The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1866-05-12
TIE PACIFIC
Commercial Advertiser.


SATURDAY,. My y.
An important measure came up before the
legislative Assembly, yesterday, which, if passed,
J. destined to influence trade and commerce
throughout these islands. Tie Minister If Fl
nance introduced ! ill to qsLorl=e tie issue If
yqyDr n,2ney BY the Government. in sums yf one,
two. three, five, ten and twenty dollars Gr cir
c~ulati.n, and another class Of bills of from
twenty t, one thousand dollars each, barring
inteTe-J AZ six Per cent. Per annum.
Judging from tie way in which the bill Was
introduced and forced through is first reaIiug,
against the strong wishes IF the native members
:, have it printed before any action was taken
On Il. there can be no doubt that the bill in
some eLape viii be passed, and the issue Of paper
money authorized. If restricted wholly to the
Government, az Is now contemplated, the issue
Of paper money VIII not possess the chief objection
tina: Is brought against it when left 70 corpora
tons. Still there are many who oppose the
issue Of paper money m foto. That it will in
crease the circulating medium no one can doubt,
for paper money To the extent Of millions.
more OF les without limit, may be issued. But
whether such paper money can BE- made to re
tain q specie value here Or not, i the qucs-
ton. That depends on the amount that may
BE- issued, Of course. One hundred thou
sand dcIIgrs might not affect it. value at all,
whilst the issue Of 4 million Of dollars might
place gold at Il premium, Is it now is in the
United States.
" we said before. IL is an important subject,
and we d-prccate haste in it. Let it he fully dis
cussed before being adopted, for once put afJat
a. a public resource for raising funds and pay
L. Z - III IT,
ulucr money. 1t must be borne in mind that
this new currency Is to enable Government 70 pay
it, debts. past and future. Consequently those
who have loaned or may loan it gold mus;
expect to be paid of in paper, even if it should
become deprecated 50 az 10 be worth only
fifty cents to the dollar in gold. For Coragt
GscoUnt and foreign purchases. GOLD Hu-t still be
only currency. III th--c things should be
into consideration By our merchants, for
thcy are the most interested in tie matter.
This liability to depreciation can readily be
against by incorporating a provision in
the law that all bills issued shall be rcdeemlblc
N GOLD. Then they viii always maintain a par
value. OF very nearly 50, and viii represent s.,
much gold coin in the treasury. Without this
provision serious ~irrcgularity in the currcncics
must be expected sooner or later.
It i to BE- regretted that there is no person in
the Assembly to act as a leader and speaker
among the native members, nor a single for
who can debate well in English and
and everything has to be interpreted.
Is a consequence. the natives are at q loss what
to Do in any new and important measure which
they do not understand. and are at the mercy Of
the Ministers. There are but three foreign rep
re-sntatives in the A>>embly-Messrs. Rhodes,
Smith and Hcuck-aud these may be- set down
- assistants Of the three Ministers re-
-rcctiyely. No measure can. therefore. be cx-
{, receive that thorough discussion and
ventilation that It would If there were more
orcign members ia the Assembly. And there
Is hardly a possibility that this paper currency
measure viii be thoroughly understood by half
.he members, if passed. and any action from
,ur merchants must be taken outside.