The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1859-10-20

TO the O.. 8. mint valuation Of coin. Il viii be
seen that this gold piece is rated at cts. and
coins sent to San Francisco, have sold tor 20 Gus.
The reason why it was put down by the Minister
of Finance, had no reference to its value, but TO
THE fact that it was only cdrrent in trade at 70
cents ; it was a difficult coin to pass and nobody
wanted to take it. There are but few of them
here, and these few will probably soon be sent
away, as it is a handsome speculation for any one
to buy them up for shipment abroad. Some
think that the American gold dollar,-which is
certainly as much a nuisance in our currency
as the French piece, should be served the same
way, viz put down to Is cts. each:
"since the meeting Of the Chamber Of Commerce on Tuesday.
not tax measures to Introduce the decimal currency, and put
all coins, silver five, francs included, down to their "a tsTs value
Of Commerce has, under the New Code, no longer any control
over the affair."
The statement made above that there is general
dissatisfaction expressed, - because the Chamber
of Commerce does not take measures to introduce
the decimal currency and debase the silver five
franc, is wholly incorrect. The course OF the
Chamber in not changing the silver coins is, on
the contrary, generally approved. And that
body is, moreover, nearly unanimous on this
point-that further action is unwise. In re-
gard to the power of the Chamber of Commerce,
we conceive that they have quite as much power
to regulate the rates at which they can take and
refuse coins as they ever had, or as the Minister
of Finance has, and that whenever the public in
terests call them to act, they will act on the
question.
Reduce the ave-franc piece to oc, and you win then have
and a ten cent piece to boot, as you have now, and in this way,
and in this only and one which must eventually come about
| thrOupfN 4cQSSit
As It respects the question of a "pecimal Currency" if the
Minister OF Finance, who under the New Code is invested with
the power of saying at what price coins other than the United
States shall he taken for Government dues, eonld be induced to
direct that rails shall hereafter be taken at the Treasury for only
ten cents, worn and defaced quarters at 20 cents, and silver hve,
currency system. and put AN end to all future controversy and
bad feeling on this perplexing subject"
1t is idle to talk of the silver f%ive-franc pieces
circulating here at 90 cents. accompanied witha
dime or any other piece. Not a merchant in
Honolulu would pay out one at that figure or
even at 94c., when by shipment of them to San
Francisco they could nett 95 or 96 cents each for
them. What would be the result? Where
would our counters come from? Attempts at in
Producing halves and quarters would prove as
they have always proved. futile. A large lot
were brought here last fall, and put into circula-
ton, and the market is now nearly bare of them,
they having been sold for shipment to China att
premium. a lot has just arrived by the Palmer,
but they are worth a premium, and will COM
mand a premium of two per cent for shipment as
fast as they can be obtained. The result of any
depreciation of our dollar coin, if successfully
made, would be a loss in every branch of trade
not for "a few weeks but for a long period, for
there would be a constant want of counters.
If the above extracts are intended to be put
forward as feeLers, towards any prospective course
of the government, and we cannot believe
that they are, we have merely to say that any
such action will meet the decided opposition of
nine-tenths of the business community, and any
Minister of Finance who undertakes the job un-
der the "New Code or any code, without the
approval Of the mercantile community, will only
do it at his peril. There are other interests here
than government interests. There are firms here
who transact a vastly larger business, and
through whose hands more money passes annually,
than through the treasury. The recent act of the
Minister of Finance, although it was no doubt
perfectly wise and expedient, is sufficient to show
that there is such a thing as taking one step too
many. The interests of the government treasury
and of the mercantile community are identical,
and we trust that in any changes of currency
there may only be harmonious action.
Perhaps we ought to state in this connection
our views on this question of coins. The action
of the Chamber of Commerce in depreciating
certain useless gold and silver coins, to the rates
fixed in San Francisco, we approve of. So also
the further reductions made by the Minister of
Finance, though exceptions may perhaps be just
ly taken to the manner in which it was made by
him. This immediate action of the Chamber in
depreciating these coins, no doubt was the only
thing that kept them from being shipped to us
from abroad, and their withdrawal by shipment
and otherwise has caused no serious inconveni-
ence to the business community.
In regard to the silver fve-france peices, we
think that no valid objections can be made to it.
There is a very small difference between the real
mint ralue of two half dollars and a silver five
france piece, but it is so trifling that it can
not be made a reasonable ground for depreciating
it. On the other hand, it is the only dollar coin
that can circulate here at the islands. Any at
tempt to depreciate it, will prove unsuccessful
here, as it has proved in San Francisco, where it
now passes in trade as one dollar, or equal to two
halves. We therefore say, let fve-francs pieces
alone-any attempt to depreciate them will only
create unnecessary annoyance, and result in no
immediate or prospective good.
l. As to dimes and half dimes, if it were possible
to introduce them into circulation, we should
rejoice to see it done. But so inveterate is the
hatred of the native population towards these
coins, which foreigners imposed on them at more
than their real value, and then refused to take
them back again, that we do not believe it pos
sible for any action of the government or of the
merchants, or both combined, TO restore them to
free circulation among the natives. Even if
Spanish quarters were put down to rails and rails
to six cent pieces, it would not haze the slightest
effect toUards introducing dimes. 1t would simp-
ly drive those deprecated coins out of the country
and leave us halves and quarters as our smallest
counters, without the prospect of obtaining
smaller coins. The almost instantaneous and