The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1885-03-04

upon the strength of evidences that
they are in bondage TO one foreign
capitalist, and that his wishes con-
troll them more than those of all
others who have stake in the coun-
try. TO shake off this load OF sus-
picion the Government will have to
accomplish settlement of the cur
rency question in accordance with
the enlightened principles underlying
the Currency Act. That of itself
would do much to oblterate the re-
membrance, if not the record, of |
many mistaken and unstatesmanlike
acts of the Ministry, and tend to
restore in measure the confidence,
for the want of which the Govern
ment is without means to carry out
the various works of improvement
decided upon by the Legislature.
The Chamber of Commerce having
submitted suhdry proposals to the
Government. and The latter having
tried number of eNpedients, and
no concordance nor any approach to
a settlement having been brought
about, the whole question is thrown
back upon the Ministry. The res
possibility for carrying out the Act
is undoubtedly the Governments,
and the Ministers will have to grapple
with it in dead earnest. The alter
native to n satisfactory settlement of
this vital question is liable to be a
financial collapse, involving the pres
ent administration in an inglorious
termination, and giving every in
terest of the Kingdom q setback
from which it may be long in re-
covering.
| Cannot the Ministry, at this cri-
tical juncture, summon to its aid the
ablest financial counsel that can be
procured, and PROFOUND q basis for
the successful operation of the gold
standard? With the redemption Of
the certificates might be combined n
scheme for the sale of Government
bonds to the extent of the amount
authorized by the Legislature to be
borrowed for certain public works.
An arrangement ought also to be
possible by which the ordinary pub
lie expenditures might be conioined
with a scheme for the redemption of
certificates. Cannot an arrange
ment be made with capitalists, for
instance, upon the basis of the silver
deposits and margin, whereby the
Government may have the outstand-
ing certificates redeemed in gold,
while from the revenue collected in
gold it can gradually replace the
silver deposits with gold, and in the
end save the margin. AT the same
time let the Government secure con-
troll of the silver circulation, by get
ting the silver into its hands by every
possible means. Cancel ten dollar
certificates when redeemed, and when
, silver coin is demanded give it only
at par for certificates redeemable il
gold. This would be fair, we think.
for when firms or individuals need
, silver in their business, it is presuma
BILE that, dollar for dollar, it is as
good as gold for them, and there
:. should be distinction between pre-
G senting certificate for redemption
under the Currency Act and going
= with it to buy silver coin. Anothe
necessary item in the policy, o
which this is only rough model
would be for the Government itsel
to issue exchange, which it shoul'
q be able to do by arrangement wit
some houses that command credit i
San Francisco. This, to prevent
deadlock in business from exorbitan
. rates Of exchange. At the sam
II time the Privy Council, if it has til
. power, should levy an export ia
> upon gold, high enough to prevcr
-, gold from being shipped out of th
~ country so long as exchange coul
be got at reasonable figure. Som
!, such policy as that above outline
- :, would avoid the necessity Of awai
= ing the Legislatures opinion as
whether there was or was not 4
= equilibrium between gold and silve
), for the Government would have COZ
- trol of the circulation and he able