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


Mr. Nalalu moved to lay the petition upon the
table till the bill taken mp.
Mr. Kupau moved to table the petition Put to
vote and carried
ON motion OF Mr. KamaIo the House proceeded
9" tie order Of the day. which was the unfinished
business Of Yesterday.
Mr.. Ahol6 moved to refer the bill to a Select
Committee.
Mr., Kakani moved to consider the bill before
the House.
Nr. Earigny was in favor Of referring the bill to
i Select Committee.
Mr. Bishop thought it useless to refer The bill TO
select Committee in its present stage. as the
Ministers and thos" u favor OF the bill nnd said
great deal about it. while those opposed have had
very li.fc chance to say anything 50 far lie
thought il would bc "a waste Ot time to refer to It
select Committee, as the bill would then have
10 b. forced through. or dropped.
ON motion Of Mr. kakuni. the rules were sUS-
pended; and the bill authorize the issue OF Treas
Ury notes be- considered before the House.
section st read.
Mr.. kakani moved to indefinitely postpone the
first section. together with the bill.
Mr.. j. Mott SMITH speak with great deal of
diidcncc upon this bill as IT j. a matter that has
been handled by many able men of different Opin-
ions. Tho fact of petition from the merchants of
tbs plac" has induced me to study this bill more
than sEOHld have done; for this reason have
studied it thoroughly. In my opinion the bill is
not altogether correct. shall vote for the pas
of the first section but not for all the rest.
some portions of it ought to be struck ont. and
others greatly modified. There Is not gold enough
in the world to- carry the business of the world.
The right 10 issue money and regulate currency
belongs only to the Government. / believe that if
the Hawaiian Government had issued dollbrs made
Of tin. business would be Just prosperous as If
gold was the currency DR.. Smiths remarks were
quite lengthy and intersperscd with quotations
from numerous authorities. His arguments were
simply a rciicration of those of Minister Harrs.l
Mr. Bishop have no long speech written out TO
read 10 you, but have taken few notes, and Will
make remarks as brief possible. | will not
90 lack the time of Adam, quote much from
books The main point is not whether we will have
paper money not, but there is bill before US to
authorize the GOUerHWeGt TO issue paper money,
nui the motion is TO indefinitely postpone the first
section and the bill Tue subject of banking, ex-
change, and currency is an almost exhaustless sub
Ct, and could bring cartuads OF books to quote
from, and were | to read them 10 you might only
confuse your minds, and perhaps 1 would be none
the wiser for II myself But DO know our own
requirements. and something Of the differences be
tweeH. this bill and charter 10 private parties
in hopes that this matter would be settled before
| arrived from san FraucScJ, mainly for the reason
that, being engaged in banking, it M sht be said or
thought that opposed this bill because it was my
interest TO DO 50; but heIe | am, and shall 30 nay
duty | understand it. The Bank Of Engand,
Banks OF Connecticut, Massachusetts, &c, have been
referred IN favor Of this bill, but ycu all know
that those not Government bnnks.
The application made by Bishop Il Co, few
years ago, for charter to issue paper money, has
been referred to. believe that was the safest and
best plan yet proposed-much better than the pres
do not mneh Tegrefb reg b IT. e ior do rho not %,,h t." %
that charter FIRST pledged all the property that they
had. for the redemption of their notes in sp Gle, and
secure their ultimate payment proposed to de
posit Exchequer Bills Mt the Treasury and have
the bank notes cOunteIsigned by the Minister
Of Finance What will banker
chant not sacrifice maintain his honor and
credit: Because, if he fail to do it his business
would be stopped, and he would be said to be strip
ped of his property aud ruined But suppose, On
rE,o ,tg,a h.rsI fIia
pay is bills in specie when caiiei upon could you
shut up the Treasury or sue the Gnvrrn'nent No!
They would simply tell you they had no specie, and
you would have to go and sell their paper for what
sou could get for il. IL has been said that you
pay duties aud taxes with the notes; but everybody
does not have pay duties, and am happy to say
that ta1e- are payable but year We can't
use two hundred thousand dollars in paying duties
and taxes because the paymen; of duties is in small
amounts scattered all through the year, aud great
many debts can be pail with small amount of
mouey-using il over and over again. There seems
TO be effort to impress upon this Assembly the
idea that those who speak against the bill are doubt
ing the faith of and are disrespccful to the Govern
mcnt That - a wrong idea. for those who oppose
I be bill quite loyal and anxious for the
welfare of the Government are those who favor it,
| Is said that the notes will not deprecate. because
they viii be payable ia specie, but afraid that
there may a time when the gold will not be in
the Treasury when most wanted. At latest a1vices
the United States paper dollar was worth, in New
York, between five and six Teals-and had il been
made payable III gold 10 WOuid nave made DO uHeT-
ence, because they had not the gold to pay with.
There have been times when the Bank of Eag glands
notes were not worth their specified value, and the
same Biih many other banks whose notes were AT
par when first Issued.
IL Is said Of course, the Ministers will see that
The credit and honor OF the government Is projected
hope they will, under any and all circumstances,
and body doubts their good iHicHflORS. Does any
banker or merchant intend TO fail when he com.
ncnces business, The best intentions and plans
often fail | hold in my hand a publication from
London, dated May LIST, in which is expressed the
opinion that of interest would probably fall
below the then rite-5 per ccnt-withiu a short
time. Whereas now know that during that same
month II rose 10 l0@l2 per cent. and there were
failures amounting to iniIIy .;.rrrions I5-.
presented to the House has been commented upon
Do tEe petitioners intend express their disapproyal
# the Act under consideration, their OF con
idence in the Ministers? l think it is the former. !
Do they know what they want, aud what would be
good fer the community? l think they do It's
aii that some who oppose this bill have favored the
granting Of the right To issue paper currency. That
: true, and intelligent business men likely 10
avor the poorer and oppose the better plan; | was
urprssd TO find that - many of our merchants and
theirs had signed the petition, for | know that in
very community there are those who borrow
irgely for their regular business or for speculation,
nj are ready 10 favor any scheme that will make
money plenty, caring but little for the interest Of the
,uder or the community. Such would say il is not -
ur business 10 look out for the interest safety Of
ne government. Those who signed that petition
III 1t | believe from honest convIction-and felt
nat they were giving good and unseish advice -
docs not appear from the petition read this morn
ig that many have changed their minds. The
honorable member for Kohala said that If we once
'mmence 10 issue paper money, will always
ave paper currency. That I acknowledge and c
cre, that We cannot tell where it will lead us
j. You may start of with S2OO, 600. AMI perhaps
on smoothly for while, and then the Legislature
Ill lie applied to for amendments TO allow this and
at. Ii is said that II will with this House to
ntro the business. and authorize larger issues or "
It. Who tell who will occupy the saa,s Of the
inisers. the Mobiles or the Representatives in this
0use even two years hence? | certainly hope that
will never come TO pass again that the Treasury
mot meet all proper demands. There have been
hon nr-lLraru