Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1885-03-28
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points out q financial and commercial
tact which the people should never lose
sight OF aud that IS that # silver
dtpc,utcs c,entn atmctional amount
It cause, the Withdrawal OF gold from
circulation The bankers understand
this and prohi hy II the people OF a
county, aud especially the wage
cuners, do not generally appreciate
tins simple problem Ihc spcculaton
and large dcpositors through then
superior knowledge take advantage of
the middle classes, OF the people
proper. and become custodians Of the
gold lhclr object is chat the pcopl,
should lose on silver while they gain
by boarding gold.
Ihc leaders OF politics in the United
States. with their interests and ultimate
successes identified as they are with
the welfare OF the country at large,
have awakened to this fact that the
questions arising from the condition OF
the American money market and from
the effects OF the continual coinage OF
nearly a quarter OF million of silver
monthly demand immediate attention.
II the standard dollar is worth only IS
cents in gold, owing 10 this over coin
age. and deficit OF ineness, then it
becomes difficult to see wherein the
conclusion of the silver men is sus-
tanned, that yearly coinage Of
$4,000 600 OF silver, will in no way,
tend to drive gold out OF circulation
The financial history OF governments
the statistics OF banking corporations
the deals OF spectators and the sad
experiences of the people of different
nations are all against the assumptions
OF the silver men and their fatally lllog
ical conclusions
The facts applying to the American
silver question and the effects resulting
are typical of the condition OF Hawaiian
monetary affairs. The only differ
ences are that here the amounts in
volved are smaller, the people who will
suffer are fewer, but without doubt
larger in proportion to population, and
that we are forced to ask redress from
the high contracting parties who have
precipitated our financial ruin.
The policy Of the silver men OF
America, who represent the silver pro
ducing states, is to retire gold and
establish a silver standard of value in
Hawaii the silver standard succeeded
in sending gold out of the country, and
with the advent OF the kalakaua silver
so threatens that our merchants must
use up 20 per cent of their profits III
eNchangeto to pay for their goods bought ir
San Francisco or London. The silvci
men and their supporters IN the United
States have caused total silver coin
age up to the present time of nearly
$500, 900, 900, while the country doe.
not need half OF that amount the gov
ernment and "slver man" of Hawai-
have flooded these small islands witt
SI,ooo,ooo OF deprecated silver coli
when in fact half OF that amount woul'
serve all our commercial purposes.
When the gold in Government
treasury is insufficient to pay its obliga
tions and the standard OF value i
ruined by debased currency, orisi
is inevitably precipitated, which, il
cases OF impaired credit and limite,
resources, is often followed by oyei
whelming bankruptcy, engulhng nc
only the government but wage-earne
and property owner, sealing the pros
perity OF the present and blottlng ou
the possibility OF revival OF industrie
until they are again builded upon
surer financial and commercial basis
A debased currency in the hands {
unscrupulous spectators has cripple
many a wealthy nation, notably France
and il the people OF these islands d
not speedily check the enoroachmen
OF this monsIrous monetary heres
Hawaii will soon be ruined br n
fnandai contracts efhet t'cO kings.