The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-07-04

of the loan a; all. What a friend to the measure,
It does more it encourages the Legislature-who
certainly are not the most experienced men Of
busines-in an idea which they have contem-
plated al the session, that they constitute the
Government Of the country, and must enter into
all details. If you want people to work for the
benefit Of the public, you must give them the
power, and then hold them responsible for the
use, or non-use of that power.
But the great bug-a-boo sought to be raised by
our writer is paper currency, which he says is
''to be fastened on the country, redeemable only at
the end Of twenty years" 1t follows that be eth
or does not know or dos not care what he il writ
ing about. II can scarcely be said that interest
bearing Treasury Notes Of $50 each, are paper
currency, and these by the Bill are made redeem
able in FIVE years, not twenty. They may be put
out again, if any one il willing 10 advance his
cash for them-and for many years past the same
form Of Indebtedness could be put out, and can
now. One would be very apt-as il appears to Us
to make a Treasury note on which interest has
accrued, non current by keeping it until he had
taken of the interest; at least that would be our
policy if fortunate enough to obtain any such
unless forced to use it. And it would not be a
very AdAlEllA"At4G NIAlz Al We ioAA4 ~ GUAA NOL
siderable gums of money current among the peo-
ple,-an evil to which we are scarcely subject now
and it would not be considered by most as
equivalent to a contagious, pestilential disease.
But with regard 10 the authority to issue
Treasury Mites of less than fifty dollars, TO the
amount Of $4,000. If, for convenience of car
rying ard sending, and to save the labor of count
ing, people are willing to advance their silver for
Government paper without interest. it would
seem to be the hight of folly not to allow them to
do so. Or in other words, it would seem to be
very uneconomieal to borrow your own paper and
pay interest for it when no one wants you to do
so. This is being done at the Treasury to-day,
US we understand it.
Now, simply adVerting in passing TO the fact.
that there is no nation on the face of the earth
with any pretensions to advancement in ciyillza-
ton that does not issue notes to pass as money, or
authorize their issue on the public credit, or
other legal security-we say that this Bill does
not, in this particular, - fasten upon the country
a paper currency redeemable only ut the end of
twenty years. and any man who says so does
not give the subject a thought, or does not discuss
the subject honestly" In the first place, an
issue of $4,000 only against a revenue of $780,
900 per annum, and a circulation of n proportion
ately larger sum,-the amount of which we are
not prepared to give just at this moments in
no just sense a paper currency; and inasmuch as
the Bill provides that these notes shall be redeem
able on demand, the statement that they are re-
deemable only at the end of twenty years, is most
certainly a rash one, to say the least of it. 1t is
hardly too much to say that it is SO rash, as to
make the writer chargeable with a want OF
= honesty"
1t certainly is not to be supposed that there is
not enough talent in the Treasury Department to
manage so Insignificant an issue as S7O,OOO with
advantage to the public. If, however, such is the
idea of either the public or the Legislature, it
would appear a most reasonable thing to advise
His Majesty to see if some one else could not do it.
1t now appears that the benefit of q Loan, and
for the objects which we first pointed out, is not
denied by any ono and we feel, as we have said
before, no small degree of satisfaction in seeing
that some persons of influence have adopted the
idea. As the Bill, in its entirety, has our hearty
appreciation, We shall continue to give it our sup
port, and are convinced that those who oppose it
will be held by the public to a strict accounta-
bility, If it shall fail through their agency.