The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1866-01-20
THE PACIFIC
Commercial Advertiser.


~ The meeting of the Chamber of Com
merce. on Saturday last, called to consider a
communication received by the President from
the Minister of Finance, on revenue matters,
brought together Il very full representation of
the merchants, and showed the warm interest
which is taken by them in matters pertaining
TO the commerce of the Islands. We shall not
attempt Il report of what was said, as the dis
cussion was rather d~esultory and informal
but it served to show that there exist defects
in our revenue laws and regulations, which
ought to be remedIed, and which can easily be,
if Government shows the disposition to do so.
As the communication of the Minister was
very vague, and no one appeared to know
what projects or changes are contemplated,
n committee of seven was appointed to wait
ON him and obtain information on this point,
and report back to the Chamber for its future
action. This was all that could be done, rs
no action should be taken on measures which
were not likely to come up before the Legis-
lature. The committee consists of Messrs.
w. l.. Green, c.. Il. Bishop, j. C.. Phuger,
W. y. Aldrich, A. j. Cartwright, S. n. Castle
and IL. A. p. Carter.
There was one point, however, on which
There appeared to be much unanimity, viz
the free admission of foreign products that re-
quire domestic labor to make them available
for usc-or, as they are generally termed,
rac materials such as lumber, iron, some
kinds OF machinery, the necessaries of life not
produced here, and whatever other articles of
foreign growth may be required by the various
shops. factories and mechanics. The idea was
that such raw materials should be laid down
love for CONSERVATION oS cbpa plv rs pDSSihlp-
in order to encourage labor and industrial en-
terprises. This subject was very happily set
forth by Mr.. Rhodes in u few pertinent re
marks, which found a response among all
present. He advocated admitting free of duty
whatever might aid or create labor, and taxing
the luxurics to make up any loss in the rev.
enue. This may require the remodeling of our
present tariff, or rather restoring the list Of
free articles to what it was formerly.
1t was stated that one scheme of the Min
listers is to pass an act authorizing the Treasury
to issue notes for circulation. This was warmly
opposed. Another scheme, not referred to at
the meeting, is said to be the authorizing of
a loan of one million of dollars, one half to
be expended in public improvements and the
other half to be loaned to planters. 1t is stated
that offers have already been received from cap
italists in England to advance that amount TO
this Government, at u reasonable rate of interest,
for twenty-one years. This would be a very
easy mode of bringing this Kingdom into debt
to English Jews, and of making another Mex
lean affair of it. Every one will oppose this
scheme as unwise and suicidal. If money must
be borrowed, let it be borrowed in the country,
and let the national debt be to Hawaiians,
and not to Lombard-street sharpers.
After all the schemes are canvassed, it will
unquestionably be found that the wisest and
the least burdensome mode of raising revenue
Will be the issuing of Treasury notes, secured
general circulation throughout the Islands.
Many will oppose a paper currency of any
kind, no doubt, and all will, if it be left to
an irresponsible ministry, or TO u Legislature
like the present, which can be only 4 tool of
the ministry, or if left to private parties. But
a system Of national currency may perhaps be
devised, which could be placed under the con-
troll of q national Board of Directors, represent
ing the commercial and industrial interests,
which would prove beneficial. Still, we do not
it, except as worthy of discussion :;
for there are some weighty objections to even
the Governments issuing paper currency, of
which the United States at present form a
notable example. The temptation is to issue
more bills than the wants of the country re-
quire, and thus depreciate their value. Once
deprecated, it is difficult to restore them to
par value.