Show THUESTON IS INDIGNANT Not a Shadow of Truth in the Hawaiian Bond Story c FABLE rUBE AND SIMPLE ROYAIISTS HATE JTEAUIY Mali PAID THEIR TAXES f Government oC Hawaii Has Not Only Not Beczt Obliged to Borrow Money Bat Has Large Surplus on Hand From the Current Receipts Iairs Prohibit tIle Issue of Honda c at Less Than iinetY Cents on the Dollar Was 1 nSton Jan 26 Minister Thur ton was seen today relative to the statement that the Hawaiian government govern-ment was selling bonds in this country coun-try at 25 cents on the dollar for the purpose of influencing ai feeling in favor fa-vor of annexation Mr Thu ton made I the following statement There is no more possibility of such a Ithlng toeing done by the Hawaiian government than by the United States government By aaw the Hawaiian government I gov-ernment can borrow money for two i purposes only viz FirstTo pay J postal savings bank depositors in case I r the treasury is unable to meet the demand I i de-mand secondFor the purpose of constructing con-structing certain public improvements o such as < war vessels roads bridges harbors and public buildings which iogell2ier with the amounts to be spent for each are specified in the several acts authorizing the loans So far from being trouble concerning financial matters mat-ters the provincial government was and the republic now is stronger in that department than in any other The continuous balance in the treasury treas-ury has ranged from 200000 to 400000 If it were true that the Royalists had not i > add their taxes it would make no appreciable difference to the treasury treas-ury as the amount which they pay is very small As a matter of fact however j how-ever the Royalists have nearly all paid their taxes the delinquents being no greater in number or amount than usual r Not n Shadow of Truth As to selling bonds in this country at 25 cents on the dollar there is not t a shadow of truth in either part of the statement In the first place the several sev-eral loan acts prohibit the issue of bonds at less than 90 cents on the dollar I dol-lar and in the second place the government I govern-ment has sold no bonds over in this country and it nas borrowed all the money it needed right In Honolulu at 5 and 6 per cent the bonds being sold over the treasury counter for par no I discount or commission being paid or allowed to anyone I The net Increase of the debt for the I fiscal period ending March 31 1SJ4 was I 200298 all of which was expended on the public works specified In the several j I sev-eral loan acts Not only has the government ri gov-ernment not been obliged to borrow I I money for its current expenses but ito it-o 1 had such a large surplus on hand from current receipts that 11 advanced from the current receipts in the treasury to the loan fund account the sum of 82493 which was expended on the specified public work and also met a run of over 300000 on the postal savings sav-ings bank At the end of the period new deposits had reduced th amount 0 so advanced from current receipts to the postal savings bank to 219402 The new financial result of the period pe-riod may be summarized as follows The government has paid all current expenses has built public works authorized I au-thorized by the several loan acts to tha amount of 289000 for which it borrowed bor-rowed in round numbers only 200QOO the remaining sum being furnished I I from current receipts and paid all I bonds and treasury notes maturing I t during the period amounting to S35000 has paid all maturing interest on bonds amounting to 79000 hos repaid Ito I-to postal saving bank depositors the I I sum of 219000 has deposited a sinking sink-ing fund to meet bonds maturing in the future in the sum of 24775 and closed the period with 270229 in the treasury The government is now installing a pumping Plant and additional water mains in Honolulu to the amount of about 150000 All of the pipe and machinery ma-chinery were bought in this country It 4s also building a series of wharves from 300 to 600 feet In length to accommodate ac-commodate the large steamers now runnIng to Australia and Japan |