Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1885-02-21

into with Mt Claus Sprcckcls, by his
majcsty'1 ministers, ior the introduction
into this kingdom of ono million dol.
lars tn silver coins an amount iat IN
excess Of the needs Of the country, and
against the protests Of tho patriots
This was pieiIhoH NJ hp Hsuts,
0sr
10 meet the cost of this coinage, Nit
Spfeckcl4 (at least 1t is 80 hc
lieycd) issued the exchange drawn
against the sugar shipped 10y his house
here and consequently len our market
short ON exchange In other words, the
demand inr exchange waa hf IN success
OF the supply and as a matter oi course
the "patfiota' who had exchange a
sell were enabled to charge round
premium Tor that commodity That
the ministerial organ should snccr Ut
merchants lof making q tri0e on eN
change ina perfectly legitimate manner
when other 'palrlots' were making d
vastly larger sum on coinage of silver -
hardly mir
Again, Us not far to say that Messts
Bishop & Co. made large profits on
this boom in exchange. Their prohl'
were not increased by the high rate'
that prevailed Those who had sugal
to ship made the rate and TOOK III,
profits
The legislative assembly being in SCI,
sion 1t was thought best TO enact cur
rcncy law to meet the requirements o
the new condition of affairs, and by
unanimous consent OF both sets Of "patri
OTIS II was decided tonnage United State
gold coins the legal tender for all sum-
over ten dollars in amount The pres
cnt ministry controlled the assembly
and consequently controlled the act n'
il passed It's several readings, and II Il
pleading the baby act to say that the
law was cunningly or bunglIngIy devised
to make trouble Tor the ministry Th,
act was carefully revised in committed
under ministerial supcTlsion-nnc
carefully considered outside OF the com
mittec by men who had Ear greater in
,crcs,s at stake than any of the min
isters; and we say without hesitation
that if It's provisions had been adhered
to, our finances would now be upon
sound basis and working without iric
| tion.
The first violation OF the provisions
of the currency act by the minister
was the action which placed the sale o
all the uncurcnt silver coins in III,
treasury in the hands of the oihe
PATRIOTS" when the fifth section o
the act provides that tenders should b.
for "lots Of not more than $5o,oot
each y and ] have the best authorit
for saying that this course was pursuet
in spite OF the advice OF the auditor
general.
PiOIafiOn of Laao Anmber he'0.
The chamber of commerce, believin
the ministers honestly bent upon carry
ing out the law, and wishing to assis
in bridging over the time that mus
necessarily be consumed in conver,ln
the redundant circulation Of silve
coins, passed its resolution Of Novcn
Der 2oth, by which its members agree
to receive and pay the certificates {
deposit of the treasury, then in oirculf
ton, as the equivalent of gold--sectio
8 of the law providing for their re
demption in United States gold coir
The ministers falling to take step
for the conversion ofshny part Of tn
coins introduced by Mr. Spreckels an
his co-patriots," the chamber Of con
mcrce passed resolution urging in
mediate action, which was met by IN
ministers with n statement that th
matter would have attention when,
their judgment, it was necessary.
Exchange being scarce, persons hole
ing SISo,o 900 in certificates Of depos
had decided to demand their redeml
ton in gold coin from the specii
deposits, to be used for purposes
remittance to San Francisco. Messr
Bishop & Co. were holding lare
sum in the treasury certificates, bt
declined to demand their redemption
believing il to be sound public polio
to keep the certificates in circulation
To meet the extraordinary demand fc
, exchange Messrs. Bishop x Co. al.
other "patriots" we're drawing large
against their credit.
' Messrs. Bishop g. Co. having joine
Mcssrs. Irwin & Co. in the shipme,
, Of the mixed or uncurrent silver colr
: from the treasury, having given the
their certificate Of deposit for $aio
900, payable on demand, which cerii
cate was transferred to the minister
finance, and having arranged with tt
parties holding $iSo, 900 in certificate
. to furnish them with exchange, theret
, preventing a demand upon the trcasu
to that amount, arranged with Il
registrar Of public accounts to reta
the gold for $IIo,ooo out Of the $2Ie
900. Messrs. Bishop g. Co. then pa
! to the registrar $rIo,ooo in cer
! fcates, and sent the remainder, $Ioc
900 in United States gold to Il
$ treasury. On the 4th Of December,
I arranged, they delivered the certifcas
r to the registrar at the bank and sent Il
> gold to the treasury. BY this inte
I yention $40, was at that time save
) to the special deposits, and therel
kept from going out OF the countr
This was a direct effort to assist Il
E working Of the new law by keepiI
I gold in the country.
f The violation Of the agreement
$ deliver $aIo,ooo to the treasury W
4 purely technical one. To charge b;
faith on he part Of Bishop & Co,
!, disingenuous, to say the least.
As the ministers still held to a poli
A ofmasterly inactivity in the matter oftl
conversion Of Mr.. Spreckels' silver col
4 age, ,thecertifcateso sofdeposit were pass,
from hand to hand with no little an,
ETY.. To allay this feeling the mi