Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1883-09-01
rHE YIN crRREYcr
Some Pertinent sygyeSio"s on - rHoi
Topic.

this trip Of the Mariposa, and that sue
cessive installments will be rapidly
poured in upon us hereafter 1t seems
to be understood that the entire balance
of the Government loan-say St,7oo,-
ooo-is to be paid into the treasury
in this species Of coin by those who
have taken the loan nominally at par.
1t is well-known fact that the silver
bullion from which these coins are
minted costs about S2 cents on the
dollar Allowing two cents for expense
Of minting, some one will enjoy by the
operation a profit Of sixteen cents on
each dollar, or $4,000 on every
Sioo, ,ooo Should the operation be
extended to the entire $t,7oo,ooo, the
operators gains will amount to the sum
.of $27o, 900.
This is a very considerable sum,
even in the days Of rapid accumulation.
1t is a very heavy amount for SO small
a kingdom as this to suffer the loss Of
1t is probably nearly or quite as much
as has been lost by the jobbory on the
palace, added TO the Waiawa bridge,
and manifold other jobs of the present
administration. In proportion to reve-
nue. and property, it is, for this
country, almost as large an amount as
that stolen from New York city by the
Tweed ring.
1t is well understood that this profit
is not to be enjoyed by this govern
ment We do not buy the bullion ;
We simply take the coin at par in cx-
change for our six per cent gold bonds
from those who take up the balance of
our two million loan. The law author
zing the loan forbids the bonds to be
sold at less than par. This right pro
vision is tramplcd upon by this cvasivc
method of selling bonds at really only
81 per cent, or IS per cent below par.
What persons actually have arranged
to share in this iniquitous robbery Of
our treasury, it may be some time
before we are able to ascertain with
precision.
This solid slice out of our substance
we can doubtless part with, without
gricvous distress, if our business pros
perity continues just as we have been
able to sustain the late plunderings.
1t is true that the treasury is dircfully
lcan-that most important and neces
sary public works are postponed that
our harbor continues without a proper
tugboat the long promised Pail
road is untouched all because of
money that has been squandcrcd or
stolen. Still, while our large produC-
ton continues, and business profits
keep up, doubtless we can rub along,
even with bigger steal than ever at
hand. If the money could simply be
taken outright, and that were the end !;
if we could bargain to quietly surrender
the $27e,ooo in cash, and be permitted
to go comfortably along without being
choked or manned, this would be quite
endurabe
But this first operation of solid slicing
is to be only the beginning of the mis-
chief A long train of subsequent
disaster impcnds, attendingt the dcrangc-
mcnt of finances and unscttling of
commercial processes, by the deprccia-
ton of our currency This robbery of
our treasury is planned in such way
as TO throttle MS, and break our bones.
We have been hitherto plundcrcd as
by pickpockcts. Now we are to be
robbed after the manner of garrotters
1t is indeed maintained, and many,
perhaps, have been led blindly TO be-
lieve that these new Sc cent dollars will
be easily absorbed by the country at
par, along with the existing silver cur
rency. But we confidently predict that
whoever harbors such a delusivc cx-
pectation will, very soon after the new
stream of silver pours in, be most I'M
pleasantly awaked from their dream by
the widespread disaster of tumble Of
the entire silver currency of the king
dom to its strict bullion value, varying
from SO to 81 cents on the dollar. Or,
in other words, silver continuing at par,
and all gold disappearing, together with
standard United States dollars, foreign
exchange will go up TO nearly or quite
IS per cent premium, and all goods will
accordingly be marked up to that
amount.
A whole army of disturbing consc-
quences will ensue, deranging to bust
ness, and perilous to social order.
Contracts will be made impossible of
fulfilment, the standard of value upon
which they were figured having altered.
All debts and obligations not previously
fixed upon gold basis will be thrown
into confusion. Wages must be raised,
with attendant dispute and tumult,
Employers, striving to hold contract
laborers TO the terms of their contracts,
will be inevitably, and justly, met by
resistance. Jobbcrs and retailers will
find the enhanced prices of their goods
an impcdimcnt to sales Expressmen
cannot live on their fares. The dis
turbance of silver value will penetrate
mischievously to every affair of life
The whole commercial and social in
tcrests of ahe country will experience a
shock, and suffer a construction.
Our circulating medium has hitherto
consisted mainly of a few hundred
thousand Mexican dollars and five
frame pieces, the quantity of which has
remained stationary for some years,
further impor,a,ions having been pru-
IDENTITY checked by prohibitory duty
In the face OF steady decline in the
price of silver, exceptionally favorable
circumstances and great care have
enabled US to keep this body OF silver
at par, although now intrinsically worth
only from SO to 81 cents on the dollar.
The whole thing is in unstable equili-
brium," and ready to plunge downward