The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1884-06-04
THE PLANTERS MONTHLY.

" a powerful company
arc demanding of the Legislature in
corporation as bank of issue. They
propose to secure their notes by Gov
ernment bonds deposited with the
Registrar, after the fashion Of the L.
$. Banks. The objection at once
arises that the security is very in
ferior to that of u. S. bonds.
A commercial furry in Honolulu
which might disable bank from
keeping up payment of specie on
demand for its notes would be very
apt to so depreciate the market value
of the bonds on which they were
secured as to make it impossible for
holders to realize except at serious
loss. Unquestionably Hawaiian bonds
must be liable to fluctuations of value
such as those of q first class nation
will not be. Banks of issue are more
or less unsafe anywhere; supplying
the promise for the substance, and
when the substance must be- had,
often disabled by the very strait and
pressure of the day from affording
it. In the broad connections of
continent an issue system may be so
perfected that the danger of suspen-
sion of specie payments is reduced
to a minimum. In our isolation and
narrowness the peril is great. The
example of California is wise one
for us to adhere to. and avoid bank
notes.
A very serious ground of appre-
hension arises with respect to the
| kline of coin in which the notes of
the proposed bank are to be paid.
This apprehension is justified by the
fact that the promoters of this
institution are the same parties who
have contrived, in collusion with
Mr.. Gibson, and in utter contempt
of the views of the business public,
to force upon the country this enor-
nous and ruinous flood of short
silver which is now deranging our
finances and driving up the price of
exchange. DO they intent to pay
their notes in the same short silver,
or in gold? When one presents their
| promise to pay fifty dollars, will
they give him only 100 halves worth
$50 80!
The fact is that the whole schem
is one of those commonly successful
combinations to divert the profits of
the producer into the pockets of the
middlemen. OF all devices to rob
the laborer and the producer, there
is none more thorough and complete
than that of an artificially prevented
currency, whether it consist of ire
deemable greenbacks, short dollars
or silver notes representing them.
We seem likely to make full expert
ments for ourselves of this curse
upon honest toll"
Next is an article son the Roots
of the Sugar Cane" in which Mr.. H.
M. Whitney states that he has known
cane roots at Keaiwa, Kau, Hawaii,
to reach a length of six feet, and
that c. N. Spencer of Kau has found
them twelve feet long.
This is succeeded by a practical
article on plantation Agencies, !"
advocating the reduction of contracts
between the planters and their agents,
to writing, and thereby preventing
the disputes which so frequently
arise as to the exact terms of the
contract.
The most important and valuable
article in the number is an exhaus-
tive article on 'The Diffusion Pro-
cess" by r. Seig, taken from the
AZ. O. Times Democrat The writer
gives in detail the experiments which
have been made with sthe diffusion
process, and the comparative value
of the process with that now in use.
AS an article of reference, it will be
invaluable to those who are interested
in, or who are making a study of the
subject.
Mr.. IL. Turton, of Lahaina, Maui,