The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1884-07-02

prevent los. and the consumer PAYS the extra
priuc. We must export more value and import
les, and not expect nor attempt 70 regulate ex-
change by Law Il must result in loss The wealth
Of these islands is nov produced BY labor paid
with short silver medium, and no complaint Is
made, u our exports are sold in foreign ports for
sold. Is not than good for usl who is injured or
csmplainsi
Should il be possible TO supply US with foreign
gold currency, will $3.50 Of Il pay amonths wages
to those getting S2oi II not the planters must
lose the difference. Is that the way 10 encourage
productionf
The United States produces its wealth with a
paper currency and sells her exports for gold; who
yrumblesl The great political economist Adam
smith, SAYS England never prcspered until she
gold TO surrounding nations
make these references only 10 prove that II We
produce our wealth with cheap money and sell
in foreign ports for more valuable one We are
long now about as well in this particular as more
powerful nations
l fear the legislation now proposed to regulate
the currency" will rttard production and prevent
permanent restoration OF a normal condition OF
exchange. Certainly the $1,000 that i proposed
% be taken from the Treasury 20 buv foreign sill
yer and change II for gold, could be much better
amployed in some productive improvement, there
BY preventing the sure loss that must result from
such uuwise legislation to say nothing of the losses
that must attain by the unsettling of values and
other confusiuns.
There is only one way to make Il permanent
and an acceptable home currency, and that Is, for
this present Legislature to oryaHise bnHkiHg de-
llTfs,eHf of this Government and elect president,
VICE president and bank attorney to take charge
Of II; and into their hands should be committed,
under the laws OF the Kingdom, with proper bonds,
the entire responsibility of supplying the com.
merce and industry of the Kingdom with an ad-
equate and acceptable currency. They should
have power to coin money, issue and redeem bills
Of credit bank notes. receive deposits and issue
certificates for the same etc. Their duties should
- eanrly lffirlfd NV Law TbA rnataftal nSfsi hV
hem As the agents CT the Government to express
he power of money. should be gold. silver and
paper, each TO be full legal tender with one stan
lard Of value for ALL and that should be no ssHf
10 ibs dollar! None disputes the right Ct the Gov
eminent 10 do this and retain the profits, else how
can they delegate this power to corporationg
could refer you TO the opinions Of able and eminent
American statesmen that II Is as much the duty OF
the Government TO attend to this business direct
II Is for them TO run the post office department.,
the war department or any other department of
the government, and not farm IL out as has always
been done in the United States to the great injury
Of the country.
II there were not big profits and advantages in
II. outside parties would not ask for these rights:
and as these rights, powers and privileges belong
10 the people Let the people retain them and profit
thereby as it will be safer more reliable and more
permanent than to trust 1t in the hands OF a cor
pOration. however honest and responsible they may
be- aud IN the language Of Wendell Phillips, when
writing upon this subject, If any doubts that
the government is honest enough TO be trusted
with such power, l answer it is as honest as the
national banks who WELD these powers. We
must trust such powers somewhere. We can de-
tect and punish and prevent misdoings more quick
ly In the government than We can IN money cor
Porations shielded by privacy
! see it reported that the Minister of Finance
has given notice of intention to introduce bill to
regulate National Banking System This has
the right sound but whether 1t be bogus national
banking system, as in the United States where it
means only corporate monopoly, or genuine na-
tional banking system where the government con-
trolls and uses it for the benefit Of the people as
the post Office and other government departments
are used We are net prepared to say and will wait
further Developments. JSo. NJ HoESER.