The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1874-04-01

are omitted for the sake of simplicity.
' Hssy fsii s 9'5'-! ' ~ ''''
The c' French 81. Piccc SIS SIS SIS
The Russ rouble piece as SIS 400
That is, these coins have been placed at a value
in our currency as near their actual value in L.
S. gold coin as possible, bearing in mind the con.
venience to the public of being able to make
change with the common ten cent piece in the
case Of the sovereign and the 2O-franc piece
But it should be borne in mind that the new
current value Of these coins is still rather below
their iustrinsic value in the legal or actual cur.
rency OF this Kingdom that is below the relative
values Of the U. S. silver half dollar, the stand
ard CON as fixed by law, and below the relative
value Of the French FIVE franc piece, which &C
tually represents so much Of our currency for
two Z. $, half dollars are only worth &c. in-
trinsically, and 90c TO CSC commercially in U. S.
gold, and the Eve franc piece is almost OF the same
intrinsic value as two U. ). half dollars. 1t has
been urged with good show Of reason land was
recommended by the Chamber of Commerce.
that as practical measure it would have been
better to put the sovereign at S. and the 2Ofranc
piece at 81, at which rates they would still be
below their intrinsic values as compared with our
standard. But some objection was made to this
course, which appeared to have inclined the Privy
Council to act with caution, and in placing these
coins near to their value IN Z. S gold instead Of
much below 1t, they have at least done something
towards removing an Inconsistency iu our curreu-
cy regulations, and have increased the chances of
our getting some gold coin into circulation, the
want Of which has been felt to be an lnconveni
enee.
To this course it might be supposed that no
serious objection coald reasonably be urged The
last Commercial 4sdrsyissr, however. has an ar.
ticle headed Gold as a money standard, on to
which it taoks sort Of subsidiary article refer.
ring to the above mentioned action Of the Privy
ConRcil, the tenor Of which two articles, taken
together, seems intended TO show, first, that gold
is the only proper money standard and then. that
the Privy Council have in opposition to this
principle made silver the standard. and have in
fSted the gold, 1t is only necessary to recall
NuN AVS NAN " ANANA 70 NuN AANutaI statement
to see that they have done nothing Of the kind.
The Legislature established silver standard two
years ago. which, indeed, was only in accordance
with the facts, inasmueh as five franc pieces had
been for some time taken as dollars to any
amount, and the Privy. Council has no power to /
alter the law defining the standard. What they |
have now done has been merely to allow certain /
gold coins TO pass at something nearer their true
value compared with either U. IS. gold coin or
that silver standard, but still below the latter /
and as close as convenient TO the U. S. gold val
nation. 1t was a truly cautious and conservative
move.
The Adrertissr seizes the opportunity to call
this very moderate action of the Privy Council .
" tampering with the currency" "To place the
it says, "at $3.50 is to give it ficti,
tious value" forgetting that this value is, as
against ten q. S. silver half dollars intrnsically
worth S4.s4 in U. 5. gold coin, and commercially
worth perhaps $3.50 to S4.95 in San Francisco.
but which are here legal tender to any amount at
S. aud 1t winds up by regarding this imitation
of coin -" as public calamity"
Language so incorrect and exaggerated and so
palpably inapplicabe upon any view of the action
taken by the Priyy Council deceives nobody,
while it exhibits the spirit IN which the Adcer.
User approaches any subject on which it sees fit
10 differ from the Government. 1t should re-
member, however, what must be the necessary
result Of crying wolff" when there is no danger,
md that its future attempts to sound an alarm
about government measures will be disregarded
exactly in proportion as its first demonstrations
with that object prove groundless.