The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1900-06-22
POSTAL SAVINGS BANK
HOW DEPOsITORS WILL BE PAID
OFF.
Provisions of the Territorial Act-NIat-
ter Considered by the Governor and
His Advisers this Morning.

The question of the payment of the
Postal Savings bank depositors was
considered by the Governor and the
heads of departments this morning.
Secretary Cooper referred at length
to the affairs of the Postal Savings
Bank and the redemption of outstand-
ing bonds. With regard to the former
he said it would be necessary for the
Governor and himself as Secretary, to
certify to deposits. These would go to
the Secretary of Interior who would in
turn draw on the Secretary of the
Treasury for the money. There was
question as to who would pay inter
est on deposits after June IA. 1t was
assumed that interest would cease on
July l, and that between the dates
mentioned the central government
would have to pay interest. In regard
to Hawaiian bonds. Mr.. Cooper gave
it as his opinion that a large num-
Der of holders of undue bonds would
willingly discharge them now. In fact
they had received the impression that
Secretary Gage intending redeeming
the bonds at all events and had ac-
Cepted that situation.
The amount on deposit in the Postal
Savings bank December 81, last. was
$IS5,24l 81. The amount is somewhat
less now, about $3.50, 0O0 The reason the
Secretary of the Treasury is sending the
" llblS VI llllS dlllOulll uON II mere is De-
cause of the peculiar method provided
for by the Territorial act for closing the
bank and paying the deposits.
The exact provisions of the bill on this
subject are as follows:
Section 103. And the Secre-
tary of the Treasury shall pay
the amounts on deposit in the Hawaiian
Postal Savings bank to the persons en-
titled thereto, according to their res
/ fN~a sfernf l,A oh oil
needful orders, rules, and regulations
for paying such persons and for notify =
ing such persons to present their de-
mands for payment So much money
as is necessary to pay said demands is
| hereby appropriated out of any money
| in the treasury not otherwise apprO-
| priated, to be available on and after
the first day of July, nineteen hun
| dred, when such payments shall begin,
and none of said demands shall bear
/ interest after said date and no deposit
| shall be made in said bank after said
date. Said demands of such persons
| shall be certified to by the chief eXeCu-
| tive of Hawaii as being genuine and due
| to the persons presenting the same, and
his certificate shall be sealed. with the
Official seal of the Territory, and coun-
| tersigned by its secretary of the inter-
ior, who shall draw his warrant for the
| amount due upon the Treasurer of the
! United States and when the same are
so paid no further liabilities shall eX-
/ list in respect of the same against the
! governments Of the United states or of
/ Hawaii.
Section 1903. That any money of the
! Hawaiian Postal Savings bank that
| shall remain unpaid to the persons enti-
/ tied thereto on the first day of July,
nineteen hundred and one, and any as
sets of said bank shall be turned over
! by the government of Hawaii to the
! Treasurer of the United States, and the
Secretary of the Treasury shall cause
an account to be stated, as of said date
! between such government of Hawai-
and the United States in respect to saiC
Hawaiian Postal Savings bank
Ad to China bringing $760,0O0