The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1860-08-02

= \ bill mas been brought before the Legis
lature y authorize the issue OF hank notes, an,
% make such notes. when issued. legal rendel
throughout the Kingdom. As this is q matte
Of great Importance, we have requested a copy
Of the bill for publication. l. VIII b. found below
Il j. brief. and perhaps not 50 explicit ~ full II
all its details. as It should %. 1, proposes Z
grant Bishop i Co., the RICH; . issue Bank bills
of the denomination Of one, TWO, three, five,
ten and twenty dollars, for tie term Of hSenty.
fire years, that right no, u be Cancelled or an
nul!ed during that period By any counter legi-la-
ton. II also proposes - make the paper issue
perfectly secure by making a deposit Of Govern
ment stocks at the treasury 70 the full amount OF
the bills issued.
On the desiderablaness Of a paper currency
there is much difference OF opinion but if any
system can be devised rendering the bill holders
at all times perfectly secure against loss, it may
be that the issue Of bills may BE- polite. Whether
the law as framed, and printed below, fully guards
the interests Of all, i what we are not prepared
10 decide, but it should be carefully and fully
considered before being enacted. There IS q ba-
sis Of paper currency which IS perfectly safe,
and that is 70 compel hard coin or its bona fde
equivalent u be kept at all times ready TO redeem
all such bills. This Is the system on which the
bank Of Venice Is conducted, which has stood for
500 hundred years, unmoved by any of the com
motions and wars around it. The following act.
it should be stated, has not yet been passed.
AN ACT
To AUTHORIZE TIE ISSUE OF BANK Bills FOR
CIRCULATION As MONEY.
Be IT ENACTED, sc.
SECTION Tina, authority is hereby granted to
Charles p. Bishop and Will IN A. Alirich. now do
ing business a. Bankers. in the city Of Honolulu un-
der the firm name OF Bishop S Co, and 10 those whom
the said Charles z. Bishop and william A Aldrich
nav hereafter associate with themselves in the said
business Of banking, and to their Legal Representa-
tives and Assigns. doing business IS Bankers, under
the same name and style, 70 ;ssue Bills for circulation
as money in this kingdom, under the limitations and
restrictions hereafter expressed
lst. Previously 10 the issue q any Bills as above
provided. me said Bishop s CO. shall deposit with the
Minister CT Finance, Hawaiian Exchequer Bills, equal
in amount 70 the sum for which they may desire to
issue their own Bills; fr which said EXchequer Bills,
the Minister of Finance shall give 8 receipt. And
the said Exchequer Bills shall be held by the Minis
ter Of Finance a. security for the payment Of the
amount q money represented By the slid Bank Bills,
70 the holders thereof And in case that payment Of
any Of the said Bank Bills be refused by the said
Bishop * Co, the Minister Of Finance. shall forthwith
apply, as much Of the scuri,ies deposited with him,
a. may be necessary. to the payment Of the Bills, 50
~. The said Bills shall be PAYABLE in specie. on
EaNA"A a. N-N '-H@-a'- 1865 "a D@H" - -Hs -
Honolulu, shall be signed by the firm name, and
,ouurer-i-uei by the Minister q Finance. And the
.lii Minister shall, II requested, return 70 the said
Bishop * CO. Of their scIrue- deposited with him, q
equg. in amount % w1ltever Bank Bills, may,
A. any time be returned into the Treasury Once, can
Srl. The amount of Bills issued shall a: no time
,rceei the SUN Of two hundred thousand dollars; AMI
The Bills snail he Of the lemon nations OF one, two,
hrec. Eve. ten and twenty dollars.
4th. " ExcHegue- Bills lodged By the said bank
NJ firm, with the Minister % Finance, ~ security
or the said Bank Bills, shall draw q larger rate O:
interest than ten yer cent per auuun. ami i Il
hCu.i happen that any ENcheguer Bids, - deposited
mould up0n the face ~ them hear higher interest I
han ten per cent per auuum, yet the iepositors shall
40 ;he said rate c.; ten PER cent. Per sunum,
% igl payment Of the Interest acc.uinc on the same.
Turing me time that the said EKcheqGer Bills may
remain on deposit. y
~zcTisS BE u f-v;isr enacted. Ths; the Bills i
{ the sIiI Bishop = Co, secured sni c1uEtersignei q
: 10 the preceding section provided shall be deemed,
nj the same are hereby declared 10 te Legal Tender
d payment Of al debts, dues and demands in this ,
ingigm, any e~aactments to the contrary nOtwi-- =
landing. Z
SECTION 8.--ilI # " furtasT saaetsl. That the v