The Hawaiian gazette., 1880-04-21

II
THERE can be no doubt of the duty of His
Majestys government to see that this nation
is provided with sound currency. This is a
duty which should safely be entrusted to the
governing powers, and which cannot safely be
left TO the control of individuals. Although
we have stated our views fully on the neces-
sity of securing for us the money which is
least fuctuating in value and of SO legisIating
as to retain in the country the more valuable
gold, we cannot regard the question as at rest,
while the evil of debased currency remains
unattached, and while financial trouble for
which there is no occasion but our own folly,
continues to loom up.
InlS76, Chilean and Peruvian soils and pesos
were imported at cost we believe of little
over eighty cents each, and passed for one hun
dred cents each, making handsome profit to
the importers. The Bank as we understand
took 5000 of these coins to the Treasury,
received silver certificates of $4,000 in ex-
change, and then at once issued notices that
thereafter it would take these coins at only
SiSht1 NChLSs 1hO 1iCdouly lOllOMGu
with similar notice, and individual holders
lost some twenty per cent. on the coins then
in circulation. This illustrates what has
since been going on, the Bank importing FIVE
franc pieces at profit of say five per cent,
and latterly, owing to the fall in the value of
Mexican dollars, by which they sell for ninety
cents, importing the still cheaper coin at
correspondingly larger profit. 1t is this
course, and nothing else, which has drawn
away and kept away nearly all the United
States gold except that which is now in the
Treasury. Unless there is something done to
prevent, this surplus in the Treasury must
soon be paid out, and will mostly be sent out
of the country, because money can be made
by sending it away. This importing of cheap
silver went on with full steam and all who
objected to it were called bad names, until
Col. Spreckels and few others began this
business of bringing here what cost ninety
cents and passing it for one hundred cents.
Then the government was asked to put on the
brakes by imposing duty on silver
1t is all wrong Dollars worth 65 cents
might as well be allowed to pass for 100
cents, as those worth 80 cents. We are enti-
tied to United States gold, and ought to have
it. 1t has been mistake to food the coun-
try with cheap silver. and if it had not
brought profit to the importers, of course the
less bulky and more valuable United States
gold, in which our products are payable, would
have been brought here. But it is not too
late to retrieve the mistake. We know of no
effectual mode except to redeem the silver at
par by issuing gold for it, after first declaring
the true value of the silver as compared with
gold This it is true would be placing the
country under tribute to former importers of
this coin, but that is better than to make the
loss fall on individuals who are not RESPONSE
BILE for the silver being brought or circulated.
His Majesty's government, if they will look
at the interests of this nation, must see the
necessity of returning to our gold currency.
If they fail in their duty in this regard, the
country will hold them to their responsibility.
If they shall allow private interests to control
this matter, we as public journalists shall not
hesitate to urge such action as will bring re-
lief