Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1884-05-24

HTST avn OTHERU fsE
A gentleman, recently returned from
the South Sels, has hit upon an idca
which may be worth the consideration
OF the new bank He says there would
he no difficulty in purchasing the yams
hrcad-ruit, oranges, binanas, straw hat
and brio n.hm, OF Polynesia with the
new hall dollars ~ bdy II we attain
the gold standard here, and deprecated
bali dollars become q drug ON the mar
ket It may be worth while to 80 into
South Sea trade extensively with the
cNskippcr Of the lllr as commodore
of our merchant fleet
Apropos ofMr Foreign Adars none.
tay convention with the United States,
an anncNatipnisl suggests that when we
annex North America We may be able
TO persuade Uncle sam TO take our sil
ycr az plr but not before
A wicked gold standard man, after
listening to sllyprNaudard preach.
mcnt ul an hours duration, last week,
replied griycly "iou have convinced
me. see clearly that what We need is
q currency thal will remain IN the
country Ihatisacle1r proposition 1t
seems To me q currency of cowtc shells
will do the job more cGectually than
any other
'ris easy enough to bc facciious
about currency and the gold standard.
1t is by no means so easy TO be at once
right and lucid The best friends among
men who have thought deeply and
studied long upon this topic disagcc,
both as to premise and conclusion, in
discussing, pro and con, the gold stand
ard
We have not yet seen Mr. Dolc's bill
to regulate the currency But so far as
We understand It's provisions, II follows
the exact line Of argument already laid
down in the Press, and fixes the legal
tender limit of silver at FIVE dollars
as the Press has repeatedly urged. This
would make silver a subsidiary circuat-
ing medium exactly what it ought to
be
We think nothing can better illust-
rate the fallacy OF lnstancing the United
States as country successfully em-
ploying silver as the bulk Of It's coinage
than the following brief editorial from
the New York Tribune Of April goth ::
Gold continues to so abroad and the
pleasing statemcn, made by n leading fnancicr
that the trouble twill soon correct itself +"
does not YET appear to be verified. The law
is that, where gold alone is used, it viii com;
in when more is needed, and go out only when
the state Of business OF Of prices is such that
less is needed. But when paper Of any sort is
substituted for gold in use, and the volume OF
paper varies without regard to the increasing
or decreasing demand for gold, inportations
do not have their proper effect upon prices and
the state Of trade, nor do export, "couect
themselves by restoring equilibrium between
different nations. Our case is simply this !:
We are forcing into circulation silver certificates
and other paper instead of gold, and therefore
gold goes abroad.
In other words: Tie baLaHte 0f
hade soiH net Qf HseY Keep g0id in air.
cVlafi0R. Sii7Tr must be subsidiary or
II aoiH dtIoe ont gold. II has ak1oays
done SO. II aiteaJS 7oHI.
1t is important to keep that italio
fact steadily in view. The balance of
trade is alternately panacea and~a
bugaboo. But the balance of trade in
our favor fails OF full benefit if our cur
rency be inflated with irredemable
paper, or contracted by deprecated
coinage, On the other hand, bal
ance of trade against us is shorn OF its
worst power for evil if the currency be
on the one staple basis known 10 iinan-
cial experience the gold standard
A word of advice 10 the business
community. Do not protest too loudly
against the action of the government
in demanding gold at the custom house.
There is Justice in the demand, no
matter what the motive undertaking it
may be. The remedy is to employ every
effort to pass the gold law. Then the
community may insist upon gold in
government settlements. AT present
1t will be wise to demand part pay
ment of salaries in gold and justly
generous administration would not
fail to recognize the justice of the de
mand.
In this connection, it is gratifying to
see the ,Advertiser-in its editorial of
Wednesday last committed to the
cause of currency reform. Every little
helps.
A journalistic grave he dug,
The 'dudelet poetling;'
While softly he did sing
''Oh here bury bug from rug,
An overgrown bear, too weak TO hug,
And wasp with never sting
k<*
The calm dignity of a clam on its
bed of malodorous slime, the serene
.alf II =. =.