The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-01-22
THE CURRENCY.

Anything like mixture Ofpolitical
animus with political economy has
been disclaimed so pointedly both by
and for those who have discussed the
Currency Question lately, that many
people have been deceived into the be-
lief that all the growing and threats
that have been INDUCED in were ex-
pressions Of a most friendly feeling
and of an anxious desire to help the
Government to solve the knotty prob
lem which the change to an almost
exclusive gold standard for legal ten
der has forced upon it. In an article
giving vent to the disappointment
which certain individuals feel at the
present state of things. the Gazette
throws off the mask and shows the
cloven foot of political animOsity and
per8ondE spite which others had so as
has been large amount of ignorance
and bad logic displayed and great
deal of nonsense has been talked dur
ing the past twelve months about cur
rency, legal tenders, paper money and
exchange, but for the largest amount
of all these ingredients in short
space, the article in yesterdays Ga
<ette must bear the palm.
On one point only do we propose to
criticise this article to-day. The action
of the Government in receiving from
the public silver coin in payment of
any obligation is denounced as Gan in
sidious compromisen and the Cabinet
is accused of having, in taking this
action, least to the winds the require
ment of the law which they are sworn
to execute Both these statements
are absolutely untrue. There has been
no compromise between the Gov
ernment and the Chamber of Com
merce at all. The latter asked the FL
nance Minister to take certain steps,
and that functionary, after consulta-
tion with his colleagues, declined to
take them, at the same time promis-
Ing to secure the object aimed at by
the Chamber. Viz: the withdrawal of
large quantity of silver from circu-
latiOn as soon as he had the means to
do so at his disposal, and in such a
manner as might approve itself to
the Government. It has been known
all along that certain individuals
wished to commit the mercantile
community to the resolution to ac-
cept silver at eighty cents on the
dollar" as the Gazette phrases it.
The common sense Of q majority
Of our business men quashed the
proposal. The Government had moth
ing to do with it. AS it is doing
all it can to relieve everybody from
the effects of the change in the laws,
such q proposition, If presented to it
rs a threat, could not have made
them do more. The Chamber had too
much sense tc adopt any such course
Chamber was frankly met by Minis
tiers, and frankly shown that, after
having spent $1o7, 900 already on the
conversion Of silver for gold and to
protect the silver certificates, now re-
deemable in gold, it was necessary to
proceed with the utmost caution, lest
the Treasury should be embarrassed
q circumstance which would greatly
aggravate any difficulty that might
be existing. Subsequently, at the
urgent instance of friends, it was
agreed to receive silver in gradual
way, by accepting it for all payments
due to the Treasury by business men,
instead of waiting an indefinite time
until the practice of economies had
provided the means for calling in a
lump sum. That this fact had any
effect in preventing the passage of
the resolution, the dropping of which
the Gazette seems so much to regret,
we do not believe; but If it had,
there was still no compromise on the
part of the Government. Nor do We
believe that one OF the Ministers
would have lifted finger to prevent
the passage of the resolution, had 1t