Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1884-01-05

To- the public especially in the face Of tse
large amount Of silver coin now in the country
and the large importation under The coinage
act ?"
81 think 80"
"Tf the gold basis is TO be enforced. where
is the coin to come from, and who are to bear
the expense Of bringing It here; will the hank
do h?"
81 see no difficulty in this respect. Let
the government and chamber Of commerce
agree on a time to put the law in effect and
the gold coin will be here to meet all require
ments. The bank will bring it II paid for
doing so, not otherwise. n the bank owes on
deposit, it is in silver after people deposit
gold they will draw gold Our produce is
sold for the coin that our law makes legal
tender, hence It will come from the United
States in return for our produce, and At the
expense OF the producer OF shipper Of same
"would not this have a tendency TO inter
fcrc with our exchange p
"It Is to be hoped it would We are far
from a healthy community, financially speak
ing, If the balance Of trade is so much against
US as the rate Of exchange would indicate. A
gold basis would do what it does in other
countries-bring our exchange to a gold basis
also. Our exchange in san Francisco would
not be likely TO exceed one per cent. premium,
neither would it likely to fall below one and
one half per cent. discount; beyond these
points, gold would take the place Of ex.
change"
"Would not those who are now desiring
say two and half per cent. premium on their
drafts be opposed to such a course p
" No doubt. No one who has a good
thing cares TO lose it, but we must bear in
mind that the larger portion Of our community
has been paying for this good thing for years,
and are now urgent for reciprocity or little
on their side. We must not forget the fact
that we have debts to pay abroad, and only
small portion OF our produce ftums would
come back in coin-after we have the needfu
amount, for circulation-we require only to
replace that carried away, and what would be
loss TO the few in the way Of premium in ex-
WOulu DG u Silli w llC bcSHueS
the high rate of premium paid for exchange
for some time back show that our affairs are
either in very bad state or our business is
conducted in a very questionable manner"
" DO YOU think much coin would be carried
away il we had U. s. gold in circulation ?"
"Not in business way. Nopersons will carry
specie when they can get exchange at a reason
able rate. People from San Francisco pay from
onetotwoPer cent. premium for exchangein pre-
ference to carrying coin, and would generally
do the same from here. More OF less would
60 away no doubt by the travelling public, but
mostly by the Chinese laborers. Exchange at
par would in a measure provide against this to
very large extent. With the high rate Of ex-
change in San Francisco, exchange in Hong.
kong cannot be offered at rates to induce such
people to seek it. The plantation Chinaman
knows how to figure just as well as his business
brother"
+" Are you in favor Of the Hawaiian silver
coin or Kalakaua Dollar as il is called ?"
"Yes, see no well grounded objection to
it in fact | favor it"
"Yet you admit being in favor Of the gold
coin to supercede it ?"
"Gold coin is by law our legal tender, above
certain sum. My impressions are we had no
more silver than our wants required before the
new coinage came TO hand"
You then think we shall have more than
our wants require in silver, especially If we
are to carry out the gold act p
elf n milion-which we hear reported is
likely to come-it would be more than our
country needs and would no doubt operate
against the small traders and Others who would
receive silver and have to pay gold The legal
pealed II cannot remain dead letter with so
much silver coming into the country"
''Do you consider the government had a
right, under the coinage act of 1880, to order a
million OF half million Of that same coined in
siver--and pay for the coins in bonds ?"
=" There is shade Of politics in that ques-
tion. As do not talk politics will answer
by saying the act authorizes the purchase Of
gold and silver bullion. For the purpose Of
coinage-the silver bullion in this country
would be our presen, silver coin in circulation,
chiefly Mexican dollars and FIVE franc pieces
These coins might have been taken up by the
government, and recoined into Hawaiian at
profit to the country, with no increase in silver
coins"
"You are therefore strongly of the opinion
the country should be put on gold basis at
once"
Yes, in three months at the least. 1t can and
prepared to meet it. We are simply at suffer
ance under the law.