The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1876-04-12
Silver Currency.

The heavy and constantly increasing rates
Of discount upon Silver Coin in this community,
says the Alta, is opening up question which
will puzzle the brains of our most astute fnan-
ciers to solve. China, which has acted as a
reservoir for this class of coin metal, and often
times produced a scarcity which compelled the
payment of premium fE it here, apparently
has its Golfers full, and the great extent to
which our shipments have fallen off Indicate
that she has a surfeit of our Trade Dollars,
which were at first SO enticing to our celestial
customers. In China the two large cities of
Hongkong and Foochow have adopted them in
preference to the Mexican Dollar, whose coin
age is so irregular as to compel here before
shipment the employment of experts to segre-
gate those which do not come up to the Chinese
standard of clearness and weight But
Shanghai still prefers the rough, ugly Mexican
Dollar, and the largest portion of these ship
ments go to that port. Could we but remove
the preiudices the people of this place have in
favor of the Mexican coin, another large ave-
nue. could be opened up for the reception of our
Trade Dollar.
Tue feeling of the Shanghai people may be over
come in the course OF time, but it is heavy uphill
work TO remove any class of the Chinese from the
regular groove in which they have been moving for
years, aud, moreover, il is wonderful fact that the
cupdity of these people has not led them to adopt
it, If only on account of its superiority n weight
aud uniformity in manufacture and appearance.
But even if the Chinese demand did not fall Off and
remained mp to its regular standard the heavy pro-
duction of our mines would have sooner or later
n rru in NJ rl-gf and he
state Of affairs which now exist. Many theories
advanced for a solution OF the difficult problem, but
they are so greatly at variance with each other that
they only make " confusion worse COMPOUNDED"
Ii is lanentable mistake under which our people
labor, believing themselves all inaneiers and capable
of solution ofthe difficulties under which the whole
country is resting. More progress would be
made toward the resumption OF specie payment did
our halls Of legislation contain fewer sellelected
fnanciers, and more whose acquaintance with the
rules Of finance has been obtained by close study and
practical knowledge. When Congress passed the
law ordering the coming of the Trade Dollar it was
believed that the nducemeBt held out Of making the
nstriusc value of the coin 81 OF would prevent its
affection with heavy discount, and that it would
always maintain its par value; but to-day it rates at
discount Of 4(d5 per cent with possibility of this
rate lesseniug aud with the contrary feeling strongly
existing, that still further advance is imminent.
SO great are The present productions Of our silver
mines land which products are, by appearances, apt
TO be Increased several fold before the end of the
YEAR, ii is evident that we must look TO quarters
threatens to become drug in this community. We
not accustomed 10 daily fluctuations in the value
of the money in circulation in midst and to be-
come familiar with the changes would cause an in
convenience that we have no desire 10 be inflicted
with The peoplein the Eastern States are discussing
the question of how to get rid Of their fractional
paper currency, and obtain substitute which will
serve tue purposes for circulating medium, and
which will possess value based upon Intrinsic
worth. The metal that will be selected for this pur
pose win be silver, nickel, which was tried
substitute has failed 10 meet the expectations off
and, in fact, it may be stated TO have
been only speculation from the start, into which
the Government was invegied. At the Centennial
Exposition the principal owners Of the BONANZA
mines propose to have on exhibition one months
product of the two miDes-the California aud the
Consolidated Virginia 1t is thought that the pro-
ductioE will reach the sum Of ten million dollars |
This exhibition is intended 10 show what our mines
capable of, and to set forth the fact that The
Government fin earnest bout resumption of specie
payment soon need not 90 out of the United States
to buy either gold silver, but that she has mines
in her midst that can produce fast she wishes