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

rbe otd fr,e " ,n iuf>rior -
,rrvs arspes ont M. bc


~rDs dr'res q'n Ne M
EpIros SAruRpN rRes
come to the conclusion
speakers who quote the
never looked deeply ntol
quote the law to sustain
their studies Of political economy have bve6V
a traditional groove, where the law was neva
disputed, and they received it without prot
mental digestion as undiSputablc. aud consid)
Il as unchangeablc as a law of nature. sud
10 doubt, is the honest opinion OF most men,
| think man is the author OF that law, or
rather mans ignorance Of political economy
touching the worlds currency, has forced tho
above quoted law into existence, curse upotA~
the world. | undertake to say without any
fears Of successful contradiction. that that law
will be reversed by any and all nations as soon|
as they shall adopt correct mode OF issuing
and redeeming their own currency, that is the
"good currency will drive the bad out of cir
culation.'
| The governments OF all countries hold abso
mte power over the coinage the issuing and
redecming their own currency All admit
this, now let them exercise that power for the
good of the people and the work would b
done. To Illustrate. let the government Of the
United States or any country make currency
consisting Of copper, silver and gold coins aud
greenbacks (paper money!, making it all full
tender so lar as the government is concerned,
and let the government put it in circulation aud
say TO the people "here is "a currency to measure
your values and assist you to transact business.
II any part of il don't sui, you bring /, back to
me, will receive it for all tariffs, taxes and
dues. II that will not redeem all you don't
want will receive the rest at its face value on
deposte, and give you a certificate OF deposite
drawing interest and payable on demand in
public money"
To make the illustration still palmer we will
suppose these copper and silver coins to be
worth inrinsicly only so per cent Of their
face value. the gold coins 9s per cen, and the
paper money nothing intrinsicly.
| With the above showing suppose syndicate
Of spectators rich and numerous should wish
to get up corner 10 deprcciate all the cur
rency excepting the gold coin, could they do
II could they make any Of this currency worth
less than one hundred cents to the dollar. tthe
government will take all the people will spare
at that price.) Or could they make the gold
coin worth more than one hundred cents TO
the dollar without losing money he can read
| lily see that no depreciation could take place.
| Notwithstanding intrinsicly, much OF :his cur
rency is valuelcss and much of it inconveniently
bulky. Now comes the crushing out OF the
| old law above mentioned and the inworking
Of the new, namely " the good currency will
drive ou, the bad" Thus one says, :. don't
like this copper money, it is too triling, too
bulky and as n business coin Objectionable
every way, I'll take it back to the govern
ment," and takes it back. Another man says
and does the same thing, and another, and yet
another, finally everybody has rejected this
copper coin, took it back to the government
left none in circulation, The new law has
shown its power by driving this objectiona
coin out Of circulation notwithstanding il was
a full legal tender.
| The better money yet remains in circulation.
The more bulky part OF it is also objection.
able. One business man says upon the receipt
of large sum of legal tender, " | don't like
too much of this silver coin. This small coin
answers very we'll TO pay for meals, cigars.
hack fare, etc, but that pile Of big dollars.
tpointing to pile on counterl what will lido
with theml I can't carry them and don't want
| to spend time to count them. oh have it,
will send them back to the governn ent, all
except some OF those smaller pieces Tom,
Dick--everybody- and does about the
same thing, leaving comparatively a small
amount OF silver coin in circulation, and the
gold coin and the paper.
leaves the channel Of trade as soon as the pco
pie object 10 it, and il the government is wise
'hey will not put it out again until il is asked
for. There is two points in the above question
wished TO make.
First--That no moHcy made by a response
bic government properly issued and redeemed,
can ever be deprecated whether made with or
without intrinsic value.
Second" Good money will always drive
the bad out Of cultivation" il issued and
redeemed as above set forth
The many questions that will arise in the
minds OF thinking men after reading the above
un,radtional declarations, cannot be answered
now. Ask them, they may yet be answered
Most respectfully, JoHN NJ HoRNER.
kukaiau, Hamakua, Hawaii.