The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1882-10-11


IS the L : Hogse q Representatives,
au-ins the heated dehate ca the Silver
Bill in ISIS member ~ Congress troa
0hio 3cclsrcd tAst the financial question
wss one q the u,cSt diScUh q problems,
Al cther aEsi-s Il State dwsrfed Szto in
significance teside this one q q sound
and staple circalSting neIiiura. He had
teen able. IN q few hcysrs study, to tOgfa
ryatiy. e1sct ard sound solutions . ali
questions q governmental ccncern- but
tbs one, and Sfter having given his IN
divided attention 10 the Silver Blll for
.i,.s cssis. he did not feel that he Was
a., absolute authority On the subject We
would ask. IN al sincerity. whether >oEnc
of those IN authority in this country, may
not Dc ahke perpleXei with the Ono
CorgresSnsn, when thew Contemplate the
ISSUANCE q COIN for HSwau-
We take It fur granted thSt Il there :
10 bs s coin u,inted - q commercial
medium for the government kere, thers
VII be and ought - be bot one opinion
about It. by an nationahties and political
uarties. ard that :, thSt Il ought - be
one. whether u gold Cr silver, or both. II
such weight and srsnssS, thSt It vii b
II stable equilibrium - 10 speak with the
worlds standard
We acklowlslSe that the whole subject
i. intrinsically and eItrinSlcslly, tdth
cult one: and we do not wish 10 be under
stood II any cauticus spirit, II We SuSSest
to the head Of the Treasury some % the
difficulties that seem to present themselves
N the carrying out of the Coinage Act
Il would appear from Al article IN the
p. O.. .tfrsrtlss-. Of October 81, that the
Government cuntsnplates the coming Of
a silver dollar q the same weight and
Eusness a. that u the I. :. VIZ tl2l
grams in weight. and 800 hne. This
dollar. according 20 the present quotation
Of silver bullion. IN the worlds great
market. London, ! worth only about -
cents. When bullion : worth . pence
per ounce. instead Of 81 OF . pence. as at
present quoted. the 4l2l grain dollar i
about par. This vES 80 until the immense
out put Of silver from the Nevada mines.
and the dsmonitization % silver by Ger
many after her wslr with France. Ii i not
az al likely that silver VIII ever again be.
come the standard value. other than aS
subsidiary coin. with the governments ont
side the LATIN Union Indeed one or two
q the latter States showed signs of weak
ness IN the late Paris Monetary Conference
The p. O. -Lfrertissr saws: ~Negiscting the
cost Of the Is grains Of alloy we
have the cost Of the dollar Of 4l23 grains,
standard 6nsneSS. a small fraction over
81 cents. Add to tins q cent and a half
for seizuioruSe. and a like amount for
bringing the coinage here, and there still
remains a profit OF 81 cents on the issue.
II prgft = 81 -ssts 90 tis issss.N To whom
To the Government OF course. To say
nothing of the morality Of the scheme.
We do not believe that there / any truth
In It How can any government issue eUIn.
wurty s. cents. label It 100 cents. and then
have It paid back to itself IN the form Of
customs and taxes a. 100 cents. and make
anything by the opsrati0n' II a govern
msnt can DO this And Of inanciennE. It
leaves far behind the South Sea Bubble
OF any other bubble. known either Ia
ancient or modern times. Further, If the
Government s,,fis, who l. to Lss' This
knotty question must BE- answered by all
who i've IN these Islands. How i the
Government guing TO put the new money
IN circulati0n= and dispose Of the manned
clipped and mouzrel stuff already IN Use
We have always thought. indeed We have
read IN al the best authorities, that in the
Issuance Of new coin. IN giving full
weight for light weight. governments must
lose. IL was certainly 50 III England IN
the time. II We mistake not. Of Edward
III. II a re-adIustmsut Of the coins.
The recent coming Of the 4I2l grain
dollar, IN the [. ;, was q financial
mistake. nov - acknowledged BY many Of
those who were strongly IN favor Of the
measure at the time Of the passage Of the
law. creating the coin The sub-trsazuries
Of the {. ) are filed to over flowing with
the standard dollar and there It viii
stay until Congress passes new Coming
Act. with the provision that a silver dollar
means 100 cents instead Of S.
In view Uf the difficulties enumerated
Sand they are only mOietyl- and until the
further action On the silver question by
the leading nations, would 1t not be as
well for this little nation to use. with be
coming humility the coin Of her Nearest
and greatest neighbor. gradually e1clud
ing the many light and dsbzsed coins now
80 abundant
II the circulating medium Of the world.
az present. could be represented By
stable equilibrium Of fluids, It would be
found that small pond IN the Hawaiian
Islands. represented by Mexican dollars.
i far above its sourre. made so By a ten
porary and voluntary acceptance Of a 90
cent. dollar. for one that ought 80 have
100 cents; and when the ordinary and
natural fyuauical force Of circulation /
let loose a. Il certainly viii be, at no
distant future, the present deprecated coin
VII surely ind IL level II anything l.
to b done to remedy this condition Of
things, let It be wisely done