The Hawaiian gazette., 1903-10-27
Department Of the Interior,

|
Washington, Sept. 9, 1908.
The President.
| Sir: On the s0th Of June, 1908. the
| Governor of Hawaii advised this De.
partment that on the 25th of April
1908, he had approved an Act Of the
| Territorial Legislature to provide fol-
public loans, such act having been
passed pursuant to authority contained
in Section IS Of the Act of Congress
| approved April 80, 1900 (31 Stat, 141),
ITO provide a government for the Ter
ritory of Hawaii" under which the
Legislature may authorize loans by the
Territory for certain purposes and un-
der certain conditions, one Of which is
that no such bond or Indebtedness shall
be incurred until approved by the
President of the United States.
The section in question, in extenso,
is as follows. to wit:
(Then follows the section in question.)
The Governor In his letter above re-
ferred to, further states: 1.-THE amount
which can be borrowed under the loan
act for the first year of the coming
biennial period, as limited by Section
So of the Organic Act, to one per centum
upon the assessed value of taxable
property of the Territory is 1920. OO0
THE Presidents approval is desired
for bonds of such amount. We are
arranging for the preparation of these
bonds and in relation thereto, I desire
your instructions as to the form of
the Presidents approval. Will he ap-
prove in one act of the above amount
which we desire to borrow for the
coming year, or will he approve of each
bond by endorsing his approval of the
same? In case the latter course is
decided on it will be convenient in the
preparation of the bonds to provide a
space therefor with the word zap
proved and the words President Of
the United States" engraved above
and below such space.
las time is important to the Terri
tory in this matter. may l ask you to
telegraph your decision.
THE wording Of the letter may make
me appear to have taken the Presi-
dents approval of such loan for grant
ed. but I assure you that I do not en-
terrain any such sentiment"
Replying to this communication the
Department by cable under date of
July "a, advised the Governor that:
"The requirements of Organic Act
will be complied with when President
approves mourning bonded indebted
ness. Endorsement his approval each
bond unnecessary. In submitting mat
ter for Presidents approval. detailed
financial condition Territory
necessary for loan and other pertinent
information necessary to determine
question should be supplied"
There has recently been received from
the Governor of Hawaii the enclosed |
etter dated August IS, 1908, and accom- |
enclosures, the latter being ev-
licences as to the financial condition,
tic, of the Territory in which formal
'equest is preferred for your approval
# the incurrence of indebtedness under
he Territorial Loan Act for the pres
mt year, from June 80, 1908, to July l,
904, of 81 ,229 lvS.03 The amount above
stated represents the limit of indebt-
'dness which, under section 55 of the
organic Act may be authorized to be
incurred by the Territorial Legislature
or the present year.
1t will be observed that the Governor
tates that large part of the loan APP
'riations are on account of public i'm
for the benefit OF the coun-
y governments which will go into OPP
ration in January, 1904.
From the papers presented by the