The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1884-07-02

prevent loss, and The consumer PAYS the extra
price. We must export more value and import
less, and not expect nor attempt to regulate ex-
change BY law as It must result in loss The wealth
Of these islands IS now produced by labor paid
with short silver medium, and no complaint is
made, - our exports are sold in foreign ports for
gold. Is not than good for usl who is injured or
complains7
Ssould il be possible to supply rs with a foreign
cold currency, will $l750 Of It pay amouths wages
to those getting $2o2 If not the planters must
lose the difference. Is that the way to encourage
production?
The United States produces its wealth with
paper Currency and sells her exports for gold who
grumbles! The great political economist Adam
smith, says England never prospered until she
did her business with paper money and loaned her
gold to surrounding nations.
make these references only to prove that il we
produce our wealth with cheap money and sell
IN foreign ports for more valuable one we are
loing now about well in this particular as more
powerful nations.
fear the legislation now proposed to regulate
the currency will retard production and prevent
permanent restoration of normal condition OF
exchange. Certainly the $1,000 that is proposed
% be taken from the Treasury TO buy foreign sill
yer and change it for gold, could be much better
Employed IN some productive improvement, there.
by preventing the sure loss that must result from
such unvise legislation, to say nothing Of the losses
that must attain by the unsettling of values and
other confusiuns
There is only one war TO make u permanent
~.
this present Legislature to orgaHise a banking de-
p1rfgenf of this Government and elect president
vice president and bank attorney TO take charge
of II; and into their hands should be committed.
under the laws Of the Kingdom, with proper bonds,
the entire responsibility of supplying the com
merce and industry Of the Kingdom with an ad-
equate and acceptable currency. They should
have power to coin money, issue and redeem bills
OF credit tbank notes. receive deposits and issue
certificates for the same, etc. Their duties should
be clearly defined by Law. The material used BIZ
hem rs the agents CT the Government to express
he power of money, should be gold, silver and
paper each to be full legal tender with one stan
lard Of value for ALL and that should be 100 cents
to the dollar! None disputes the right cf the Gov
eminent to do this and retain the profits else how
can they delegate this power to a corporation? l
eouid refer you TO the opinions of able and eminent
American statesmen that it is much the duty of
the Government to attend TO this business direct
as II IS for them to run the post office department
the war department or any other department of
the government, and not farm il out as has always
been done in the United States to the great injury
of the country.
If there were not big profits and advantages in
IT, outside parties would not ask for these rights
and as these rights, powers and privileges belong
TO the people, let the people retain them and profit
thereby, as it will be safer, reliable and more
permanent than to trust il in the hands of a cor
poratiou, however honest and responsible they may
be, and In the language of Wendell Phillips when
writing upon this subject, IF any doubts that
the government is honest enough to be trusted
with such power, answer it is as honest as the
national banks who now WELD these powers. We
must trust such powers somewhere. We can de-
tect and punish and prevent misdoings more quick
ly in the government than We can in money cor
porations shielded By privacy"
see it reported that the Minister of Finance
has given notice of intention to introduce bill to
regulate National Banking System" This has
the right sound, but whether it be bogus national
banking system, as in the United States where it
means only corporate monopoly, or a genuine ma
tional banking system where the government con-
trolls and uses it for the benefit Of the people, as
the post Office and other government departments
are used, we net prepared to say, and will wait
further Developments. JSo. NJ. HoRSER.