The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-12-06
Tle National Bank Enterprise
in Tangible Form.
RETURN OF COL. MACFARLAAE
Outlook in CongresS-Citiz
Backing of Bank-SChginans in
the Syndicate.

last night tnat the cnartef Tor the FIRST
National Bank of Honolulu, would
undoubtedly be granted to Perry S.
Heath and associates, by the Comp
troller of the Currency, directly after
Congress convenes.
Col. C. w. Macfarlane returned by
the Coptic, and James Campbell, the
millionaire capitalist, will arrive by
the Moana.
an interview with Col Macfarlane
shortly after he landed from the
steamer, and in answer to queries
about the new bank, the Colonel stat
ed that important meetings, at which
the Seligmans, of New York, and
Perry S. Heath were represented, had
been held in San Francisco, and final
agreement reached by the charter
members for perfecting the organiza-
tion of the First National Bank.
He stated that the formation of the
bank would take place within sixty
days after Hawaii is admitted as ter
ritory of the United States, during
which time the subscription list must
ScriberS, and organization certificates
filed with the Comptroller of the Cur
rency.
The National Bank law requires that
not less than three-fourths of the di-
rectorS of the bank shall be American
and have resided at least
twelve months previous to organiza-
tion in the territory in which the bank
is located. This condition brought up
at one Of the meetings an interesting
question, as to the status of Hawaiians
(both native and foreign born) on
matter of citizenship, and Col. Mac
farlane decided to telegraph to MIR.
Heath for information on this point,
and as to whether the charter could
issue Immediately or before Congress
and the following interest
ing reply, which seems to establish the
American citizenship of natives, was
received by the syndicate:
Washington, d. c., Nov %.
Comptroller will not issue charter
now, holding, it might be assailable,
and that Congress will give full author
ity, within few days after it con-
venes, which makes but little delay
anyway. CullOm and Hit will intro
duce duplicate territorial bill day
Congress convenes, asking for immed-
late action, makes Hawaii, same as
other territories, in every respect, in
Guiding citizenship for natives
This telegram was supplemented the
day before the steamer sailed with
correspondence from Mr.. Heath, which
deals more fully with details and gives
information respecting the lines on
which the bank is to be organized
Asked as to the cause of delay in
issuing the charter, Col. Macfarlane
produced from his papers
Heath, the head of the post Office de-
partment at Washington, and gave the
following extract as his answer:
The Comptroller of the Currency
would have consented to issue certif
icate for charter, or possibly a chart
er itself, some weeks since had it been
shown to him that there was some
necessity for it, or some special ad-
TO be gained in the establish
ment at that time to the Government
or the incorporators.
He contended, however, that mas
much as there was grave doubt wheth-
er not specific authority existed for
the eSta blishment of First National
1etAih Ia nd w dii, unnecessary 1ISh
would be taken by the incorporators,
as the solidity of the chartered bank
might at some future time be attacked
in a suit Of great Importance. Senator
Cullom and Representative Hit intend
10 Introduce in duplicate, Immediately
when Congress cOnyeneS, a bill extend
ing territorial laws over the Hawaiian
Islands. Senator Cullom tells me in
dividually he hopes to have the bill in
both Houses on the day Congress con-
venes. and that it is the purpose TO
give it precedence over other Iegisla-
ton. 1t looks now as though there
would be specific authority. before the
holiday adjournment of Congress. I
have thought (and so have the Comp
uoller, and the officers of the Depart
ment of Justice) that inasmuch as but
a few weeks could elapse or be lost
before the question of legality of issu-
ance of charter would be fully deter
mined, it would be better not to press
the issuance of a charter at this time,
but wait
"a telegram will come to Mr.. Camp