Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-05-19

ized by the Legislature. or the balance
of the loan authorized by the legisla,
ture, came up for consideration. The
money markets Of America. in fact
the money markets Of the world at
that time we're practically closed to
borrowers. The special privileges
that attach TO Hawaiian bonds were.
practically done away with by the Cur.
rency Act; hence, there was not the
inclination to take the bonds on ac-
count OF the privileges such as had
existed before
At that time, the city of San Fran
cisco was In the market for about
So, 000, 900. The clerk of the. city gov
eminent OF San Francisco. an ac-
quaintance and friend Of mine endeay-
ored to place that loan in New York,
Philadelphia and Boston unsaccess-
fully although the inducement was a,
greater rate of interest than that au-
thorized for our own Hawaiian loan.
Hence. 1t was fruitless to make any
endeavor to secure money at that
time. The basis Of our bond issue at
that time was on taxable-valuation
In this territory OF VII ,oOV,OoV. Il
VAS very evident that the returns TINS
Year would pc much less tnan Sl9.'-
000, 900; hence, 1t seemed to me to
be dishonest to go into the market
with the valuation of SIT. 900, 900.
and was of the opinion that we
should wait until we found out what
the valuation was. On the face OF
the returns Ior plopeIly, tns tslua,
ton was sisi,VVvVoV, q E slll 1880 3
OF $4U'vVo,uVV. y was ssissne ias.
TUESDAY as near as we coalu ascel-
tain from the returns lnat the assess
able Valuation would % ABOUT Sloz,-
OOO,OV0 or sloS,vOu, Vvu: Hence we
can now 90 lnto tne market MAJ me non
est men Il we mao presehseQ OUT
vainatlon az SIt4,VVv,vv ana ln III ".
rectly Il turned out tone Slsz'VVv,v IVY,
the money investors womb say that
we were liars 70 tne extern q sza,;
0O0. 600.
One hundred ana Iilty.lWo mlliio on
dollars under the law Allows US %
DorroW ABOUT Ten ana nan ln.ihoh.
dollars; and when we nave issued the
miliiQn and e nalf DQnas that are au.
thorized, we VIII nave ALREADY reached
within about Two million two hundred
thousand dollars q, our ultimate legal
limit, and there - 50 much 20 40 IN
TINS territory that, tnat sum reaiiy
does not begin TO cover what IS need;
ed.
Ten years ago | made an inyeetigas
non 81 this island and of all the four
producing islands of this territory At
that time went all through the Kulas
homesteads There was lack Of
water. There was lack of water for
men and women to drink. There was
a lack OF water for animals to drink.
And II mankind and other animals.
can not have water enough to drink,
what Is the use or existence In the
Knla homesteads?
am told that the losses on the.
mountainside Of the ranches and
among the Individual owners from;
drought has exceeded five thousand
head Of stock within the last ten
years. You can estimate the value.
better than / can. I am not stock
man but the estimate has been given.
that the losses exceeded $150,000.
Hence. ii is an economic move IL. by
the expenditure of $685. 900 or less you.
can insure this district from loss Of
further stock can insure the district
from men and women ,crowding and
trying to secure water enough to.
quench their own thfrsts; condition
which understand has existed among
the Kula homesteaders.
4 will 60 no further in describing
the conditions in Kula. The map here
will speak for itself.
do want to say q few words to
those who dwell in the valleys here,
and who have possibly lacked very
little OF the maximum water they de
sire or REQUIRE. cann OF see how
anyone who has been SO provided,
whether from public or private funds, !
with this complete supply OF water
should for one instant excite any dis
enlargement or any influence against
the water supply for the homesteads