Hawaii Holomua, Volume III, Number 212, 1 May 1893 — Untitled [ARTICLE]

In *n editorial on Salurday moruing. the Advtrtiser tr.es t»» bo m the g>vernment bond- to be it>9ued under tiie new !<>an act and mak' 9 a hnaneial -talement ot the »*.»• t? an<l li ih’iiliei- <>f the country. Tne 9t-atement is. to s»y the least, 9ur|>ri9 rg t‘> anybody who gaow- anytniug abyut tne value of real t-t.it** and otner property at the pr; - *nt time; : t is misleading an<l t is in certain ilein®. ab? >lutely f«lsc. A- asset9 is . pl»ced. tne sum of $5,30U.0tX> whieh was the total value ol t!.e government property. as e9timated bv Mr. S Oauion in 1800 —ex<ctlv Turee yeare ago. e have not thi® statement of Mr. Oanion bef<»re U5, and we regret that the Advertieer has not f>rinted it in full, f<>r the benefit ot eventual jnvi-'* -re. but the Advertiser itāelf ha.- claimed iately. «<ver and over ag:>in, that during the pre9ei<t deprc35ion Dr<»jierty ha? decreased in value 50 per cent. Il this i9 the ca«e with the propertv of pnvate individuals it is atill more the case with that of the government. whieh owiug to the nature <>f it, ia ▼ery difticult of realizmg Building9 like ihe l’alaee, the eovernment building, the Cii9tom Houae »nd <»ther propert'es of the governaient «ould be of no or of amall value in the case of a national bHnkruptcy, but allowing that the proj»erty of the govermuent, bas only decrensed in value one third smce 1890, it 9till leaves it ar> representiug an agset of say $3,5tK).000. The next asset, whieh tl.e Adverti»<-r figures on, is cash in hand. May lat. 1890; say, ♦90.000. We .vill strike lhat itern out altogether. because it is not true that there is such a eaehhalauee in the treasury to-day. After the salari»9 and running expeueee have been paid f»r April, it ie folly U> bdieve soch a st <tement. Mr Damon in the Advisorv Councii has admitted the irnpossibility of borruwing more mi»ney on exchequer notes —aud we don’t eall borrowed money Hssets anvway—and the d>tferent departmentB have been put on a pr<»portion:«te ailowanee, while some bureau9 have stopped work aitogether on :»ccount of laek of fund9. lf everything that the goverument owee to-d iy uuder 8ectious 1 and 2«>f the Appropriation Bill waa |»aid there w<>uhl be a deficil and not a surplusof *9O,0U0 or eveu 9vK.K.H.l cts. in the treasnry. The new Dre<lger is tben plac<*d as an asset at a value of $75,000. \Vhatever th« «lredg-r ui;g!it huve cost the govemnienl, is there any -eu?ible o'Hii who will 8-s>*rt that this intere»ting pieee of futniture could f<tch that sim to d:«v, a- it lies here m the harbor? D<>ubtful assete like the dredger aud the M iundry other additional improvenienl?" at a value «>1 $50,000 »houl l be left out of any prudent and hone-t financtal ealeulalīon. When a man invests his money, h<; doeen’t look at tue cost of the »ecunty off«?red. but he certain!y ca;culates »n the value of 9uch aecurity under a f>>rcH?d, Mle and tbe auctioneer'a hammer. Tne last »s«et «>f II.OHhOOO for the Crown Lta;:dj is absurd. The Crown Lands are not government propertv, aud in case of a l»weuit over them. Ihe ehaneee and leeal opinions pn> and co»tra are about even. Moreover as a permanent form of gov«rnment has not heen decided

on it » as well to leave the Crown Land» question in abeyan«'e until that matter ;s s<ttled. wou!d ever e<> into bansruptcy if he couid u«e the v*lue of h;s r.eighb.'>r's pr>>perty iu his estimate of bis as-«ts but we are afraid that » ich a -< iieme as thal of the Adverti»er won't go down with anybody who knows euough to ad<l two and two. From the ab >ve;t will be seon that the g'.v<-rument’s property ut an eatimatcd vaiue that we e.aim t > be exiggerate>l amountstoabout $3.5<O.' >*'. Agaiast t!iie sum ine A<!verli-->r stat<— the li:ibil;ties, whīc!i h tve n<>t <i-pr> ciat«-d in any | wav, t-> be l'),22»J.9tk> t<> whieh tigur<- the P G. n<>w wishes to add auother $750,000. In ihe liahilities given by t!ie A<ivertisir. we do n»t find the dcbts on onen aee >unt of the govemment. If they have beeu j>aid, we have not n<iticed the fuct mentioned in tne week!y fiuaneial statement of the government. Th«re was among other, an item of $4,900 o under Section 2 of the appropriation bill whieh perhaps h.«s been losl sight of, but whieh undoubtedly will turn up again in due time. The proposed loan is for sj>ecific purposes and cannot be used to pay up the liabilities now due. The Postm.«ster G°neral notes of 1155.000 are overdue since March and may be ealled for at any momeut. The amounl due the Postal Saving Bank deposit*rs of #522,666 should be raady for a eall at any date. Notices of withdrawals are coming in every day, and there are many more to eome. How is the government goiug to meet thesedemands? The Advertiser tells us finally that the governmeut property will be mcreased in value in some mysterous but not specified manner wilhin the next ten or twenty (why not hundred) years, and it is safe to »ay, that ten millions or twenty (why not hundred) millions would not overshoot the raark. “The taker," siys this interestingjournal further, “of the new bonds wants t<> know, not what the lands are worth now. but what they will be worth when his bonds fa.ll due tw«nty years henee.” That is just it. aiul all “the taker” has to guide huu in making this ealeulalion is the w.>rd of Mr. H. N. Castle that the !auds will be worth same high figure twenty years henee. We have »r> far only looked at the question of the government bonds in regard to the security offered for them, we now proj>ose to louk at the validity of bonds issued bv a provi?ional g<>vernment. The governmeat is in power according to its own proelamaiion for the purp<>se of obtaining a ch>ser Union with the United States. This object has f.«iled. as will be finally ahown in a f«w montb» and the cause fortheir existence, stili aocording to their owu pr<.>clamati<>n. ceases. Wiiatever permanent form of g>vernment the countrv will then adopt will undoubtedly have not aione the right toissue e»vernment bouds but they will have the right to repudiate all and every aelion of the prov>sionai government in whieh this government exceeded th« authonty vested in it, tbat of ubtaining a doser union with the United 5?l4te9. We do not prophecy that such repudiation ever would be contemplated, but the jx>ssibility is th«re, and where wouid the bondholdere then be’— Uolil a »table goverament i» establi»bed “tbe taker” had better go glow before he part» with bis mo-

nev. A mortg>gr-e §hou'.J a-1 alone | look at the value of the tnortgageJ • e«txte bat al~> i* the : tie *f the * mortgagor before he oloee# a loan ; trj*n#action. I After ne Adv®rtiser ha#attempt |ed to show the va;ue •■( thegovtrnment pr>perty it admits th»t āueh sho'.ving > wh <;Iy unnece«5<ry at»d t t :.e , r i;t «>f a country pri:mri!y and fi.iaily de- | 1 pend<! ui>jn th : t»x ng j«> ver >t t:ie 1 c<>iintrv And ftere -> tr morning contempor«ry i? in tbe rig : it. lf : liie t ix>-s of ih-i ountrv .irf ra>etl in a jud:oiou? manner by a >:r idaat- i e<i inc<mie tax and bv ati increase I on the real »!>ttte tix the ountrv oan beur a f»r heavier deb: than ever haa b-*en prop>3»*d. But the . qnest >m aristr:-, tiiis a \vise peri>Hi to talk ab <ut increase<i taxation? At a time where busi:i> is st ig;iating, wnen all values are depressed, wbere money is unobtainabie even on the best securitv, and when industry and c<»mtnerce virtually are at a standstill, while the w.»rking c!asses are without w>»rk, and are siitfering. is this the right time to add to the saffering and the general depressum by adding on the barden of further taxes? Themen who have thr»wn the countrv into tumult and fiaancial disaster are to hlame for the pr< sent situation. In their ineane idea that they could dispose of the autonomy and independence of the country of the //awaiians. ther recklessly hrought the country to ruin, in ihe vain and •u>Dty hopea that their puieee would ouee more be filled. They have failed. bnt iū their failure they have dragged with them to ruin the whole country, and the only remedy for the nnaneial ealvation of the conntry —that of ree8tablishing a stable and order!y government —they refuse to adopt, heeauae they prefer to see the c<>untry and tlie people joia io the eommune naufragium rather than lose the liilie bnef authority with whieh the American minister and hia troops has cl>»thed them.

But wby is it necessary f>»r the Adverti»er to oflfer the inducements it d<">e8 to get people to buy the new goveriunent-bonds? Did not the Daper a few days ago tell u» about a company of Bharpshoolers formed of merchanta and property holders who hare plared their lires at the digpoeition of the gorernment ? If the«e gentlemen’s love and adrairation for the present regira* g<->e8 so far as voluntearing their lives for the aupport of ihe P. G., why do they not oflfer their dollHrs for the same object, especially they are told tnal their money, f»r frora being »acrificed, asthey are ready to do with their lives»will be d >ubled or trebled at least in ten or twentr (or a hundred) years according lo the Advertiser. —Doeanot Mr. Fmancier C’astie tell thera that bonds will be wurth 115 «asily—soon as we are anuexrd —and what ftinl • ! hearl ie there among the snart>- , shooting heroes whieh yet has a doubl in regard to the u!timat« succees of their eauae? WTiere is thegreat milliona;re who istired f of native rule? Does he d <ubt the j value of t’ne provi?ional hjnds or ian’t he speculating just now io value« twenty years henee? Where is the I. R. G. P. etc. consul Gi»de who «till holds forth tbe banner of annexatiou aud work* (on the very qui«t iodeed) for the g>od eauae? Where i« the Oahu Railroad-C5m-p«ny-bond-donating Engl’.shm»n from V«n Diemen’s Land of uotold weallh who hoists the Star« and i Stripes high over England’s Lion

■ and Unieom? Where are they. ona ! and all. of the annexation-c!ub I ninety t<ercent wealth and fame, whea their g»vernme t ct!.a on 1 tbera nottolayd wn their līvesbut j to dig up their do;lars. They are f si!enl and they J>» n->t resp ».d aad Mr. l>»le‘s cry “Your inonev or vour livt-s" is ai;swered *‘T;tke •>: r • ltve» (nodang r at ali hei; e ap- j preheaded) bat leave u» our , monev." The Star ha« m uie a --b e ;»tteu»{>t P> show thal th“ lab>r market. would in n>> way be J;-»t>irb- ■ e<i, if we heeame annexe<l t-> ihe | Untfc I B( ites. in tpita of their 1 very rigīd laws agaiust tiie intro- ‘ duction of contrtct and p;u»j>er I labt>r. The St ir aeema t> be l*bor- , ing und>-r ihe rather amus; g i<le;t that the presenl eieluaion l<ws could ensi!y be evaded aud that we c<>uld get a11 the iabt>r we wanted under the proviso whieh entitles s man t>> pay f»>r ihe j>a?age of a relation or friend for tbe purpose of heli»ing him to c»me to America. After we then had got a few thousands friends and relatious landed, contracts could be m?de and everything w>>uld g» on •wimmingly. The editor of the Star must be very inn»x:ent or very ignorant if he thinks that a Chiaaman onee landed and in no fear of expu!sion would sign any labor contract or be willing to be eome a ‘’eheap laborer.*’ Not mueh, onee an American territ>ry, as Hawaii would be. he would eonform with the Geary law and register and then he would set out for Californi& where he would commind wages from ll lo ll$ a day. No law exists or ean be made under the Unite»l States constitution whieh could expel a man, onee legally iu the country from the country, and every ehiiiaman and portuguese here would drop their work on the plantation and go to the c»ntinent, and <>btain decent wages. as 8 ><>n as the Stars and Stri(>€8 fl >at over Hawaii. Where Mr. H Glade and Mr A. Young, then expect to get their lab»rers from, we d>> not know. Neither G“rmans nur Scotchmen were bailt to siave as eooliee on tropical plantations. soifthe annexation planters are rtguring on *uccor fr<>m their father-lands, thev are way <>ff in their eileulations and they are insulting their countryrnen. Japanese labor. we consider the best class ever brought here. The J tpaneae are eieellenl workers, willing, and reliahle. There have heen dilliculties with some »)f them, but, what nation of 40.000,000 s»uls ean l>e all angels or at least tractable humau beings? \V hen a Jai>anese is well treated he is a g*>xi citizen, but he pasaeB3es the fault in the eyes of s >me of our woul»l-be slave-drivers that he knows bis rights us well as his duties. his priveleges as well as his obligatioiis. and while he is always ready t > folfil the latter he i» as *tubborn as a mule. if any- ' b>>dv tr.es to encroich on ihe first. But if we» are annexed, we would have no nx>re Japanese labor. The United States would not irajxjrt them and the policy of the • Japaneae Government is opp*>se<i :to entering into coutracta wtth private individaals orc»mpanies in regard to an emigration of Japane«e aubject8. and without gnarantees and 8atisfaclory securities the g.»vernment of the Ri»ing Sun do«a nol allow iu humblest eiliien to leave the c>>untry, and heeome the dupe or victim of unscrupulous «peeuīalou. Mr. Chaa. Carter it is st*ied has made propoeitionB to bring negro

labor hen? frora tne S»>uth. but at that itiea even the >tArrnan ho! :•* up bi? ha!id? in h»*rxor «nd dr»wa the iine. Moreover negrolab'r j wouM not be eheap. It ia not eheap lo ihe S,*uth aini WOuM ba ‘ «tīll dearer here. Wc eaiui t £*1I b.u kon '!r. Mar9denV 15 «nU a day o*»»I;es froin lndia, heeauee the laln'r aws trojld never ali 'W th< ;:i to 9nter even if the St.»r »nd Mr. Mars».ien saou!d elaim friemb ip »ith a o'uple of thousind< i»fthe;n and pay their p-»ss.-ge. What are all the new industrits whieh we are proui'9ed g«»ing t>* do !>r «t>i r iu c.:se of anoei ition? Thev »vill have t < compet • " th •;milar industriea in t.e h *at■ ' where labor will be plentiful and niueh cheaj<er thau iu Hawaii, and they will h »ve the addil;*»nal expense of the fre.ght fn»ui here t>> the;r raarketa, whieh alwjiy* will excee»l the freight9ou thecontinent. Without eheap h»b»»r the suu»r-in-dustry wili l»e ?t »pped ait gether aud where wouM t!ie r>»untry then be? If the one or two pl*ntera who fav«»r annexation »vill eonie out not with s«»me rague stalemenla of wbat might hap|»en. or 9»nue equally vague pr >mises f>r new developraents and new industnea, but ahow uaplainle and truthfully. how they are g>»ing to get eheap labor. how they are g«»ing to keep the labor tbey have got, an»l how the country ia t » c<»mpete with the better aituated, morefertile, and in every way more fortunate eonlinent of America, then if there reasoning and elaima are aound and aenaihle, there may b« aome proepect of raaking the annexationeeheine popular-what it never wiil be, as long aa all the arguraents in faver of the Umon c<»nKist of wind. and wind, and nothing but w nd.