The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1868-02-01
Paper Money and the Legislative
Candidates.

In the Government native newspaper of Thurs
day last, Is u notice issued by MLessrs. Rhodes.
BOYD, Pinehasa Wood and Makalena 10 the electors
of this district, asserting that the first three, who
were members Of the last Legislature, were OPP
posed to the issue of paper money. We insert n
translation of what relates TO this subject
. "Agnin, Capt. Rhodes, Mr.. Boyd and Mr.. Pine
hasa Wood were the representatives who strongly op-
posed the defeated Paper Money Bill during the last
Legislature, and they will as strongly oppose il, il
brought up again during the coming session so will
Mr. j. W. Makalena-"
Now this Dies not tally with the records Of the
last Legislature. Mr.. Rhodes did, indeed, oppose
the issue of notes by the treasury, in the way in
which Mr.. Harris proposed, and by which the
latter promised to make forty thousand dollars a
year out of tine people for the Government by an
issue Of two hundred thousand dollars in notes.
But Mr.. Rhodes was equally outspokcn an Jaror
Of paper Dpvnsy If issued by private or wealthy
parties. In order To remove any doubts on this
point, We will quote frOm one Of his speeches on
the subject, delivered in the Assembly ON the 2d
of July, lS6G
"a APE ISSUE 81 PRIVATE PARTIES,
WELL BASED y THOROUGHLY GUARDED
WOULD FAVOR, but I am not in favor OF the Gov
eminent going into any such matter. Now 7 come
% one Of the remarks made BY the Minister Of Finance
when he stated that the faith. honor and credit OF the
Government were nut considered rs good n private
individuals. The House i unanimous in its conf
dence and loyalty 90 the Government, but can diher
on such n matter from ministers and honorable gen.
tlemen- There - something in passing an act To issuc
paper money, and in the execution Of IL after IL gOes
into effect. Ny attention was mostly drawn b. the
fifth section 81 the bill, rs il Is contrary 10 the laws Of
the country, AMI that - one Of the reasons why the
bull Is incomplete Although 1 am NOT IN favor Of the
Government issuing paper money, YET / WOULD
FAVOR A BILL FROM WEALTHY PRIVATE PAR
TIES, WHERE THEY WOULD HAVE To DEPOSIT
\ IT sun As ~ THE TREASURY,
so AS To PROJECT TIE PEOPLE, AGAINST
LOSSES. / consider il improper to enter
into specuIations with Government money. IL may
look very well upon paper. but when put into execu-
I have to the Government issuing paper money. IL
they issued this paper money il would make the COM
munity feel very h1rl towards them. But II paper
money was is-uel BY private parties who had nothing
to do with the Government concerning it, | SHOULD
FAVOR SUCH A + as IL wOuld bring capital
into the country"
There l. certainly no ambig .ity here. Mr..
Rhodes appears to have opposed the bill before
the House simply because it was not rightly
framed, and because he did not approve of Gov
ernment issuing paper money. But he distinctly
asserts that nc Is in favor Of the issue Of paper
money by = private Iarties.r Therefore, all that
the Ministers have TO DO IS to bring in n bill altered
- ~ 70 allow individuals to issue the money in
stead OF the Government. In the end. the people
would have TO suffer in the same way. TO the tune
of S4O,OJO a year. and perhaps even 70 a greater
extent. by the depreciation of the value Of the
paper money issucI- ~
This quotation ought To remove all doubt- with