 23 Iulai 1894 — A Proposed Loan. [ARTICLE]

A Proposed Loan.

In 8pite of all the 8tatemeuts whieh from time to time appear iu the A<h'trti*ei , in regard to \ the flonrishiDg coodition of the tr(-iisary, and tbe great sorplns aud the gilt-edged reserve fnnd, the oAieial organ, this morning, ; advises the government U< go aronnd the corner and borrow a ( million dol!ars, and then bnild roads etc. Our esteemed coutemporary i has (videntlv forgotten thut tbe governmeut at present ia author* ized to borrow a large sura of money for public iroprovements, aud that the ouly reason it hasn’t been done, is that nobody wouhl Iend them anything. Since the revolution about $100,000 worth of bonds under the lutest loan act have been sold. They wcre sold by the government at a considerable loss, in fuct during the first year, the expeuse of “placing" the loan, amouuted to ?12,000. The bonds wore not sold frcelv ajid oasily in open market. A small amouut was nndoubtedly taken by small eapitalists whose eutbusiasm for annexntiou rau away with their good judgraent aud who expected a boom. in case, the stars and stripes should cver float over Aliiolani Hale. Some of the bonds were used to pay debts of tho governraent. Dr. Tronsseau and many others took bonds in liquid«tion of debts and unloaded them as soon as possibIe at a considerable loss in Morgan’^j ( aueiiou rooni or elsewhero. The biggest portion of the bonds, though, was purchased by meu holditig large trust-funds in their huuds and who \vere intimatelyconnqcted with the govermnent, The Lunalilo estate and the Kamehameha Schools, through At-torney-General >mith and Minister Damon havo invested lively iu government bonds aud many otbor tru.st-funds found tlieir way to Damou's treasury. And yot, the total amount of bond sold siuce January, 1893, ;does not exceed $100,000 vory mueh. Now, the Adrevliscr undoubtodly inspired, wants to borro.v $000.000 more. Wbat for? If the government is unable to dispoae of tlio bonds now legally at its disposition where is the uso of issuing anotber sories or make more laws. It is simply a bluflf. The Adverfifter proposition is siraply mudo to sprcad tho idea that the governmeut has got Ananeial backing «nd has got credit. It has neither one ortbe other. In encouraging its schcme and booming the loan, tho Advertiser fallH back on its oUl stale cry ubout the “sottlen5," the “small farroers’’and our wonderful lands. If only the momiup organ would be honest and sincere, we could avoid a lot of argumonts whieh we now have to repeat day in and day ont. Again we ask tho men pieaehiug about '‘settlers,” what are they goi«g to do when they get here? Where i» the market for their prodoce? And we never, never get au answer from the Ad~ tniiser or from Thurston or the other land boorae»s and promoters. Here was jx>or Thurstou before he got cracked (andbursted) ou eycloramas, dime museums Mklwinter Fakes, Volcano Housos and what uot “hollering” himself hoarse in oxplaining the antold advaaiages of makinp goava-jelly. Hia hope of that refreshing delicacy ner«r abat«d and he simply got franiic when anybody talked against his jelly. Where ia it aow? How mooh haa ©ver been manufactored hera and consumed, ami who ever foond a market for it yet? And so it ia with everthing olae. Hawaii bas ] g°t no market now-a-daya. We 11 are aware that in oid daya—aay i in the forty-ninea—Hnwaii ex- I ported potatoee and flour and <

«beut U> California. aud the exix»rters m»de money h«nd over fi.4l Dut iook at the Jiflerent oircumslancea ll.eu and now. Cnlif‘>rnia ean r*ise everything w bicli ean be grown in Hawaii — even g’iava-jelly — and it eaa be 1 inneh chea|>er than the prodoce from ourcountiy. Ofcourse we may seefc raarkets in Alaaka ior Corea, bnt even there, the people might get tired of gūava- ! jel 1 y aud Poha-jam. and find the j price rather heavy. Bot if our friends op the government sidereally wantsettlers here, we ean give them ao advice whieh will ofler some iuducemen(s. Make all plantations wiih their adjoining land eommune property and Iet the ‘aeiilew"’ cultivate on shares and pay the raills for grinding their prodnce. | Let the capitalists behiud the Adve)ii*er estiblish “sugar farms’’ and the settlers will eome. And finally if the government needs a million dollars, instead ' of borrowing it whieh it can’t do, let it force its bacfcers from Dole i down to pay adetinate;roasonable aml just taxes. If that is done | there wiil be no need of borrowing. If the treasury still should j be cramped for mouey, reduce expenses and raise the taxes.