The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-03-14
Hawaiian Currency.

There is no question but that the present CONNER
cial situation is q grave one. Trade has been suffer-
ing for a long time, and there is little prospect of
any change for the better. If there is anything that
can be done to revive and increase the dropping
business of the kingdom, let il be entered upon with
out delay. We have some undeveloped resources
ramie, MANILA fibre and jute, offer great opportuni-
ties. Valuable processes which in other lands are
tabOod to the public by patent laws, may here be
carried on without infringement of the rights of any.
If vast and expensive enterprises in sugar produc-
ton are found to be generally improbable, it may
be that small ones can be made generally profitable,
or that new systems of sugar culture in which many
neighboring land proprietors shall supply central
works owned by capitalists who shall manufacture
the sugar on shares, or notifications of this princi-
pie, shall be found more conducive to success. Our
hitherto improbable rocky hil-sides and crags, may
be peopled with Augora goats and q million rich
heeces added to our export list. These do not seem
to exhaust the possibilities of our fresh young coun-
try which has responded to the demands Of but fifty
years Of civilization. More than all, We are suffer-
ing for the want of population, and nothing could be
wiser than to press measures favoring immigration.
Under these circumstances the Chamber of Commerce
is naturally looked to for suggestions and assistance
in conceiviug and carrying out wise measures for the
public prosperity. From the intelligence of the
members Of that body the country has a right to e1-
pect public benefit from their consultations. And it
is to be universally regretted that they have been
able to devise nothing better for the general good
than the suggestion TO legislate English soyereigns
into American half-eagles, which subject is now be-
fore the Privy Council. As the supporters of this
scheme have discussed it but little in public, it is not
easy to speak of the grounds of the proposed change.
If any good reason has been or can be given, l have
not heard it. -
\ law enacted in 1872 made American half-dollars,
which are confessedly a deprecated coin and only
intended 10 be used in paying small amounts, legal
piece are allowed to pass here as dollars. These two
financial blunders, have paved the way for the prop
osition in regard TO soyereigns. The allowance Of
deprecated silver as legal tender without limit has
naturally had the tendency to keep away gold, and
now, in order to induce gold to return, instead of
correcting the old mistakes and placing our currency
upon a natural and consistent basis, il is proposed to
perpetrate another huge blunder and depreciate our
gold. Former practice is used as an argument by
way Of precedent, for new d~eviatious from sound
principles. Such is the logic of this financial plan. 1t
Is further argued that the increasing trade with coun-
tries where the sterling currency is used makes extra
allowances in favor Of such currency necessary. This
IS an assertion simply, and is unsupported by reason,
and no intelligent defense can be made in its behalf.
An illustration of its natural results exposes at once
its utter fallacy. For instance soyereigns worth