Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1901-01-19
The BURDEN OF DEBT.

The burden Of debt is now taken up
by opponents OF municipality as the
great particular bugbear that stands IN
the way OF progressive Hawaii. This
source OF objection is the silliest yet,
especially in view Of the Limitations
placed upon the public debt Of the Ter
Titory or city by the organic law enact
ed by Congress.
A public debt incurred for the con-
struction of roads, public buildings.
wharyes or any public Improvement Is
the best investment that any nation,
State. Territory. county. city or town
can possibly make. This is so far ac-
ceptod throughout all civilized govern
ment that the Advertiser creates itself
a laughing stock by attempting to dem-
onstrate the reverse as true.
There have indeed been states coun-
ties, cities and towns that have run
the gamut Of Indebtedness until they
have been swallowed up and been STALL
ed In the sloughs of bankruptcy. That
such a result need be anticipated in Ia
wall Is not threatened by the examples
set in the past nor the limitation Of the
organic act. This limitation is thus
expressed:
Nor shall any debt be authorized
to be contracted by or on behalf of
the Territory, or any political or
municipal corporation thereof. eX-
ccpt to pay the interest upon the
existing Indebtedness, to suppress
insurreCtion. or to provide for the
common defense. except that In adj
ditiOn to any Indebtedness created
for such purposes the legislature
may authorize loans by the Terri
tory or any such division thereof,
for the erection of penal, chart
table. and educational institutions
and for public buildings. wharves,
roads and harbor and other pub
lie improvements. but the total of
such Indebtedness incurred In any
one year by the Territory or any
subdivision shall not exceed one
percentum upon the assessed value
OF taxable property of the Territory
or subdivision thereof, as the case
may be, as shown by the last gen.
eral assessment for taxation, and
the total Indebtedness for the Ter
ritory shall not at any time be eX-
tended beyond seven percentum
OF such assessed value and the
total Indebtedness of any subdivi-
sion shall not at any time be eX-
tended beyond three percentum Of
such assessed value nor
shall any such bond or indebted
ness be incurred until approved by
the President of the United. States"
Not only does the law limit the pub
lie indebtedness that may be incurred
by the Territory or municipality. but
the action of the Legislature or city
council must receive the APPROVAL of the
United States. With these limitations
the taxpayer OF Hawaii has little to
fear from the overwhelming burden
OF public debt.
Judging the future by the past. Ha-
wall has shown itself to be conserya-
tive in the increase Of its Indebtedness
and the money obtained through the
loan funds has been well expended.
This was true in the days OF the Adj
yertiser's bad governments as well as
the really good ones. Possibly the
Morning Organ is pleased with the
present condition OF our public high
ways. Logical conclusions. drawn from
its statements do inded indicate belief
that bonded Indebtedness is needless
expense. Such conclusions are on par
with tho wisdom" usually shown by
the organ.