The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1885-01-08

OUR FINANCIAL DIFFICULTY: THE
CAUSES AND A REMEDY.
(BY 2. Y. sQUIREs.

EDITOR BULLETIN IL notice that |
the silver question and gold law that |
took effect Dec. 1st continues daily |
to occupy considerable portion of
our public journals and very large |
share of public attention, without
any of our writer's being able to
agree upon plan that will in the
near future relieve the people from
financial embarrassment. 1t is adj
vocated by number of our journals
that we require to convert an amount
of Kalakaua silver dollars into gold
to replenish the Hawaiian Treasury
with an amount of gold equal to the
amount of silver certificates now
outstanding and redeemable in Ame-
rican gold. The Kalakaua coinage
now in the Kingdom probably will
not exceed 100000. About S423,-
406 of this amount of silver is to-day
locked up in the Government vaults.
If these figures are correct, there
cannot be in circulation more than
$576, ,5S4 throughout the Kingdom.
Now we have in American gold in
the Treasury, not in circulation,
1925, 900, that can be drawn and
placed in circulation by the holders
of gold certificates at any time; the
Bank of Bishop & Co. probably can
be set down at 100000 more; pri-
vate individuals, wholesale houses,
planters and their agents can be
safely set down as commanding
$500, 900, making total of 81 ,425,-
600 that the holders can expose to
the light of the rising sun any time
when convinced that our gold law
will not be a failure. Now, under
existing circumstances the holders
of very large portion of this gold
and gold certificates will very re-
luctantly place even small portion
if it in circulation in this Kingdom,
unless confidence can be restored by
making radical and sweeping changes
in our laws, which would unite for
eigners and natives upon some
future policy, protecting their in
terests against unsatisfactory legis-
lation and Asiatic encroachment.
Any such change would be hailed
with rejoicing by the people, as giving
encouragement to capitalists to safely
invest their gold and keep it in Cir
culation here, so it would be useful
hereafter to themselves and their
descendants. The amount of $780,
5S4 of Kalakaua silver, with no
American silver in circulation, is
certainly very small in proportion to
our business transactions and the
number of inhabitants scattered and
doing business throughout our Is
lands, with not too frequent commu-
nication with the capital. That
amount Of silver coin ought not to
impede speedy return to gold
standard, undoubtedly would not if
the large Chinese element now firmly
established in our midst were not
strictly dealing within themselves,
and boarding their profits in Ameri-
can gold to be sent out of the coun-
try by every opportunity available.
But, sir, we are reluctantly COM
PEELED to deal with the situation as
it now exists.
The most important question that
now seems to attract the attention of
our Chamber of Commerce and the
people is how are we going to keep
gold in circulation, with our bust
ness firms and the people unable to
agree, divided in their opinion on
the Chinese question. We have
nearly 10000 Chinese here and
daily increasing, and the large and
wealthy portion of them are already
firmly established in every district
throughout our group; bound to-
gether in secret societies, to strictly