The Hawaiian gazette., 1884-07-16
Claus Spreckels Expresses His View
so DO SEVERAL OTHERS.

sODo SEVERAL OTHERS.
| The lower room in the northwest corner Of the
Y. NJ C. A. building was well filled with the rep
resentative business men Of the city, on the
evening of the 9Th inst, the occasion being re-
| quest made by Col. Claus Spreckels to the Cham
| Der Of Commerce TO give him an opportunity 10
| express his views to them In regard TO the pro
! posed regulating of the currency Of the Kingdom
| and return to a gold basis. At 80, number Of
/ gentlemen being present, the meeting was called
TO order by Hon. {. Il. Bishop.
! Hon. c. K. Bishopsaid that from information
| received be had learned that II was the desire Of
Mr. Spreckels to meet the business men OF tbs city
for the purpose OF EXPRESSING his views on the cur
| rency question. Ii seemed To him that the best
/ way 10 CRAFTY Mr.. Spreckels' wish would be 10
call this meeting, under the auspices OF the Cham
/ Der of Commerce. Colonel Spreckels, who was
seated at the table needed no further introduction
/ TO speak, and said:
Gentlemen. Won have a bill in the Legislature,
| the most important bill ever brought before this
/ Kingdom, and that Is the Currency Bill Nov
you say that the large amount OF new SILVER Is the
cause of the high rate OF exchange must deny
| it The cause is simply supply and demand
/ Why is sugar 50 low: Because the supply Is
/ greater than the demand and it Is the same with
! silver and gold. Just as soon as you have sur
| plus of one kind Of money the demand goes down.
! II understand the hill il Is such that the Gov
srument or the Minister Of Finance have to pay
/ gold for silver certificates.
Dr.. J. Mott SBIiI. believe there Is only S5ll.-
/ 000 in Hawaiian silver.
NJ. SprrcEsis. Do / understand that the Gov
eminent will issue gold for the Mexican silver
/ dollArsy
deemed IN Hawaiian silver, and we will ship away
The uncurrent coin.
! NJ. Sur,clrls When come with Mexican dol
/ lars get Hawaiian dollars, Is that II!
| Dr.. Ss4ifE. Yes, that Is the redeemIug coin.
| NJ. Sp,erLpis. As understand the bill, 10 dol
lars in silver is legal tender, tie balance TO be paid
/ III gold of the United States Now tell You gen
tlemen. the Of the high rate Of exchange IS
supply and demand, but let Us look al the other
/ side We only pay ten silver dollars, the rest II
/ gold; you have perhaps SilOO0O or S5O-gJO lying
! idle. Mr. Bishop calculates 10 import gold; well,
cannot afford to bring It here for YOU; you must
look out for yourselves. When We want so much
money, Mr.. Bishop says, Il have no CON, cannot
give Won anything then we Will GO TO some other
wealthy man, be SAYS, ives, but give me 5Per cent
premium You have not got coin enough in this
country. There are some that CRYING ont
| about silver who would be very glad to get It TO
/ pay of their hands. Now, gentlemen arr you do
ing wise thing, upsettirg the country and Great
/ ing panic as you certainly will. Dock out that
/ you do not knock somebody down and with him,
make some one fall who was leaning on him. Not
/ long since paid 100000 TO save the country,
and Mr.. Bishop has also greatly assisted you.
Isn't that SO, Mr.. Bishop
NJ Bishop. Yes that is true.
NJ !Sprrolsls. am true steel, now ! do
not wont to hurt any man, but when 1 am Int, i
| fight now gentleman this is the first time have
ever spoken in public, SO please excuse all mis-
/ takes. want you to consider II well. can We get
| through the breakers without sinking the ship.
/ know this law has been enforced. and when YOU
people in the Legislature pass law We all obey
\ that Law; bu; have yo1 the means 10 uphold that
law Nov give you my opinion and II Is this-you
have 100000 of Hawaiian Coin IN this cOun-
try in the hands of the Government, bat they can
not snugCls it rs with Mexican COM say. pass
\ lss and stop all smuggling. i do not like 10
see people forced TO steal. Do not make thieves OF
0 -. .HH -
~ clear headed. Dollars should be made legal
tender well as gold.
Or. J. Mott SadE. Then Mr. Spreckels you
propose to make the Hawaiian coin unlimited
legal TENDER
NJ. Sprsatsls Yes, Doctor; the dollars legal
tender 20 Hny amount, but the subsidiary pieces,
halves. quarters and dimes, YOU might lImlI them
to $40 or IS legal tender. Nov, gentlemen. you
hear me; if you can't get yourself IN proper pc
sition on this matter you are bound 10 sink the
ship, aud after she Is wrecked don come round TO
Claus Spreckeis, for he advised yo1 beforehand.
Another thing gentlemen. YOU should commence
to be economical: vou are not so here: YOU are a
great people but avfully eItrayaCant; YOUR people
would rather pay interest than save II. You may
be compared to two business men; one looks out
and saves every cent while the other throws away
go. / am not a miser, but keep an eye on the
oenfs that come into the eTpenses Of my refinery.
Nov, as am not much OF a public speaker, II You
gentlemen think that have forgotten anS thing,
ask me and will answer.
D., j. MOTT Saith Colonel, would like TO ask
What method you would propose to get on a gold
basis
Clans SprscEsls. l understand that you have
some seven or eight hundred thousand dollars IN
uncurreui coin in the Kingdom.
Dr.. Smith. Yes, We have more.
Claus Spreckels. Well, send that money out
and get gold for it; it Is plain enough You need
one and one half millions gold.
Dr. Smith. There Is another difficulty in fixing
the currency regarding the amount TO settle on.
Clans Spreckels. The currency Will be limited
there is another difficulty with VOC, for as
you need two millions fur the business Of the /
country, If you haven't got It you will have to pay
a premium for your silver. The case Is one OF /
supply and demand and that i the particular |
question. II as hear that S2o0p,uQQI s necessary
and you intend 10 have Sl.0OOOoO gold. you can /
safely make the Hawaiian silver legal tender At 4
par here, or you will have TO import a large guam |
iity of gold
br. Smiib. II We have too much silver, Colonel /
IT will dspreciate.
too much when you require tao millions IN the .
country; how you going TO get too much. sly /
dear Doctor you are a little Of on that
Hon. Paul IsenberC. A. The Law stands it Is not /
Mr. Spreckeis As have stated, you will End 1
that you viii be regulated your currency by tue
Law Of supply and demand. We must have one /
million gold and one million silver. When either
decreases then you will ind some one who wants /
5 PC premium on it. The shopkeepers Will send /
the sold away rather than pay premium.
Mr. lsenberg. l think that a soon as We Get the
million in gold that confidence will be established.
Mr. Spreckels. ] would like TO have that settled.
Well nov Mr. Jones you seem 10 Be looking this
way, and jumping around IN your chair as though
you wanted TO say something nov what have you
got to SAY.
Nj Jones. We have talked the matter over, and
the Chamber Of Commerce has decided that 1t Is
better to run At on gold bass If gold Is de
manded, We must sell the silver to buy the gold.
Nj Spreckels. am sorry that you can't un-
derstAnd me better but as there Is a touch Of
Dutch in the tongue suppose you can't But
am going to get nd Of yoH nov, right here By
Cd there is nothing but fair dealing in Claus
Spreckels. Jones, my boy you are thinking Of
Brewer Co NOu are looking out for your per
oentAce when ;he gold Is gone. Bot Mr. Bishop
or Mr. Patty amt going to tell YOU
Mr. Jones. / dout advocate
Mr. Spreckels. am here on the floor and bY
Cd you wall have 10 see me They bowl At Clans
Sp-eckels because he bro1chf IN, silver. Before
they became so furious, had intended to ease
the market, but / concluded would let them
howl away; let them have good time all to them
selves; by and By Claus Spreckels would come out
all right Now does any gentleman desire to ask
me any q1estonsg
Nh fseabsrr ! would like TO explain my views
once more. told you on the passage down, that
l did not care snap for high exchange. The
frsi step towards the gold is this new Law. II ne
get nd Of the silver shall have nothing but gold
IN this country. The Cinnamon viii take il away
with them and W. shall b. obliged 70 renev II
every year or II o2e wants to 50 TO the States
be takes gold not silver.
DR.. Smith The rate Of exchange Is based up1n
the trade Of the country. II re are more indebted
Ahroad than we have product credit to pay for, eK
change goes up and rIot nrnsr- The great trgutle
Is that exchange Is based on the coin Of the coun-
iry with which We trade How are re TO cover Il
The most acceptable manner and with the least
loss, the intrinsic value Of the KalakAaa dollar as
compared with gold.
NJ Spreckels- That viii b regulated By tht
lAu Of Supply and demand
Mr.. Bishop How can ons deraand gold If silver
Hon. a. T. Juad- Are yOu bi-ns:allisi, NJ.
NJ. szsseksls- IhAvs no iasa vhaiIanJuags,