The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1880-02-28

y WRITER in the Gazette in treating the sub
ieet OF our currency falls into error in saying that
the Mexican, new die, dollar, Chilean Peso. and
Peruvian Sol, have a value fixed by the Privy
Council. That the law defining legal tender is a
dead letter, 50 far as gold coin is concerned, is
because, for the purposes of trade and exchange,
the law worked with too much friction. Our
only Bank did not hold it's customers to the pro-
visions of the law, while the Treasury tried for a
time, finally yielding to a strong public opinion
running counter to it. The coin now in the
Treasury, represented by it's certificates of de-
pOsit, is very largely composed of the gold coin of
the United States. So, for purposes Of currency,
the certificates are as good as gold, though for
purpose of exchange we admit that they are not.
just here we may discover the reason why the
the gold coin is boarded. If the gold had been
circulated, during the long period that exchange
with our neighbor IN California has been against
us, and scarce, we should not now have the con-
ISOLATION of knowing that the gold is in the Treas
ury. 1t will not be disputed that the Bank
would hardly import gold at a loss, when silver
could be had at a gain. Neither will il be dis
puted that silver coin is needed for the industries
of this Kingdom. How often in the past year have
agents of plantations been driven to the necessity
of seeking for silver at the Fish Market, and
other places where it is mostly used. This has
been our experience in spite of the warning of
theorists that silver would be a drug, and only
taken at n discount.
II current silver is in excess of our needs the
Treasury will issue certificates for it, and these
certainly answer all purposes of currency here.
In regard to the Mexican dollars, which is de-
creid because it is quoted in San Francisco at
go 9-l0 cents, we can only say that its intrinsic
value is greater than that of the U. S. standard
dollar or two o.. ). halt dollars, and so long as it
furnishes the counter We require we can see no
reason for spurning it. So far as the exchange
is concerned, our sugars are sold Tor gold and the
drafts we buy are payable in gold, in the markets
where we buy what we need. So that tie talk
that we buy what we eat, drink and wear at
a disadvantage, because of the mixed currency of
the Kingdom, is a mistake.
We buy in a gold market with gold, and have
all the advantage to be gained by so doing.
just why any person need find fault with his
nelghbor for buying silver in San francisco and
selling it at a profit in Honolulu, any more than
he should If the-said neighbor bought nails, hay
or live stock for gain, we confess Is beyond our
understanding. The sooner that a certain class
Of theorists give up looking upon gold and silver
as anything else than merchandise, the sooner we
shall have less Of the twaddle about a debased
currency. If there Is any one thing that will
disturb values here more than the senseless talk
Of Mr.. Hoapili Baker and bis colleague, 1t is the
equally senseless talk of those who are striving
to re-arrange our currency in eonsonance with
- -. ". ono fhf,Ee % taEsny a 81 ~
Peso for 100 cents in either gold or putty, neither
should anyone refuse a Mexican, old style dollar,
nor a trade dollar in trade, simply because they
are quoted at a discount In San Francisco.