The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1871-12-27

prac;Sal discalty has arisen from this
cause. In the adjustment q accounts, nor
. cSR We see any likely 70 srise, from pur-
suing the psance which has been custom
airy amoag u, 50 long IS we retain 5
. metallic egrroocv. But It Is well known
Z thst we have 3 large amount Of 6ve-trauc
pieee> and English shIEngS in circulation,
which are ove--value1. aud although this
silver answers every parpoSe Tor our IN
ternal exchanges, and i Satisfactory IS a
+ counter, yes II Is no, 50 available As sold
for the uses Just stated
Il Is impossible Tor rs 10 regulate
the usrke; price Of silver elsewhere, - It
Is 10 lessen the COS, Of bringing gold here
for circulation, 50 th4t It NAY b used for
payments abroad, If tha, should Be deem
Cd ST any time ziyis1b,e. We have
illustrations Of this sort advancei. 70
show the ha-lships that would follow i
scarcity Of soi6 coins: A resident gong
sbreld, if unwilling 10 take foreign Bills
o. Exchange. coa,l no: have CON TO take
with him 20 discharge any debts IN san
Francisco OF elsewhere, and would even
have 70 nd hau<elt @. his pocket change.
Steamer freiEbts and passages would no.
Be So va.1z1ls % owners If il should
chance a profit rymziasd TO them on their
business here. Merchants chartering ships
abroad could nor. 1.-THE fancy seized ,beru
20 do -, pay thg- freight bills IN Homo
lula In eoia-a proceeding not likely 20
be advantageous To the shipowue- under
any circumstances ofour currency. Atrav-
slsr bayiag ab70ad with gold Bill Of
Exchange on Honolulu, could not get It
paid to him in the same metal a trader
having balances S-ainSt him IN China,
could not discharge It by sending on coin
nor could anyone have the chance 70 send
Il, when II pleased him to DO %. TO that
Or aBy ether country, the BIS Of Ex-
change On which happea TO be against Us.
These and siruIlzr cases which might be
cited based upon the market value Of
the same coins In different parts q the
world can cot be esteemed har5ships.
They are al resolved by 8 consideration
OF the cost a1d convenience Of Bis Of
Exchange, which zre based upon an ex-
change Of products, and are the media
universally employed by the commercial
world for the payment Of foreign balances.
1t would b s good thing, undoubtedly,
could we regulate our currency % As to
have gold IN abundance alwavs on hand
for expectation, probably, wheneyer It
might please anybody 70 10 50. But If
we arrange matters - tLat every require +
uent OF caprice OF individuals may be
met. we should try to have tie very Kind
Of coin On hand that each might need
Thus the resident should be abLe to get .
the very coins of the country 10 which be .
: bound; the merchant. British SOW
zreigus to pay his feights with: the
:raveler, suy kind Of coin tEzt might
please him most. and the China trader,
-a-olzS Go,lz-s. In this way everybody
night be accommodated, and We might
dispense altogether with Bis Of Ex-
-hau-e, ard strike out for ourselves new
ray Of tradi1E With outsiders.
lit be necessary To have s prepoud-
rance Of gold coins 70 fzcIitats business.
IL 70 make It's pursuit safer or more profit Il
BE thzu It now :, We 10 not see how .
gch j condition Of our currency l. to be .
ec1rsd by any Ids- OF legal tender. Such
law would neither quicken the supply
Y prevent the outflow Of gold Its op-
ration would simply zfze5 the way IN
-hich trauSacti51s could be carried On.
nj not tie status Of the currency at aIL i
We can easily imagine how It woald
Ice the debtor N the power Of the cred 2
.5r, and force either the boarii1g OF IN
ortasi5u Of gold coin aPou every iHdi-
dual Business would have 20 assume
eE methods, the fact being always borne
] mind that in the discharge Of obligs-
0us silver could BE refused and eolf
snanded- Hs would Be Al iHprudsut
-ader who would sign a note without
ls condition that Il might De paid II :
liver, and payment Of quarterly blls
light become 70 most persons 4 source Of
# not Of SoEcit1is. Bis Of
-zcbanEe On Honolulu would have to be
.ade to specify the kind Of coin IN which
-sy should be paid, and be rated accord
-gty 70 the pzreh1ser-
It would seem, therefore, Dot good I
5lcy for Is, having NJ coinage Of our Q
VI, to pIace any scr5aliina1iou between {
-e precious metals. with the belief thar
VIII be Of general benefit to the buzi
IS Of the country