Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1884-07-19

lows
by NJ r5lohau, 10 amend section 4. { rap.
let -, Penal Code, relating TO lcpeu. also
that the p1y u The Interpreter be raised 10 Sta.
g. per day
Wy NJ Cecil Brown. To amend section %
and % VI he Civil Code
Mt Pllipu read hrt time = bill 10 amend
article - Of the Constitution, relating 10 ta.
cords Read a second time aud referred 10 TO-
dietary committee.
The order Of the day vas as iolowtf
Second reading Of a bill to regulate the cur
reucY
Nj Mott smith. II move thc house re-.
solve itself into The committee OF the whole. ~
MI Nldcmsun ~ move that the IN jufity
and minority reports be returned to the com.
mitice TO he male into one bill.
The house rcsOlvcd itself into committee Of
The whole. Mr. plluml l1 lhr chair.
Mr Mott Smith; 1.-THE time hos come when
something must De done With thg currency.
We have circulation in silver, a standard "
valuation in gold, legal tender ia ono metal,
gold, Of which probably We have none On hand.
We are selling and buying "shpn as Wall
street brokers would say Such q state u our
money would make confusion, for VIC are TIA.
ding with peiecs pi money which have iluctu-
ating value, a dollar which e. worth abroad 30
cents to-day, and perhaps % cents to.mur.
row. A. wc have no home markets for our
production, u manufactures to sell, and buy
! abroad pretty much all we eat, drink or wear,
we have really no domestic trade and hence
| cannot easily adapt or currency 10 domestic
use only, taking no account oi is value abroad.
We may note the confusion by these illustfa
tionsi The government have found 1t necessary,
IN the japanese contracts, to stipuate that the
wages shall be paid in gold. The Oceanic
Sieamship Company have arranged their
! freight rates to be paid in gold. Why *.
change, which simply means money to pay
debts due abroad, has got loose from It's eco.
nomic law, and fuctualcs around the quality
OF orr domestic currency We now have 4
silver dollar, which is variable in value for
DEALING with California aud other countries.
We might use silver currency when all our
dealings should become adapted to it., without
detrIment. But, in our present circumstances
aud connection. with the coast, such a cuffen.
| cy would be announcement. We can use gold
currency, although 1t will cost MS more to keep
it up than silver, but It will simplify our trans
actions very much, and will make business
more satisfactory to all classes Of our citizens.
As the state Of our currency at present needs,
and must have revision, ii seems to me that
We ought to choose gold currency, as the one
best adapted TO our needs. II we choose sill
| 1876. As matters now stand, that act,
in making gold the legal tender is a stand.
ing menace to everybody having payments
to make. II stands in The way af .yery-
body making contracts, or giving notes
OF other evidences Of Indebtedness or even pa.
lating for wages orslarics. five choose gold, we
must abolish OF amend that act, for it allows too
larGeamargin Of silver, in payments, for gold to
come into orlnayuSc. The act Of 1876 provided
for the stopping OF too much silver coming in
to the country, by imposing an import duty Of
ten per cent, but it has been Intellectual. II
provided for the country obtaining gold through
| the custom. house, but ii has been Intellectual.
It's provisions have no, been able to establish
gold circulation and currency. As it is best
to have or legal tender bonds in gold. we
ought to devise a method for bringing gold in
TO the country, and for making proper use Of
| it. One means to this end will be the absO-
lutte limitation in quantity; another means will
| be its degradation to subs diary currency.
The law submitted by the committee is
based upon the idea Of establishing gold cur
rcncy. Hence It's first section provides lie.
gal tender virtually of gold only. Its second
section provides for silver to the amount Of ten
dollars. This. say some, is too large. II Is
the limit which England and the United
States makes therefore it may not be unwise
for us to copy their limit.
| MT Isenbers: GLOW much loss would there
be in turning this silver into gold"
Mr.. Smith about IL per cent, perhaps
little less"
| Mr.. +. Brown: October Ist does not give
time enough, | move as an amendment Jan
| uaty Ist., 1885"
Mr.. Bishop: "This is the most important
measure yet brought before the house. We
ought to lie piti=at and careful in eonsidera-
ton. 1t will b: time well spent il we come
toa sound measure. 1t is question which |
discuss with great diiidence, it is very puzzling
and difficult measure. | will SECOND the
motion for January ist., 1856.
| Mr.. Dole g | think January Ist. too late.
This law gong into effect will relieve matters,
especially exchange, If so, we should have
the benefit at an early date. move it be
| December Ist., 1884"
| Mr. w. o. Smith - | move that the word
ten read Ave 1t has been said with great
deal OF force that it will be great hardship
on the retail dealers, and most Of whose tran.
sactions are under $40. If they intend to
have United States gold coin as a standard, |
do not wish any half measures. The S. piece
would moi cost any more.
Mr.. Wilder Ii is true ii would not cost
any more, but how are we going to pay for it.
| The country has or will have 81 .ooo, 900 silver
coin which with FIVE dollar limit, will be
too much. Mexican coins can be placed for
gold AT II to I2H per cent, and Hawaiian
coins al IS per cent. consider IT wrong to
have Hawaiian money at all, but now that it
is here, we must do the hes, we can with it.
Had Hawaiian com been brought here to the
amount OF the deprecated coin in the king
dom, As was the intention Of the trainers OF
the bill, ii would have been very different. To
bling in the amount Of S. pieces required
will cost the country SIS. 900 more"
| Mr.. Mott Smith " In setting the amount
at $40 went by the experience of other ma
tions. In the United States the silver limit
is $40. In England, the soundcst country in
the world in the matter Of currency, the limit
is $40"
| Mr.. Hitchcock support the ten.dollar
movement. The hve.doar bass would work
a great hardship on the planters whose monthly
payments to individuals range from 81 up to
| $40. can show clearly how the S. piece
would keep in Honolulu and be scarce on the
other islands
Mr.. Bishop =" When the matter was up
last, the difference OF opinion in the chamber
OF commerce was between S. and $io. II the
law says the basis is gold and only $40 should
be legal tender, and business is done accord.
ing TO the law, there will not be much use for
silver. II does not matter much whether s,
or $Iois the limit, provided that silver is kept
at par with gold. In Great Britain the limit
is $40. but the amount Of silver compared to
gold is such that the values are considered
equal for small payments. The opinion OF
hnanciers in Che United States is tina, silver
currency will get that country into trouble
some day"
The committee soon after rose and reported
the following sections passed
Section I. From aud after the hIst day OF
December, 1854, the gold coins Of The United
States Of America shall be the standard and
a legal tender NJ their nominal value ia pay.
ment Of all debts, public aud private, within
the kingdom.
Sec. ,. The standard silver coins Of the
United States OF America and the silver coins
of the Hawaiian Kingdom SHALL be, on and
after the isl Of Decembei, 1854, legal ten.
der. at their nominal value, for any amount.
not exceeding ten dollars in any one pay
mcnt