The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-05-10
No. 921 Eighteentb Street

No. 921 Eighteenth Street,
Washington, d. c., April 20, 1900.
The Honorable Lyman j. Gage, Secre-
tary of the Treasury, Washington,
D. c.:
Sir:-ln reply to your inquiry made
in our conversation of yesterday, con-
corning the Hawaiian public. debt, /
have the honor to inform you as fol-
lows:
| The amount of the Hawaiian bonded
debt December 81, 1899, shown by the
report by the Hawaiian Minister of FL
nance to President Dole, which report
is herewith transmitted, was 81 PA, 400
AS shown by the same report, the
amount due by the Hawaiian Govern
ment to the Hawaiian Postal Savings
| Bank depoSltorS at the same date was
$76S, 1S1.62.
| All these bonds are now redeemable.
| Some of these bonds, for instance,
those issued under the Act of June 18th,
1893, are "redeemable at such date, not
less than five nor more than twenty
years from the issue thereof, as the
Minister of Finance for the time being,
with the approval of the Executive
Council, may determine" and sby the
same statute the Minister of Finance,
with the approval of the Executive
Council, may determine the period and
method of their redemption.
The bill provides that the Treasurer
of the Territory of Hawaii shall have
the powers and duties of the Minister of
Finance, except as changed in this Act,
| and subject to ratification by the Legis-
lature."
Under the Act of June 18th, 1898, it
appears by the report above mentioned,
that there are outstanding bonds to the
amount of S650,000.
In regard to the outstanding bonds
under the Act of October oath. 1890.
$4,000, and under the Act of Septem-
Der Z, 1892, $3.50, 400. and under the Act
of June 18th, 1896, S1,2O1 900, aggregat-
ing Sl,o74, 400, believe that the Minis
ter OF Finance has similar powers in
providing for their redemption.
Of the 100000 bonds outstanding
under the Act of October Is, 1886, it ap-
pears that s9S0000 are owing in Lon
don.
| believe that the provisions of this
Act require that the redemption of these
bonds before they are payable is made
by drawing lots in November of any
year, at the counting house of Mathie-
sen Il Co. in London, in the presence of
a member of that firm and also of a
representative of the Hawaiian Govern
ment, followed by notice of the bonds
drawn, to be given six times in two
daily newspapers and four times in two
weekly newspapers in London, these
bonds, principal and interest. being
payable there. The interest in cases
of the bonds so drawn terminates on
January /, following.
The joint resolution of annexation
approved July Z, 1898, provides as fol-
| lows:
The public debt of the Republic of
Hawaii lawfully existing at the date
OF the passage of this joint resolution,
including the amounts due to deposit
ors in the Hawaiian Postal Savings
Bank, is hereby assumed by the Gov
eminent of the United States, but the
liability of the United States in this re-
gard shall in no case exceed four mil
lion dollars.
SO long, however, as the existing
government and the present CONNER
cial relations of the Hawaiian Islands
are continued, as hereinbefore provid-
ed, said government shall continue 30
pay the interest on said debt"
The reports of the Hawaiian Minister
OF Finance for the years 1897 and 1898
which are herewith transmitted show
as follows:
December 81, 1897, Postal
Savings Bank Debt. IS 953,9S1 20
Bonded Debt .. 3679. 700 90
Being a total of. =. 81 e33 6S1 20
December 81, 1898, Postal
Savings Bank Debt q12 o6S Al