The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1859-10-20
THE PACIFIC
Commercial Advertiser.
THURSDAY, OCT. 20.

THURSDAY, OCT. 20.
The currency question still holds a prominent
position, although really it is quietly settling
Town on the basis on which it should rest-a de-
probation of such gold and silver coins only as
are unnecessary in the transaction of business, to
such a point, as will sooner or later drive them
from the country. Gold is now so abundant the
world over that no difficulty exists in obtaining
an abundance of American gold coins to satisfy
the demand for it here. Not so, however, with
silver coins ; these appear to become more sought
for and consequently more scarce all over the
world, in the sam proportion as gold becomes,
more abundant. This coin question is strangely
stirred up again in the last Pciynesian. We
have rarely seen in the same space greater num-
Der of erroneous statements than appear in the
commercial article of that paper. The positions
assumed by the writer of it have been unanim-
ously condemned by all who have expressed any
opinion on the subject. The whole article is a
confused tumble of incoherent and gross misstate-
ments, the only effect of which will be to mystify
the subject in the minds of others. There may
be a few who have the same opinion, but these
are probably not engaged in business, and certain
ly have not correct views on the subject. Says
the Polynesian writer
As we have maintained from the commencement, we are doing
bushes with a virtual exsn ,sn e n Gu = ears = G0r ? ascins.
mcdation--after me the deluge," IS the Metternichean motto OF
our business men,
Now, what are the facts? What is the real
ralue of the fcefranc silrer piece as compared
with American gold or American halves or quar-
tiers, which latter coins it is thought possible to
introduce here in place of it. We say American
gold or halves and quarters, because American
silver dollars are not in circulation, either in
America or here. The American dollar is not a
current coin, that is, it is not available for cur
rencv, and is simply priced as a pocket piece, the
same as old Revolutionary coins, and it is coined
and sold only as merchandise. 1t is foolish to
talk of introducing this coin into currency into
these islands. 1t can't be introduced here or in
the United States. 1t is simply an article of
merchandise, the same as gold or silver bars are
- worth, Compared with currency, 81 0S to
81 10. In speaking of a dollar, therefore, we
can only take the actual current coin in circula-
tion-say two half dollars.
Now, what is the value of the f~ve-franc piece
compared with these current American coins?
The mint value is the fair standard. The mint
in San Francisco purchases fve-francs at o. $40
cents each that is to say, a person depositing
1000 silver ~fve-franc pieces, will receive in return
in half dollars, 1913 less the charge of 1-2 of one
per cent. for coinage, or S96S. \ ~fve-franc
piece is therefore l1orth in San Francisco 81 $40
cents, compared rrith The only coins ioih iehich al
can be substituted.
Now, what is the value of the silver f~ve-franc
piece in Honolulu? We maintain that it is equal
to American gold for all trade purposes, OF the
difference is so small as to be imperceptible and
of no consequence. But says the Polynesian
again:
"An argument also is advanced. that We can buy as much
take az for a dollar. The real question is not, by what name
s : !, sa ar;;e,s but ut s ,hinr IS hi is s .PeTshasi9T nE pe~ ss. to a Ss S as I i
abroad. and the raiae of this piece of coin is no,rhere greater
eo@moSifies out Of these ISLANDS. Z it is easy to see how,
as we have before stated, the government, and the people are the
This last assertion we deny. The f~ve-franc
piece is passed as a dollar in San Francisco to-day.
A hundred dollars shipped by the Frances Palmer
in this coin will purchase as much merchandise
there as the same sum in American gold. From
this fact, what other %argume can be deduced
than that its value is so nearly the same as to be
a matter of no consequence, even in a port where
it has 50 recently been deprecated. For ship
ment to China also, it is constantly sought for /;
in fact, in the absence of English gold, it is the
| best remittance 10 De ndu mere, anu IOr tnat pur-
pose it is worth more than American gold, and
will always be in demand. Here, then, we have
a permanent market for this coin, and the fact
that it is worth for remittance to China what it
passes for here, is a strong argument in favor of
its present rate. We need have no fear of being
troubled with an excess of them, even should they
be shipped hither in large quantities, SO long as
they are sought for in China, and command the
same ralue rs two American half dollars in every
other country in the world than the United
States.
su the relative values Of the gold and silver hve-f1nc pieces
in 1s40 we're the same, and the actual depreciation Of the former
has been 10 ec in the last 10 years as advanced by Chevaler
and the French economists, then the hve-franc piece should only
b resolved at IS cents at the Treasury
A more ridiculous assertion, or one further
from the TRUTH could not be advanced. Is our
"treasury' a better judge of the value of silver
than the United States mint? Is our ''treasury''
going to attempt to fix the value of a coin at IS
cents, which is worth at the q. s. mint 81 cents
and q fraction over. Yet, this = the absurd re-
commendation Of the Poiynesien
.whHs the order Of eepteuh<r 9sth- reducc1 - - kfanc
ne v-s somewhat q ins % eeqDee1cn1 VIZ 4ee4ISk4
fr.nc piece vas coutinued 70 be received - edd1Ds
The assertion in the aboye that The vaI15
gold fve-franc piece is only about rs cent, = n
. pr with the statements snd positions aa-az.e4
in he entire article nnder yeyiew- BY refese1eo