The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-03-28

naturally j. the one suitable for our trade. In
the matter Of q system Of coinage, We stand
in exactly the same position with the United
States as o. We were annexed 10 her az n state.
But what have we done? We have adopted her
coinage indeed. but. with a b~ungling d~e1terty
which Is entirely original, have caused it to turn
a complete somersault in which the deprecated
silver small change comes up uppermost as the
standard and legal tender for unlimited amounts,
up u millions Of dollars, If need be. This is
worse than the naked heather TO whom a shirt
was presented, and who at length succeeded in
wearing it as pantaloons.
Some say s. We must have gold, 81 to which We
answer, then make it the standard. and secondly,
earn it. The brigand says he must have money,
and proceeds 70 take it, by force. Shall we
obtain the gold We want by imitation ? for that
describes in one word the proposed enactment in
regard to sovereigns.
IL is inexcusable Ignorance for US, : compara-
lively Insignificant community lying at the door
Of a great commercial nation, to perplex our own
trade with coin regulations which are Inconsistent
with theirs.
Since the foregoing thoughts were penned. we
have read in the Government Gazette, under the
head Of q Notes Of the Week" the nonehalant
announcement that the Privy Council has fixed
the value of the English Sovereign at a. 90; tue
halEsOvereign at S245 the French twenty-lranc
piece at $500 and the Russian ten-rouble at
a. One might reasonably think that a measure
like this for the regulation Of the currency of the
country, to have been Of sufficient importance TO
demand a more extended notice than is given in a
four-line item-the same space that is devoted in
a. 900 - - -LsNl--- -. II - y
number Of valentines passing through the New
York Post Office. But the Act of 1872, 40
regulate the currency provides that Gold
coins and silver coins other than those above
named UNITED Statesl bearing the legalized i'm
press Of any Sovereign state, shall also be receiv-
able in payment of Government dues, duties and
taxes, at the Exchequer. and in tender or pay
ment of debts contracted by private individuals
and payable in this Kingdom, at their value as
fixed by the King in Privy Council, and published
by the Minister Of Finance in the Government
Ga=ete.'' Thus 1t will appear that the new
regulation cannot legally 90 into effect until it is
published in the Gazette, which it probably will
be on Wednesday next. In the meantime, it is
hardly necessary to say that nobody need antIci-
pate making a 81 corner , in sovereigns.
IL is dLhcult 10 hazard a guess at the reasons
which induced the Council to adopt the particu-
lar amount Of four dollars and ninety cents as
the value at which the sovereign shall be received,
unless we are to conclude that it was hit upon as
n harmonizing compromise between opposing
parties.
This subject of unnecessarily tampering with
the currency was quite fully discussed by ur in
our issues Of the 9Th and 18th Of November last,
and we can see no reason to-day to recede from
the position we then tOok-thFEt the proper and
safe course for us to adopt ID to make our own
standard Of currency conform to that of American
gold coin. To place the sovereign at 81. 80 is to
give it a fictitious value and TO repeat the Ian
guage used by US on n former occasion ave
firmly believe that every initiation of coin above
it's intrinsic par value is a tax on producers, con-
sumers and importers, whatever its effects may
be on agents, commission merchants and business
men generally, and that it is sure to react inju-
riously ON Government credit. Regarding such a
measure as a public calamity, We should deplore
it's adoption, and shall consistently oppose it as
against the general interests