Ka Leo o ka Lahui, Volume II, Number 149, 13 March 1891 — The Public Finance. [ARTICLE]

The Public Finance.

There is at present a seveife stirngency in the ai*ney market here c iu«ed mainiy by the loek-up ©£\a g<>od many hundreds of thos39*i<& oi doliars in the Treaeafy* Yhis is the result of ftf the late cabinet au^p^Aē^wipeient financierwg of : of Finance. Fer wlat purpoae were the oabinet hoarding this weaHh ? The floating capitai in Honolulu )0 not extcnsive and when the governuient through iU Postal Bank aud the tax office ar«aeses a large percentage of it, money is sure to

bc tigbt Uīiii*. the government pbts it into circalation again./ is the case at present and raorjey whioh should have ,been put iijito circulatioiL has be«n layi*g idle jin the money bags ef tlie Treasu]ry, aIL public mprovemefits eame to a stand stiil, and the administration appeared tō ignore jall the whieh the Legjislature had made. It is fortunste that a change of cabinet and poljcy is made at this junctu?e, for itj is understood that the new eabinet will reverse the policv of the lite cabinet and instead of hoardirng the revenues will pay them out iin the authorized channels and t!i|u& relieve the financial strain that waß gr®wing serious. The Treasu£y, how«ver, is not altogether to ibe blamed in this case; the character of o»r financiers ahd capitahsts has also aggravated i|he situation. There isabundant wealth hoarded up in their bank s apd vaults, but the uncertainties of t|he McKinly bill has caused them &11 to crawl back into their gilded shells and refuse to loan a dollar even on gilt edged securities. The Honolulu capitalist is altogether to* timid and faint hearted and aeW rather as a back-etop tha n a sinew in the progress of the eountry, and is always found wanting at a time when he could be a benefit, "with a minimum risk. We do not apprehend sueh dire disaster from the McKinly bill as is predicted Sugar is gold., and though the days of 50 to 300 per een t di vidends may be pau, the plantations will still pav good interests; and if they don't we . always have before us the prosDect ©f a reciprocity treaty with Canada or a more complete allianee with the United States. Our industries are built upon a solid foundatit>n and cannot be easily turned into a heao ©f ruins, anarchy caused by discoi>tent or oppression of the laboring class. You Finance Minister and you banker and capitalists, open up money bags and let the business and industries of the country go on and prosper. You made your money here and itis just as sa/e to be re-invested here as in California, and it will be raore to your credit to build up the coup f »-y that has been your home.