The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1884-07-10
that great achievement. He would


The House resolved itself into
Committee of the Whole, Mr..
Palohau in the chair. The first
section was then read, From
and after the first day of October,
in the year of our Lord eighteen
hundred and eighty-four, the gold
coins of the United States of America
shall be the standard, and legal
tender, at their nominal value in the
payment of all debts public and
private, within the Hawaiian Kiug-
dom.
Mr.. Mott Smith said the time has
come when it is necessary to deter
mine what we will have in future for
currency. We have drifted into u
currency which is useless. Silver is
not coin we can use to any advan-
tage. We are reduced to currency
that has only fuctuating value in
our own country. The conditions of
the business of this country are such
that we must have q currency which
we can use abroad as well as for
domestic purposes. Nine-tenths of
| our business arises from our business
| abroad, and therefore we must use
q coin which has value abroad.
Taking all into consideration our
safest plan is to get gold currency.
AS the law stands at present every
debtor is obliged to pay a large
portion of his debts in gold and we
have no gold here. We can't pay
debts in currency we have not got.
We must make provision to get
gold into this country In this con-
fusion of affairs which exists | will
state thai the Oceanic Steamship Co.
has got out new freight bills, and
stipulates that freight must be paid
in United States gold, proper thing
for them to do. 1t is impossible to
tell the value of huctuating coin.
Another illustration is with regard
to the japanese immigration con-
tract, which states that the wages
must be paid in United State gold.
People abroad don't know the value
of our coin, but they do of United
States. Whatever point in view, if
we can get on to gold basis, it is
now our duty to do so. If we pass
the first section, it is our bounden
duty to provide the people with gold.
A number of different kinds of silver
coins are in the country to the value
of about 100000. If we get all
this silver and turn it into gold,
we are on the right way. l should
propose that all outstanding silver
certificates be redeemed by U.
S. gold. / think it can be dis
tributed in this way without any
harm.
Mr.. Isenberg asked the Hon. No
BILE how much loss would there be
in turning this silver into gold.
Mr.. Mott Smith thought about IL
per cent. perhaps little less.
Mr.. F. Brown thought, that Octo-
ber 1st. did not give time enough,
he would move as an amendment
January lst., 1885.
Mr.. Bishop thought this was the
most important measure yet brought
before the House. We ought to be
patient and careful in consideration.
1t will be time well spent if we come
to sound measure. 1t is question
which he discusses with great diff
dence, it is very puzzling and diff
cult measure. He would second the
motion for January lst., 1889.
Mr.. Dole thought January 1st.
too late. This law going into effect
will relieve matters, especially eX-
change. If so, we should have the
benefit at an early date. He would
move it be made December 1st.,
1884.
The motion for January lst. 1885
was carried, and the section passed
as amended.
AT II o. o'clock, the Committee took
a recess until 1.30P. NJ.
On re-assembling after recess
Section two was read.
The standard silver coins of the
T.,sl Ill