The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1876-09-09

of foresight of Ministers during the first two
months Of the session. They must borrow
more money, and we are prepared to hear of
the introduction of n new loan act.
We Print herewith the new act TO regulate the
currency, introduced by the Minister of Finance,
and which is ordered for n final reading to-day.
With the main idea, that of making United
States gold coin the standard, we believe that no
one will be found to differ but some of the de-
tails Of the Act we regard as decidedly objection
able. The principal one Of these to be noted is
the provision in section I, imposing a duty of
ten per cent. on silver coin coming into the coun-
try. We cannot but regard this as n species Of
barbarism, unworthy the policy of a civilized
country, and in our circumstances, amounting to
q legal absurdity for while in one breath we de-
clare United States silver money n legal tender,
in the next we insist that it shall not come here
without paying a duty. And thus it will be-
come the province of the Custom House guards
to search the luggage and person of every pas
senger landing on our shores (and sailors as
well, coming ashore on liberty to zee if per-
chance they may not be in the act of smuggling
silver into the c%ountryl Further we believe that
experience will show, Ito the cost, not of men of
large transactions but of the small traders) that
the proportion of silver that may be legally ten
dered liz payment of debts is too limited. We
anticipate that among persons of small means,
particularly at a time when the bulk Of the gold
in the country may be locked up in the govern
ment vaults, the difficulty in getting that kind of
coin to make up the lawful proportion of pay
ments to be made, will prove to be seriously ex-
pensive for gold will very certainly be in de-
mand and be worth more than silver. There i,
however, a CLEAN of consolation in the reflection
that so long rs the sovereign is kept at five dol
lars, there will be q comparatively good supply
of that coin in the country.
AN ACT TO REGULATE THE CURRENCY. Be ii en-
acted, dc.
SEC. 1. From and after the first day of March, in
the year Of our Lord Ope Thousand Eight Hundred
and Seventy seven, the gold coins Of the United
States Of America shall be the standard and q legal
tender in this kingdom in all payments Of debts st
the nominal value.
SEC. 2. Be it further enacted, That the silver coins
of the United States shall be q legal tender at the
nominal value in payment for all debts within this
kingdom for any amount not exceeding fifty dollars,
and for debts bstWeen fifty aud one hundred dollars,
fifty dollars may be paid in silver coin, and the re-
mainder shall be paid in gold coins as aforesaid.
SEC. 3. And be it further enacted, That for all
debts of one hundred dollars in amount, not exceed
ing one thousand dollars. the legal tender for such
debts shall be twenty-five FER cent. thereof in silver
coin Of the United States as aforesaid, and seventy-ive
per cent. in gold coin of the United States as sfore-
said.
SEC. 4. And be it further enacted, That for all
debts exceeding One Thousand Dollars, for the first
thousand thereof the payments may be made - 10
provided in the preceding sections, and for the re-
naming sum, fifteen per cent. may be paid in silver
coins as aforesaid, and the remainder shall be paid
In gold coins aforesaid.
SEC. 8. And be it further enacted, That the gold
and silver coins other than those of the United States,
bearing the legalized impress of any sovereign state,
shall also be receivable in payment Of government
dues, duties and taxes, at the Exchequer, and in
tender or payment of debts contracted by private in
dividuals and payable in this kingdom. at their value
as fixed by the King in Privy Council, and published
By the Minister of Finance.
SEC. 6. And be it further enacted, That silver
coins to the value of twenty-five cents or less shall
be legal tender for all payments not exceeding ten
dollars. But in all other cases whenever silver shall
be paid in accordance with the preceding sections,
jill " u As Chl 16A ANSS Aaoy ~ R@N4 a.
the rate Of fifteen dollars to every hundred dollars SO
to be paid in silver.
SEC. 7. And be it further enacted, That there shall
be levied, collected and paid upon all silver coins
imported into this kingdom from any country with
which His Majesty has not any treaty to the contrary,
a duty Of ten per cent. Gd galorsm. Provided that
this section shall not come into operation until 8
proclamation to that effect has been issued by His
Majesty, by and with the advice and consent of .
majority Of His Privy Council ST q duly convened
Meeting thereof.
SEC. 8. And be it further enacted, That from and
after the date of the passage Of this Act, it shall be
the duty of the Minister of Finance to require that
all duties paid on imports shall be paid in gold coins
Of the United States or its equivalent.
SEC. g. And he it further enacted, That from and
after the LIST of March, 1877, the interest on all gov
eminent Bonds shall be paid in the gold coins of the
United States or its equivalent, whensoeser the in
terest on any one Bond shall be or shsll exceed FIVE
dollars shall be paid in silver coin as Aforesaid.
SEC. 10. And be it further enacted, That from
and after the 1st day of March, 1877, sn Act emit
tied " An Act to regulate the currency" (Chsp. q
of the Session Laws Of 1872, approved the 29th
day Of July, 1922 shall be utterly void and Of no
effect, as well IS all other Acts or parts of Acts in-
consistent with and contrary to the provisions of
this act.