The Hawaiian gazette., 1884-04-23

recent importation of a million OF dollars
in silver coin was the most singularly un
fortunate thing which could well have
happened to the country.
1t is unjust to blame planters or the
banks for charging high rates for exchange
Bishop g. Co., las Planter says now pay
five per cent for exchange, which they sell
at six, or six and fraction, netting them,
we should say no profit at all. Planters
have got to pay for the imports which they
use. They are as rule largely in debt to
their agents, and their agents as matter
of course place such prices on the exchange
as they think the country will stand with
out financial panic. Exchange cannot
go up to the twenty to twenty five per cent,
which represents about the loss winch
must be met whenever Hawaiian dollars
are sent to the Coast, without financial
crash which would carry before it large
proportion of the business enterprises OF
the country. If it be true, as is credibly
reported, that the government has already
begun the expectation of United States
gold coin % pay for its own debts abroad,
no time can be lost The first measure which
the Legislature ought to enact, should be
to relieve the national currency.
All men of sense must see now that the
sending away of gold coin cannot be pre-
vented by filling the country with silver
coin. 1t is the silver currency which I'M
avoidably compels, not only Chinese, but
all others, including the government itself,
to export what little gold there is. The
next step,viz: exporting silver coin in pay
ment Of debts, means RUN!
We doubt the possibility of doing the
business of the country on circulating
medium of 100000 gold coin. All the
silver coin in the country must be redeem
able at the treasury in United States gold
up to fixed date, when by law gold coin
should be the only legal tender, above five
dollars The new law should be so drawn
as to preclude the opportunity of import
ing mere silver, for redemption in gold.
We believe that there are now in circula-
ton about 100000 of treasury certifi-
Gates of silver deposits. 1t would be well
if the treasury could receive on deposit all
the silver coin, mot including any that
from this date may be imported
into the country which could con
veniently be sent in by the first Of July
next, issuing therefor its usual certificates
of deposit Holders of silver coin would not
delay in sending their silver to the treasury,
if they knew that the time for obtaining
therefor certificates redeemable in gold.
was to be limited to the end of June. All
such certificates, issued up to that date
should be declared to be redeemahle at
par in United States gold coin, on present
alton at the treasury, and the Minister OF
Finance should be required by law to ex-
port the silver coin deposits and replace
them with United States gold coin at the
expense of the public treasury. This would
cost not less, we should say, than S300,000
but it would cure the evil. The first loss
is the best to make and the easiest tc
bear
1t is possible that the Honolulu sugar
agents would think that such measure
is unwise, and that their views may be
affected by the fact that this would neces
sarily take out of their hands the profit OIL
exchange; but we know that some of the
agents are far sighted or public spirited
enough to leave that item of present emol
ument out of their consideration. A seri
Gus responsibility rests upon those gentle
men, upon the Chamber of Commerce, anC
upon the old and tried bank of Bishop
Co, to throw their personal influence il
favor of a thorough and immediate cur
rency reform. In view of the common
danger, all who desire to arrest its conse
| quences will be united.