Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1884-03-22

cisco, for it pays what debts it owe,
here i'm silver that cost not more thar
ninety cents on the dollar laid down on
It's own counters
But why does not the government
enforce the legal tender act and, col
lcctjng It's duties in gold pay salaries
and contracts in gold, and thereby put
gold in circulation asked the truth
seeker DO not YOU remember that
only a few months ago, following the
notable decision in the bonds for-silver
case, the government took snap judg
ment in the very matter we are now
considering and decided that dutie,
should be paid in gold. ? DO not yor
remember how vigorously the com
munity kicked ? Are YOU reminded o
any one long headed enough to see be
yond the horizon OF that occasion S
immediate difficulties and note the gooc
that might have resulted Every mar
Of us hated to pay the premium or
gold and neither the plantation
agents nor the bank evidenced any will
lingness to import gold. So we "pro
tested which was just what Mr. Glib
son wanted and thus let our opportu
nifty gradually to place our finances or
q gold basis .g0 ~ dtfdHh As Horace
Greeley said, the way to resume is tc
resume and the enforcement of the
lCgal-tender act would have helped q
good deal to bring about that resump
ton Of the gold basis which every Ha
waiian who is at once honest and
intelligent so earnestly desires"
On the corner Telemachus met and
button-holed Fiancius: "The excitement
amongst our merchants before the sail
ing of the last mail steamer was some
thing unusual for this port the rate
being four per cent. on San Francisco
The kalakaua dollar came in for it.
share of the blame. The few planta
zion agents who were the sellers lookec
happy; but some of the plantation
share holders said they did not see
it but there would be a row in the
camp if they did not see that good.
would be advanced just this much
which they would have to pay for
Still there are some Of the agents which
act very fairly and reasonably. One
gentleman remarked that all he got oil
asked for as agent was two and hal
per cent. Of the return sales and tina,
no return commissions or premium OF
exchange went into his pocket. I've
no time to talk about it any longer
though; goodbye" and Financius wa.
lost in the crowd. | will go and see
Commissio, said Telemachus.
In 1883" said Commissio, "we
we're in a rather bad boat not so bad
though as it had been in years before
In that particular year, however,
remember having to pay as high a:
twelve per cent for a little bill
OF two thousand on Boston. You see
all the exchange or nearly all-had tc
come through the firms that dealt with
the whalers There was c. l.. Richard
< Co. where Pierce & Co. are now, anc
Tom Spencer in Bolle's place. Brewer
& Co. did big business and Cart
wright dealt with the whalers also
Those four firms had most of the
whaling trade in their own hands. Sc
if the rest of us wanted exchange we
had to buy it of them. When the
whalers came in, big lot of goods were
needed and also lot of money for the
sailors. The whaling shippers drew or
New Bedford or Boston and the foui
firms discounted their drafts at eight
ten and twelve per cent. and ever
higher if money was scarce. So if We
outsiders wanted to pay for goods ir
Boston we had either to buy exchange
from our neighbors or else ship the
gold. We generally bought 1t was
pretty tough on the whaler-owners some
times; but they evidently preferred tc
pay the discount than assume the cost
and risk necessary to get money here
Now, the situation is changed. The
only people who control exchange are
the plantation agents. Irwin & Co
have none to sell Why? Because
the silver they could not get bonds fol
has been put into circulation by the
action of the privy council, Irwin &
Co. have no need to draw on San
Francisco except for the purchase o
goods as they use their own silver or
their plantations and in settling trade
balances here. As consequence, the
few other firms who have any thing in
San Francisco to draw against put uI
the price cinch' us and then say it is
all the fault of the great law of suppl,
and demand"
"If | may put in my OAR, re
marked Clerico, who had been an at
tentive listener 10 Commiscius mon
ologue, II should call it 'usury' or 'ex
tortion. Some merchants hold that il
is wrong to put up the price of houl
during famine but they draw the
line there and blame Mr.. Supply ano
Demand splendid old scapegoat fol
all the trouble that follows extortion il
every other direction, OF course a rise
IN exchange means rise in the price
of commodities, That means that i
will take hundred and four or five ol
more dollars to buy what yesterday o.
last week or last month was a hundred
dollars worth of goods. "Ah p Wejacu
lated Merchanto, who happened to
enter in time to catch the last two sen
fences. "My dear fellow, salaries mus
rise. "They are always the last t.
rise, replied Clerico, ''and, even i
they do, that is poor way out of tn,
difficulty Temporarily to raise salaries
| would make n an exceedingly nm