The Hawaiian gazette., 1884-07-16
The Hawaiian Legislature
Session 1884.
r,nv.socond pay. july Ion. 1854.

Finy-Second Day. July 10th. 1884
The Assembly met at the usual hour and after
prayer the minutes Of the previsus day were read
and approved.
Representative Keau, on suspension Of the rules
presented a petition from residents OF the district
OF Honolulu. praying that the Chinese Theatre be
moved to some more suitable plac,. Referred to
Judiciary Committee.
Representative kalua, from the COMMITTEES on
| Miscellaneous Petitions reported on a petition,
that 81 900 be appropriated for road in North
| kona, and recommended that the petition be laid
on tain Also, petition that an English School
be established at South Konai recommended to
| Committee on Education. Also, petition that a
| Government pound be established At North hona;
recommended indefinitely postponed The report
OF the Committee was approved.
Representative Palohan gave notice OF bill TO
amend Section l. Chapter IAlI. of the Penal
Code, relating to lePers-
| Representative Amara offered a resolution that
bill to amend Section 49s of the Civil Code, re-
atnC to the division Of the islands into districts
be taken from the table and made the order OF the
day at an early date. Approved. g.. A.
| Representative Pilipo read, for the hrst time
bill to amend Article - of the Constitution, relat-
ing to records. Read second time by title and
referred to Judiciary COMMITTEES,
| REPRESENTATIVE PaloEau offered resolution that
the paw of tue Interpreter be increased to SIC per
iay from the commencement of this session.
| Representative Frank Brown moved as an
| amendment that the Secretary be included; which
had the effect of having the whole matter IN
Representative Cecil Brown gave notice Of a bill
to amend Sections IS and 6y OF the Clvil Code, re-
latinC to wholesale licenses.
| The Order of the Day being moved, the bill en-
| titled AN Act to Regulate the Currency, which
had been reported on by committee OF which Dr.
| J. Mott Smith chairman, came up for dis
| on motion it was decided to discuss the bill in
! Committee of the Whole, and Representative Pa
lohau called to the chair. The inst section OF
| he bill, relating to tue United States gold and
| ilver coin being legal tender, from and after the
| iirst day Of October, 1884, was read.
! Hon. j. Mott Smith said that the time had come
| when something must be done to regulate the
| currency OF the country. The money used IN the
country is in much confusion, for business Is be.
ne transacted with CONS that are unstable and
ductuating in their values. In this connection he
FOuld call the attention of the Assembly to one or
| two facts He Understood that the Oceanic Steam
ship Co.'s new freight bills, had " freight payable
/ in gold" printed on them. de thought Il was
perfectly proper thing to do, the company inform
/ ing their customers the coin they desired to be
paid in. as they know the value of The same IL Is
impossible 10 calculate the value OF huctuang CON-
| like that in use here to-day, which shows the ne
cessity that exists for the circulation being puri'
i fed. Confusion exists when we attempt TO make
amy contracts abroad. In the late contract made
/ with the japanese Government, for immigrant
| laborers, the Agent of that Government found II
necessary 10 insert in the labor contracts, wages
payable in gold.r We are Obliged to regulate
values according to other coins as the value OF our
i coin is not known. Suppose the Iron Works made
a contract for the manufacture Of some machinery
would it not be necessary for them to specify the
coin thew desired 90 be paid in, gold because they
would have TO pay more for supplies from abroad
/ if they paid for them IN sllvera 80 have con-
cluded that II can get on gold basis II Is our
duty to interests at home and abroad TO do 50.
/ The question how shall Obtain it. Nv
scheme Is as follows, and TO place 1t property be
fore the committee II will be necessary Tor mt to
\ reveiw the bill and offer some few amendments,
i that as a whole will form fair and good plan TO
/ get on a gold basis. Regarding the first section
notice no difference of opinion The 2nd Sec
tiuu the amount of silver tender has been placed
| at SO. -,
| are liable to get confirmed If the speaker goes
wandering on into other sections of the Bill. He
| thought it would be better If Hon MIR Smith con
| fined his debate to the LIST section solely.
Hon J. Mott Smith (continuing). We may get
idea by looking over the present state of our
currency, and calculating how much coin is neces-
| sary TO do our business with.
| The United States has volume OF currency OF
81, 80 10000, which is $50 per capita. II on tins
basis, We take our population at oOOO, We need
strike some of you rather large, but let us look
at the actual coin here to-day. We have
In the Treasury and Bishop 4 Cos Bark, &C.,,
silyer;,. ssss5
Mixed coin, estimated, among the peo5e.. 10000
Total Silver ai',Jo
Gold in Treasury and Bishop 4 Cos Bank. S1y9g9
Estimated in hands OF people---.-.------ 2oO'
sal2g5,sOO
These figures prove to me that. We can use a
million of silver and still have gold enough to
meet needs for If.
There is in the Treasury in
Uneurrent or mixed silver ............ IS 2j5,J0
IN United states silver .......-...........' !SgS
In In me Inc hahd: Of the PcoPs.. 56Soo
5 SOU
Let this be turned into gold and put into the
special deposit, and we have
fS Si9 already gold in special daPosii 5o
Total amount .si1iscl0
So at the close of the operation We shall have
for distribution $l,1l2,OOO.
This amount will he enough 10 start the public
gold basis, aud especially so If we will under
take to redeem the outstanding silver certificates
with this gold The doing Of this will be necessary,
as it will be the most convenient way of distribut
ing the gold coin, as to give the public con-
idence as well to assure the habit of enforcing
| gold payments in private transactions.
II will be seen that there will be in hand Slll2,-
600 in gold, but there now outstanding Sl,l2s,
600 of silver certificates. If we deduct from them
ten dollar certificates, which mead not be redeemed
under this Act we shall have Slll2, 900 gold with
which to redeem Sl,OSI,OO outstanding certi-
| fcates.
If this course is pursued. the certificates being
retired as fast as the Treasury is called upon to
redSem them the result will be gold coin enough
in circulation TO meet the requirements of this
law.
If we get 80 or 60 per cent of gold in the country
wee an easily keep up the gold basis. The United
States with only 40 per cent of its reserves in gold
coin find that more than sufficient.
Hon Paul Isenberg. Desired to know how much
the loss would be on silver IN convestinG IT into
gold.
per cent except on Mexican coin, which the loss
would be but 10 per cent. The speaker considered
that the time set, October LIST, 1884, rather
| snort and favored it being put of longer.
Representative Frank Brown offered an amend |
nent, setting the lst day Of January, 1855 as the
date.
Hon. C. Il. Bishop considered that it would be |
impractiCable to bring the measure about by the
LIST of October, The LIST of January might be IN
necessarily too long. 1t would be unjust TO give
too short notice, people in outer districts would
not be able to get in the uncurrent silver. From |
the fact that exchange Is going TO rule high on
account Of the low prices of our products abroad |
the tendency will be to export gold 80 we should |
start with plenty in hand. BE spoke on the sub |
ject with diffdence, the question was puZZling
and difficult He would second Representative |
browns motion.
Representative Dole, hoped that when the Law |
vent into effect it would relieve business. Matters
ut present were in much disorder, especially in the
-vay of exchange and the community should there |
fore have the benefit of the earliest possible date
he would move December LIST, 1854.
Ga motion the Section was passed TO read as fol-
| lows:
Section l. From and after the first day of De- |
cember in the year of our Lord, eighteen hundred |
and eghtyfOur the gold coins Of the United States
of America shall be the standard and legal tender
at their nominal value in the payment Of all debts
| public and private within the Hawaiian Kingdom.
Recess was then taken until 1850 pm.
| AFTERNOON.
The Committee reassembled at l:;O but it was |
I:45 before a quorum was present Discussion of |
the Currency Bill was resumed and continued uu-
til l.2j at which time the Committee rose and re-
| ported the following Sections as passed:
Sec. .. The standard silver coins of the United |
States of America and the silver coins Of the Ha-
waiian Kingdom shall be. on and after the first |
day Of December, 1884, a legal tender, at their |
nominal value for any amount not exceeding ten |
dollars in any one payment.
Sec. ). From and after the first day of Decem |
ber 1881, gold and silver coins, OF her than the
coin of the United States and of the Hawaiian |
kingdom. shall be received in the Treasury at |
rate not exceeding their bullion value, for Gov |
/ eminent dues, duties and taxes.
Sec. I. Whenever it shall appear that there is |
such an excess Of silver coins in circulation as |
disturbs the equilibrium between gold and silver
coins. under the provisions of this Act, the Minis
ter of Finance, in order to restore such equilib-
rum, shall replace sufficient silver coin which |
! may be in the Treasury, either as Government |
realizatiOns deposit, account Of any silver
certificates with gold coins of the United States