Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1903-09-18
SE('Y CARTER TkLDOF
What He IS Doing

tary of Hawaii, arrived from the
Islands yesterday, en- route TO Wash
ington and New York on business con-
issue, says the San Francisco Chron-
iCle of September .. He will go from
here direct to Washington to call on
President Roosevelt, whose approval OF
the bond issue is necessary before the
securities can be placed on the market
If the issue is approved by the PreSi-
dent, Secretary Carter will then go to
New York and arrange for the sale.
The loan bill passed by the last
Legislature" said Secretary Carter
last evening, provided for the issu-
ance of s25OO,OO Of bonds for public
improvements. OF this amount, how
ever, only S1.200,OO0 can De issued dur
ing the present fiscal year. owing to
regulation in the organic act Of tire
Territory which prohibits the issuance
of bonds in excess of | per cent OF the
total tax list Of the Territory for each
year. The assessed valuation of prop
orty in the Islands this year is Sl22,-
600, 600, so we will only be able to issue
about $1,000 900 Of bonds before July
next The remainder of the $4,000 900
OF bonds, or so much as may be law
fully issued as determined by the next
assessment, will be placed on the mar
ket next year. The loan appropriation
bill passed by the Legislature specifics
how the money shall be expended
There is one item Of $500, 900 for new
roads, designed for the opening up of
new country. Another item Is one OF
S4O0, 600, for public buildings, Including
school buildings, "a new territorial in
sane asylum and new territorial pen
itentiary. Congress failed TO make any
appropriation for harbOr improvements
In the islands, so We have made pro-
vision in the bond Issue for the OK
penditure Of $500 900 for the building
of new wharves and the deepening of
the harbor OF Honolulu. The present
depth of thirty feet Is insufficient %
permit some of the larger steamships
now aioat and building " enter the
harbor with safety. and We propose to
dredge the EarbOr to a depth OF thirty
four feet. Part Of the proceeds from
the bond issue will be used to complete
the sewer systems OF Honolulu and
Hilo.
I'VE have been waiting patiently
for four years for an opportunity to
raise money for public improvements
In the islands. When the islands were
annexed We were deprived of our Gus
toms revenues, which amounted to
100000 month, as well as our postal
receipts. which aggregated a nice sum.
This compelled the Territorial govern
ment to run along on a depleted treas
ury and scant revenues, The first Leg
islature. which was dominated by the
Home Rulers, failed to pass loan bill.
The last Legislature, however, which
was overwhelmingly Republican has
made provision for bond issue, and
we now hope to be able, shortly, to
undertake many muCh-needed public
Improvements. There is only one pos
sible obstacle that stands in our way.
| The bonds which we are preparing to
offer are short-teTm securities. They
are redeemable ut the expiration of
| five years, as provided in the organic
act of the Territory, and there may
be some difficulty in finding a purchas-
er or purchasers for the securities on
that account. | shall go first to Wash
! ington to see what action the President
has taken in regard to the approval OF
the bond issue, and when the approval
of the President is obtained | shall 90
to New York and arrange for floating
the bonds. The Territory may not
legally dispose of the bonds for less
than SO. and 1t remains to be seen
whether the securities can be sold at
that figure. II not, we will have to ask
Congress to amend the law so as to
grant the Territory more latitude in
the Issuance Of bonds.
so far as | have been able to ascer-
tain no other Territory or municipal
| ity is restricted to the issuance OF five
year bonds, and we regard this restric-