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OMENING BULLETIN, MAliCHj.3l ,1890,
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PROPOSED LOAN BILLSl
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I'roniliK'tii C'npitiillxlM tilc '"lclrSSH
t I ' VleHMttn miiilaier Hnmoii'iil'ru "HH
! .' ixncd Loan Ulcnniiro. . MB
On or about May 1st wo
will move into our now quart
ers, corner of Hotel , arid.
Bethel streets, three floors will
be used to carry on our ever
increasing business, and we,
will open with the finest stock
of House Furnishing Goods
ever imported into this coun
try. Our Showrooms will be
so arranged that you can tell
exactly how a set of furniture
looks when it is set up in your
own "homo; Booths will bo
furnished complete with Par
lor Suits, Dining Room Suits,
Bedroom Suits, etc. Our Din
ing Room Furniture will bo in
sets with Bric-a-brac to match.
Odd pieces to match almost
any sot can almost always bo
had. Nothing sots off a dining
room as prettily as ono of our
Combination Sideboard China
Our Bedroom Suits will
compriso Plain and Quartered
Oak with French Beveled
Mirrors, Plain and, Curly
Birch, plain Birdseye Maple;
Mahogany, and Enamel and
Gold, and wo linve Combin
ation Wardrobe Chiffoniers to
match. A pretty Combination
Secretary Bookcase is a handy
piece of furniture to have
around. These goods will bo
direct from tho factory and
the very latest designs. 1 f we
don't happen to have exactly
what you want in the furnittm
lino, expert mechanics will
make it for you and satisfaction
guaranteed or no sale. We
make a specialty of Cedar
S Our Repairing Department
is comploto in every particular.
First-class Upholsterers will
make your old mattress look
new, furniture repaired at your
own home if desired, Matting
and Carpets laid by experts
with dispatch. Special atten
tion paid to Renovating Par
Oiirstock of Portier Curtains
are tho finest ever brought to
Honolulu. Wo have Table
and Stand Spreads to match.
Patent Spring Shades, Cornice
Poles, etc., are little things
that you will need in furnish
ing your homo. Wo have a
complete stock. Our Hair and
Spring Mattresses made to
order have a jeputation in Ho
nolulu for fine workmanship
and durability. Honolulu peo
ple, can we do anything for
you, do you want anything in
the furniture lino, it don't make
any difference what it is, come
to us. We can accommodate
you and will guarapteo satis
faction in ovory particular and
at prices that will meet with
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Furniture -:- Dealers o
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Ordway & Porter's New Quarters.
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iGomer, Hotel and Bethel Streets, Honolulu, E L
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At a meeting of tho special
committee on Minister Damon's
four bills to rotund tho presout
bonded indebtedness of tho Hn-
wniian Islands and autliorizo tho 4.
issufinco of a now loan for inter
nal improvements, consisting of
Senators Watorhouse, Schmidt, '
Wilcox, Brown and Baldwin, yes
terday afternoon tho following
woro present by invitation: Pre
sident Dole, Minister Damon,
lion. P. C. .Tones, Senators Hock-
Holstoin, Horner and Mc-
CundlosB, Eon. Kichards, A. B.
Wood; "W.G.Irwin, J.B. Athor
ton, AV. Goorge Ashley, P.M.
rfwnnzy, E. D. Tonney, Prof.
Alexander and H. II. Holmes.
Tho committee organized by
electing Soaetor WatarL'ojso as
chairman. That goiitleii.an stated
the principaj object of tho meet
ing was to discuss tho act looking
to tho consolidation of tho public -debt,
and to bring tho matter pro
porly boforo tho meeting ho asked
Minister Damon for a statement.
Mr. Damon said that for a year
pnst tho subject of converting tho
bonded debt into bonds bcnring a
lower rato of inforeot had occu
pied his attention. It was tho
lirst timo in tho history of tho
country that anything of tho kind
had boon attempted. Yon may
ask why I have gone to London
for figures and data in this matlor
in preference to Now York or
Boston. I havo gono to London
becauso it is tho cheapest money
market in tho world and tho
choapest for us to go to. Tho first
thing they require to know in
theso money confers is tho po
litical status of tho country asking
tho loan. Unfortunately Hawaii
lias acquired a reputation for
revolutions which has not boon
desirablo to say tho least. Tho
primory move, 1 think, should bo
the conversion of tho prcsont SU,
005,JJ00 of our bonded debt into
bonds bearing a lower rato of in
terest. These now bonds should
bo offered to local holdors first
and aftorwurds to outsiders.
Under tho present system of
affairs hero two-thirds of tho in
como pf thocountry is boing paid
out in saliries and pay rolls. As
long as this continues tho monoy
for public improvements must
necessarily bo borrowed. This
must bo apparent to all. Ho felt
that instead of subsidizing, a
cablo tho government should
issue bonds and build its own
cablo, thereby retaining tho con
trol. Ho also thought wo should
have a now and largo dock for
ocean steamships, and a loau of
$250,000 for this purposo ho
thought would bo wiso, and ho
had already proposed tho forma
tion of a syndicato for tho pur
poso of taking up such a loan.
Thoro was no authority given in
thoso Acts to tho Minister of
Finance to do anything whatovor'
about tho placing of tho boudj
without tho approval of the Exe
cutive Counoil. It was customary
to print on tho bond tho full text
of tho act which authorized its
issuanco, but tho act which au- '
thorizod tho terms and conditions
of its disposal waB a soparato
affair and was therefore embodied
in a soparato act.
In roply to a question from
Souator Brown Mr. Damon said
ho had asked for bonds to tho
amount of $3,450,000, which ho
thought would roalizo tho amount
of tho prosont indebtedness, less
commissions, etc. In roply to
anothor question from tho same
Senator, tho speakor sp.id tho
balanco of tho last Loon Act
could not bo applied to purposes
other than tho specific ones for
which tho net called for. Tho
now aot has boon drawn for tho
purposo of obviating any similar
Senator Brown : "What do you
think of tho present policy of re
funding tho dobt?"
Minister Damon. "That is
a broad question and ono
which has not boon com
mitted to mo to study, I was
asked to draw anlnut for Hint pur
poso and I havo done ho, Porbou
idly I tlifak tho policy is a good
ono and oo that cannot ho put