The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1866-07-14

~veloping conmerc Of the Pacific ocean and -
sill their growth extend surely and steadily
with the increase and expansion Of on
this great highway Of nations yet
in its infancy. Their currency should be sound
and not liable 10 fluctuations. When the bust
ness and commerce of a country rests on Il specie
basis and cash commanding products, there can
be no commercial crisis or pane. The credit of
that country will, like its currency. = shine
brightest when most rubbed.
What do the Hawaiian people want with bank
notes, or anything that looks like a paper
currency? What need have they for it? There
is money enough in circulation for all the uses
Of our The two hundred thousand
dollars locked up in the Treasury, will. through
the operation of the Appropriation Bill, be soon
scattered through the Islands, and will be SO
much addition 10 the currency. Besides, the
cash returns for our products and supplies will
continually increase the amount. The products
Of our cane, rice and coffee fields will purchase
the greater portion of our importations. and the
Introduction of :" rGg-money" would only drive
the specie out of circulation, destroy the business
confidence of the native Hawaiians, and with
draw the foreign specie capital from the country.
Islands limited in extent, like ours, with an
identity of interests, pursuits, and staple pro-
ducts, should have their business conducted on a
metallic basis, and not liable TO those mutations
and fluctuations which ever follow in the path
way of a paper currency. Indeed, their bust
ness, their commerce, should be a UNIT. based ON
gold and silver.
Give US the Substdpce-the commercial conn
modity-gold and silver currency we are will
ing to leave the ShadOIo to the Minister of Finance
and such other JOHN LAW dredmers and schemerS.
The San Francisco Bulletin of June 22d, has
the following very just remarks relating to Min
lister Harris paper money bill:
4 new scheme Of finance has just been initiated ia aid Of the
Royal exchequer. Hitherto TIE little kingdom has got along
t0lerIbly wh on the hard money system. A. there was no ma
tive gold and silver, and she'll currency having gone out Of date
with the native simplicity Of dress, there was little use for "a
mint, and no fair opportunity To impress tie image and super
scriIlon u Hawaiian Majesty on la conn OF the rralm This
state Of things could not be tolerated. The faTrIgu kingdom 10
which this is at presuet in a state Of dOcile pupiiare. has not
only a State Church, but must have a hank which ttnts Paper
tIorize the issues 81 paper money by he government. in sums
Of one, two. three, five. ten and taerty dollars fT general cjrcu-
htiOn and another class Of bills Of larger denomination. hear
inG interest at SIX per cent. per annum. The Ai was pushed To
a first reading before printing, lest the natives should read AID
discuss it too generally, aad thus endaurer its passage. Itis
simply the financial farce Of a " New Way to paw Old Dcbtsn-
and a scheme to siayc of obligations in the future which are
likely to increase with the imitation OF royal ambition. Now it
Is an easy thing to issue paper money aud the ulcture Of a
petty ruler may ciubeihsh a debt in an artistic point Of view.
quite beyond a plain autograph. But it i quite another thing
to give that sort Of paper the currency Of gold and silver. That
power 5 not lodged with the King. hut with the men who created
the wealth OF the Islands Financial picture books may be a
legitimate amusement. hut in matters Of finance. commercial
princes rule. and they viii be slow to iudurse any such scheme
as that which has been brought forward in The Hawaiian Leshs-
Iaturs