The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1879-05-17
The Currency Question.

To The Editor Of TIE Pacific Commercial Advertiser:
SIR-Iu your issue Of May 81 1 observe O letter
on the above subject. and the writer hopes that the
same may be discussed seasonably. The present
writer was engaged in business in the city Of San
Francisco some four years ago. and about that time
the currency was (as a rule) somewhat similar to
our present currency here, namely-Gold or Silver
Coin, just as it was convenient.
All wages Of mechanics and others we're payable
in silver coin, and in turn all ordinary bills or ac-
counts were payable in like manner, and general
merchants, traders, agents and collectors we're quite
Indifferent whether they received payments in gold
or silver coin. Shortly after the above date, silver
coin began to depreciate so in value, that in the
course Of q few weeks, it went down to twenty per
cent. below par, when FIVE dollars became the limit
for which silver coin was the legal tender, and then
commenced the tug of war in real earnest. Whole
sale merchants and commission agents demanded
payments in gold for goods which had been sold to
retailers on o silver basis. Railroad and steamboat
companies demanded gold on all fares and freights
above the value of five dollars, paid their servants in
silver coin, and the difficulty in transacting business.
Wrangling, unpleassntness, loss, and confusion which
the change brought in its train was immense. The
evil and injustice only came to an end, after Q series
Of indignation meetings on the part Of retail dealers
Of all classes, passing resolutions to withdraw their
patronage from all merchants who would not accept
payments as before, viz, gold or silver, just as their
customers were in possession OF the coins And
have heard many extensive merchants, agents and
collectors confess, that they were glad when the
trouble came to an end, and all parties trusted never
to have the like ordeal to pass through
But this question, like many others. has two sides,
for while thousands were suffering by the new re-
1ime. hundreds were making q rich harvest Of wealth
by 4 system Of manipulation Of the surrency-now
1" sailing down 4" gold coin that it may become scarce
aud rise in value; then silver coin undergOes the
same process, and with the same object in view; but
this trickery was short-lived, for in these days Of en-
lig~htenment no system which benefits the few to the
injury Of the many can long be tolerated, despite all
attempts Of interested parties to the contrary.
The question now arises, how would the system
work in this kingdom Of enforcing gold payments o
all sums above Eve, or even ten dollars; and I IN
hesitatingly answer, that such q system would not
only be impraetieable, foolish and unjust, but all
classes Of the community would pronounce it q per-
feet humbug and sbomination: aud il would be the
means Of bringing iato our " beehive "drones," q /
class at present unknown here, men who live aud
fatten on corruption, and politely style themselves
money brokers. And further, from q business expe-
rience in the great city and county Of San Francisco
/ can assure the writer Of the letter above referred
dom in the matter Of allowing what might be termed
definite gold payments 70 remain ga dead letter by
common CONSENT and 1 am confident that nine
tenths OF the business men on these islands will bear
me out in what I have now stated, and as for the ma
tive population they do not care for gold coin, as the
great majority 20 soon as q gold coin comes into
their hands, they wish to have the same changed for
silver coin as quickly as possible. Bot the very op-
poeite IS the case in regard to our Chinese popula-
ton, as / am informed BY some Of their number that
q gold coin comes their way, let it be