The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1884-01-28
CHE 9atlg SmllFtin,
MoNpAY. JAN. Is, ISL.
HAWAIIAN COIN.

In November last Superintendent
Burton of the Mint, representing the
United States Government, entered
into q contract with Sir Claus
Spreckels for the coinage of $1,000,-
900 of the denominations of quarters,
halves and dollars for the Hawaiian
kingdom. The terms of this contract
provided that the Government should
receive $17 800 for performing the
work and that the entire amount
should be struck off within six
months after the date of the instru-
ment. The dies, which cost about
$4,000, were furnished by the Anglo
Californian Bank, which institution,
as agent of Sir Claus, has provided
the bullion which has been used for
the coins. Up to date $500, 900 in
halves and $125, 900 in qual iers have
been 81 uck off and delivered to the
bank, and that amount ha been
duly shipped to Honolulu. Of the
$575,000 remaining to be coined
100000 will be in dollars and the
remainder in eighths or tenths. The
last of the bullion furnished by the
bank was used on the 31st of Deem
Der, and since that time no further
silver has been sent to the Mint.
This is no doubt owing to the fact
that q number of business men in
Honolulu have taken legal steps to
to prevent the issuance of bonds to
the amount of $1,000, 900, bearing
interest at the rate of 8 per cent per
annum, to Sir Claus Spreckels to in
demnify him for the $1,000,000 in
silver coin which he contracted to
furnish the Government. The Sat
urday Press of December 9th
published at Honolulu has the fol-
lowing item:
BY the Alameda another lot of
Hawaiian silver coin was received,
amounting to $170, 900, making the
stock in the treasury $500, 900, which
as yet lies idle awaiting probably the
decision of the full Bench upon the
mandamus case, OF upon what law
the Cabinet can base their action for
it's issue. So far we fail to find any.
A Chronicle reporter visited a
number of gentlemen who have bust
ness with the islands, yesterday, and
among the number was one who evil
IDENTIFY was familiar with all the facts
in the case. He said: eyes, 1 have
heard all about the trouble. 1t APP
pears that the Hawaiian Government
and Sir Claus made an agreement by
which the knight was to furnish 81
100000 in silver coin of the intrinsic
value of our quarters, halves and
dollars. For this sci, ice he was to
receive 81 100000 in bonds, which
would bear interest at the rate of
per cent per annum. This is what
the people find fault with. They
very justly protest against paying
$4,000 a year interest for
coins which they could
get .along very well without. But
this is not all. The 81 900, 900 in
coin is actually wolth but $3.50, 900
that is, the value of the bullion
used only amounts TO that figure.
OF course this is very nice specula-
ton for Sir Claus, but you can't
blame the people for kicking. don't
thir'1 it vii do them any good, how
ever, as l expect you know Sir Claus
has everything his own way down
there. Ex-senator Paul Neumann
has charge of the case on the part of
the Crown, which means Sir Claus,
and there is no doubt in my mind
but that the bonds W'n be issued.
Most financiers would not care to
invest in Hawaiian bonds, but there
isn't any danger that ST. Claus, Will
get left on the transaction r..
TLao,soJoe