The Hawaiian gazette., 1884-05-07
CurreaeJ.

The following Is the manner IN which the Mini
stur OF Finance deals with the currency question.
The trpcsi Is given fan 10 enablc our pahlie 10
judgv VIA. arrtut nonsense ciu be talked BY an
oiHcisl ur.on this poini and 0so 10 shcv what an
unssstnly display of temper the Minister indnlces
In. when sp,lking Of those wac have objected TO
ministerial methods
CuKNENCI.
Onc OF the most important steps which the
Goyerurisat has taken since the adjournment OF
he Legislature was 10 substitute for all the DIFF.
fervnt fOuiga silveC coin = HNwAiian oufnaGe OF
dollars. half dollars and smaller fraetlouL cur
rrncy Tie intention Of the Government was to
acquire this som for its par IN bonds. but tins
could not be carried cat under the construction
which our Court placed upon the loan Act OF M
The cSriu. huucVVr. MAS rtoeivsd IN the hinc-
dsui and after rccegsinc its lcgtl standing frutn
His Majesty the Mag IN Pryry Council has gra-
duAly even zithOui direct acticu OF the Authori-
tics taken the place of the foyvigu silver coin.
The c1ia itself l. u egutl weight, sire aud hne-
ness, with the corrvspondinc GUNS Ct the United
States.
rhis step Of the Government appears to have
given s1ue ui its internal enemies uubracs; all
niAuLer OF dire rcsuts prrdictei truFu II, all
manner OF evils no tgittsr from what tlvy
arcsc attributed to this action Of the Govern
msaL Notably, the ircretS' IN the prioe Of e1
chRnge WIS an evil laid at the door Of the action
Of the Government II private individual had
intrsiucsd into the kingioui half million Of ,l-
vrr ooia Of the Uaitsd states. The rate Of s1ehanEv
Wuuld have been the Ssruv As ii u nov, and no
thing wurid nave pSen cAtii-tO SAcrpt. lual lca-
sou for cgvidng and uialisuf1c toc administration
would have been wanting
respectfully ask lsive 70 sahtait the following
historical rsc3pitplAtfon heforu yuus
The last Legislature passed the Loan Act des-
igued 20 prucurs fuuds for certain internal I'M
pruvemeuts which were deemed necessary.
The Legislature bad IN view that the BONDS
aathorizSd 10 De issued for the p1rTsss should be
issued at pdr in Hawaiian money and should ee
redeerrahle IN g0li coin Of the United States
Our Sapretue Court decided shat the bonds
could not b placed otherwise than for par value
IN sold ct,ir OF the United States
Tins decision shich Is now our Law unfOTtunAte-
ly had the effect that instead Of this community
receiving certain amount OF money for It's paper,
one Of the largest and most responsible nruiS
dealia. II exchange was driven out Of the market
for The time being. There CEASED to be cumpcti-
ton among those who sold exchange and these be
sgn 10 be competition among those Who purchas-
sd; aliiiic 70 this the dsplorahls fact OF ap-
precitbls fall in the pres % the staple product Of
the Islands II be easily understood thai there
hes the reason for the preselt rate OF eIchange.
II this country exported manufactured articles
and imported raw material, the excess Of imports
over exports would result IN the benefit of thts
IN the temporary injury Of the country. Ihe action
Of the Goyurnment reEariire It's loan and ITS bonds
has uuthiu. 10 do with the usurious rates Of ez-
change 10 which the people submit. Nor does the
question OF mouou1etlllc bi-uietAllie standard
IHsct 1t seriously, II the gold could be kept here
il would probably be beneficial To have a single
standard Of the currency; when established shs
gold would disappear and silver again takes its
PLACE: the double standard on the other band has
net caused this community the harm which the
circumstances mentioned before have wrought
that Is the raising Of exchange 10 uSurous rata.
The remedy would probably Be IN the restriction
Of oar liabilities abroad, and Of our expenditures
a. bume-