The Hawaiian gazette., 1880-05-05
The Currency Question.
HoSoIUuU, Nav l

sri nAVG Ec1O interest q letter IN the
CessmsrriaI 4Srsrsissr OF this date from the pen
Of Mr.. Justice Judd. IN which are advanced again
some Of the ideas contained IN previous letter
from the same gentleman. 10 which he now refers
as having been published so long ago as last May.
Nj. Judd complains not unnatGrally that the dis
clssion he anticipated from his earlier letter did
not arise-and he appears TO attribute this (pos-
sibly again not uunaturzlly) to the state OF con-
tented Ignorance IN which. Is TO be inferred, the
merchants Of Honolulu bask-
sho1ld be ve-y sorry if the pointed reference
TO the Honolulu merchants aid their advantages
Of observation arose from any failure their part
10 meet all lar discussion; and therefore, endeaE
OrIng 10 keep within those bounds OF UOdsSty II
expressing NV opinions which all correspondents
mercantile and otherwise no doubt seek to Oh
serve vii venture TO take up the glove which
has lain Tor Just twelve months unified
may state that year ago considered whether
| should euIsr upon this discussion and only
abstalred then frUm desire 70 avoid the uecessi
" Of assuming position at direct variance with
the ideas advanced by NJ Judd
will eu1h1e myself rOE TO the letter which ap-
pears to-day Ii states theoretically gold Is our
standard practically silver IS and adds mo
thing but silver IS nov IN circulation and gold
commands a premium of three per cent
l claim that gold Is our only standard: that
standard and circulation are utterly indie
pendent terms. and that gold Is not az premium
of three Per cent or any Other per cent, as any
{
Again It L stated that We sell our products
abroad for gold and get silver II rssUrn. and that
the result l. that the prices OF everything we
buY and coEsuTus az the Islands ara by l37S Cents
II the dollar higher than Il gold were standard
/ Nov l lam not theo-st nor even philosopher
-unhzppIly an only practical. and practically
al the above fallecIes- Il Is true that We sell
our products for gold but get gold N return I;
| and We buy what We ike with the gold, whether
oats or cube sugar OF Mexican dollar. so pieces
/ and bring them back here And those Who buy
them from Is here pay either n gold o. silver as
/ they ike and Il makes no difference II the pr1ce
I whistler they pay gold OF silver
Another mistake Is TO claim that exchange Is
/ high N consequence Of gold being scarce Inc
fact L that exchange IS ah5urdly lo~ considering
our currency, and when silver falls 20 the prlcs to
{ which l think II may fall exchange VIII go up
with every thing else Il viii be than TINE enough
I 70 blame the Bank and the shippers Of sugar
In his respect for theory and his disregard fOr
what l. practical, Nh. Judd has E1istakei theo-
rstical evil fO- practical Ons But sIr this Is all
I ths difference between him and myself have on
q former occasion endeayored TO cal attention 10
an evil which Is coming. and Mr. Judd writes as
though 1t had come Unless the present Lsgisla-
tire shall take means 70 prevent the time vii
come when al the evils described by Alr. Judd viii
be our actual experience
I nov come 20 The remedy that gentleman s1g-
gestz, compel the payment Of al debts over SD
II g0ld- This Is the good old remedy OF salts and
sen1s and an undOubted cure, provided me pa
[ te1t lived through i which think exceedingly
Unlikely. little child to-day was benoanIng the
hard fate Of Ehs roESEzrn fisherman vho have to
20 oCt n danesrUCs weather, and being told L vas
beca1ses1heir children would have nothing 70 eat
( she quickly replied why yes they could have
sazszgss- i practical parent would have asked
Ehsrs are the ssusagssz And would SIX vhsre
( L the gold:
I world I believe make bankrupt every business
( man N the pIsc-eood. rad and Indifferent The
r=asuu f1r this Is that We have no mInE-no fO1n-
tam from which to drzE. SUN OF 1000 n silver
could MT cn-unza5 81 so N gold for with sseh .
law a. Is nOE szzgss-ed- every pos=essor Of gold
cnI- would hnId L a. he would bread N famine.
The fzcs i that Professor SINNER Las probably
FT1--s1 1o- N o--I1zry nzrHon THs.s The g2TsE1n-
nnEu- s1Dplizs the circulating zzedIzm- and Mr..
Judd apples tie zks0ET t0s small nation where
I tEerE = Ii n0zsy except Ehzs The hE1ldrEEn pgzc-
tirzl ueu supply. And i / an ESSENTIALLY pczc-7-
cal pnTr1 Of which MesErs- SINNER and Judd prob
ably nsvs sakerno account that instead Of having
i've times Is mich gold ~ silver II the cOrr-rT,
Es have I've Ires r11cl silver As gold Try With
that 70 paF al debt over 80 n gold-a1d znOtner
pEZzts VII be add 20 those which zrs distract
I zg the world
EEOzsI 10 tszzs zs By saying that the lsE Of
/ I-15 WIS concession 70 practical bushes men
q HgnoiEf1-" Ny 5sifsf > that L vas sanctioned
Il nos Suggested By the highest legal tribunal of
the Iz1t-zay tzogIsd5s = that Z was bitterly dis
approved By III tie practical men WIZ ELon
Il rad zzT es5uTs-sz-son-
Is= ma surprised that The theories heId b Mr..
Jzdd should Obtain temporary support, bat
scarcely thoCzn- tney TOzld hive kid theEr
GRIND f-ozn 1fsy g I.7g, 70 APril- fs50 and ven
rzrz 70 think that had M Judd renamed during
the Interval zrz0Zgz. tk1ee Ehoss fzncsed fsein1s
II be describes he would have discovered nOt only
thz+ thoss feelr1gs we're purely fz1cled, bit that
L. Ezgz- ~lt1oz1 d1ssIFz1tass qualify hzs -Eeo-
res by dil1tio1 win the rider bC1 ors practical
ideaz Of his mercantile friends
All relrcsz1t 70 trzspsss On yoE- spacs With 4
rzperi-i0n q NY 0zu prDpnsed remedy, bzs 20 shoT
that ar not consen-sd With NY t910rzEcr ~
not to aspire after better tkIne- vii ssT that
am firmly eonrinced Of ore great nscessity. -
ez-dln1 which Mr. Judd and r1ysEh zzs entirely
Il zzrEec-
H We Ezss zd0pt - the b1Ik Of cur currency
WHATEVER - tES CUTLERY q IN krz1ez2co
Our EnueY Ezss be sFzEable 10 pay our debts
abroad or We dial speedily fxd cur eurrSney fzEl
and Cur PE1ces rise which Il vozid Be eTTozSoca
10 ezzmn1e had already taken p1zce- Bot, At The
nzrne rzzze- zs mzst regulate the proportions d
FnId and silver, uos onET by the znquesti0rsable
sEpe-50rIry of gold a. cgczlatlng nzs'1llnn. ID.
also bF tnE zEzlEzbsE colzs We have 10 deal Will