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

AT meeting held last Monday, the follow
ing report was unanimously adopted:

AT meeting held last Monday, the follow
ing report was unanimously adopted:
Honolulu, May r9, 1884
The Presiden, of the Chamber Of Commerce.
Sir:-The undersigned committee appointed
to consider the necessity Of Introducing an act
to amend the present legal tender and currency
act OF 1876, beg to report as follows
Upon the ninth of January last the chamber
TO the government, its belief tina
the present legal tender act Of 1876 could not
be carried out with the proportion of silver
coin then in circulation.
The chamber further stated its conviction
that the enforcement Of this law under then
existing circumstances would inevitably de
preciate the silver currency, and that the further
Of silver coin, without the pro-
portionate withdrawal OF other silver coins,
would necessarily increase the difficulty. The
chamber, therefore, expressed the opinion that
the only safe course was to limit the importa-
ton of silver TO the local requirements of the
Kingdom, and to withdraw from circulation, at
the expense Of the treasury, all silver coins
other than the new Hawaiian and the United
States coins.
Your committee have to report with regre,
that no point in the recommendation Of Janu-
AIRY ninth has been adopted by the government.
On the contrary, they have added very largely
TO the excessive proportion of silver then in cir
culaiion, and have now given notice virtually
that the legal tender act Of 1876 will be en-
forced.
The position is simply this, that from the
is, Of June the government will refuse TO re-
ceive, at their chief receiving Office, the Ha-
waiian coin which has been introduced at sc
much cost and, inasmueh as the treasurer's
action must regulate the current value of all
coins, the declaration that Hawaiian silver viii
no longer be received a, the custom house,
eiiectually depreciates the value OF said coins.
1t is natural that those that have to pay gold
will exact gold, and the legal tender act, SC
long left III allegiance, will be enforced by this
act OF the treasury. Your committee observe
tina, the government are in hopes OF inducing
the United States Government to admit the
Hawaiian coinage ON equal terms with that OF
the United States, but we are unable to share
in the expectation that the United States
Government will receive Hawaiian coips at any
higher value than is placed UPON them BY the
Hawaiian Government.
Your committee are at a loss to know how
the circulation Of silver coinage at par, and the
demand lor U. 5. gold at the custom house can
eoeSist and in this position they have ne
alternative but to recommend such an alteration
Of the currency OF legal tender act Of 1876 as
will bring the law into harmony with the re,
quiremcnis OF commerce.
Your committee, therefore, recommend thai
the chamber approve the Introduction OF al
act placing the circulation on gold basis, and
authorizing the shipment Of all silver coin IN
excess Of local requirements. at the expense o.
the treasury, We rsommeud tina, the maxi
mum amount for Viii h silver shall he legal
tender he twenty joll,rs, instead OF nay dollars,
We remain, Sir, im obedlent servants.
TnEo. II. DAWES,
r. c. JoNEs, Jr.
Majority Committee.
". w. HAL, Secrs.ary pro ,e@. Honolulu
Chamber OF 1osn'ae,ee.
A carefully prepared article upon the Homo
lulu streets will appear next week.