Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1885-02-28

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Editor SATURDAY. Pass. | quote
from an INSPIRED contemporary
We print elsewhere ono Of the most mpor
ant declarations Of ministerial policy that has
ever been made in the Kingdom.
The declaration (unsigncd) is to the effect
that IIs Hawaiian Majesly's Government, be.
ing deeply concerned at the anxiety Of the dear
people because treasury certificates were not
50 good as gold, has resolved TO make them
good by depositing uniform 10 per cent. Of
silver, in excess Of the silver already deposited
in order to make silver backed certificates as
good as gold
1t takes the entire people Of the islands into
the confidence Of the government, and gives oil
necessary guarantees that the public credit
will be sustained.
| am very glad, and trust that the naughty
opposition press, while witnessing the affect
ing spectacle Of the government and the people
weeping in each others arms, will put on the
sack cloth and sit down in the ashes Of genuine
repentance The dear people have always be.
lieved themselves taken in" bu, they didn't
know it was "confdenec" game before.
Indeed, in our Judgment, ministers go fur.
ther in this matter than was a, all necessary,
because no one ever seriously doubted the bona
ides OF their financial policy.
Indeed no one tin,heg.g did. The good faith
of the governments financial policy has been al
ways acknowledged by the Advertiser and the
ministers themselyes--an and why additional
endorsement
! In difference, however, to an exaggerated
suspicion on the part OF local hnanciers, be.
gotten Of prejudice, the government has gone
the length of more fully explaining the pro.
vision they have made for redeemng out
standing silver certificates, and exchanging
the silver on special deposit for redemption
purposes into its gold equivalent. That pro
vision renders redemption on gold basis an
absolute certainty. Nothing more than this
could be desired by the most rabid monomet
alst, and we trust that in future this vexa-
tious question will not disturb the equilibrium
Of local finance.
The "rabid monometasts" have already
wiped the foam from their lips and even
now bowling themselves hoarse with JOY in
front OF ,he various ministers. The equilibrium
Of local finance" assured that it will not be
disturbed, " has probably, by this time, gone to
sleep.
The government act prudently in reserving
the general question Of silver coinage for legis.
la,iye action. Ii cannot be disposed of sum
mariy Ii involves considerations taking a
very wide range, and should not be settled to
the exclusive satisfaction OF single interest OF
the kingdom, however influential or important.
The prudence OF the government having
kacn ,al.,, from, th,. treagnry vanlts will soon
be exhibited in glass case, for benefit Of the
government museum.
What should be reached il possible and we
believe it to be quite possble-is monetary
equilibrium. Let a ratio be established be-
tween the precious metals which form the
I medium Of universal exchange, and the cur
rency will take care OF itself. But Il gold be
exalted by law, and silver be debased to token
money, there can be no equilibrium, and those
who control credit institutions will have the
! industries and trade Of the country in the hol
! low OF their hand. They will be at once king
ministry and assembly, without that respons
bility for their acts which should alway'
J accompany the exercise OF power.
The monetary equilibrium has already
been reached The wicked idolalors wis
wanted to "exalt gold " have all been pun
ished. Silver no longer debased to ,okeI
money" has gone out to Waikiki 10 breakfas
with the ratio Of exchange" And tn
} naughty "credit institutions who wanted Il
= be liking, ministers and assembly," hav
+ opened the "hollow OF their hand and hav
permitted the industries and trade Of tn
country" to escape into the rear Office OF tn
: tfe.Suryis downtown branch
In these remarks we do not wish it to be un
+ deIstood that We are censuring any one In par
:, ticular, OF thai We are disposed TO hnd fault
! There has been a suueit Of fault finding already
J. Our desire is to harmonic, not 10 divide
oh my
The kingdom needs repose. Its resource
are practically undeveloped. No suitcien
test has yet been made OF the variety oi pa.
ducts which can be raised here. II has bee
the fashion 10 run to one staple, but time ha
come when diversity OF products must b
created IL the country Is to progress. Popals
ton and capital are needed 10 that end, bs
neither will be attracted so long as those VII
are here devote their energies TO III task {
tearing down instead OF building up.
So say We all : a" Having said all there is /
say about currency We nos devote ourselves !
iurnips !" In the name Of the prophet, hgs
I. LAus.
il Honolulu, February az, 1885.
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