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

Why ReHmf Me H,n0diiaa goitta
wsRt has han Mint 10 rs ettoyiRHffiei,
d,,icn ~ rs oAtg5f,egt, oRd I5i,s 10 rs
datr
Yes, Mr. Obiector II Is "easy enough
to make charges ljut r0K want facts
Well then crack this oaleohistic nut
Have we gold law ~ " Yes" "Who
passed it1' The legislature "By q
bare majority p "No, by q nearly unan
muus vote. Who were in the
majority 1T the time p "fhc admins
ualion party Did that party oppose
the gold law p "No." Did ~ heWs
paper organ p mo" "Whyr 4" Ne
cause the community, almost a. a unit
demanded the gold lay and, 10y max
ing the concession Of passing II, the
| government could the more easily
throw dust IN the peoples eyes" after
the gold law passed, what did the ~,
eminent do p Made q ieint oi seek
| ing to carry II out" "What was pro.
wded to help the government carry out
the gold law ?" An appropriation OF
/ ftSo, "llow was It To be npplicd1
ITO making up the difference between
silver coin then in the country and gold.
Gold was to he purchased with silver
according TO the following plan; The
| Hawaiian treasury was to give the new
| Sprcrkcls dollars In exchange for all
| the uncurent silver coin In the country
that 1t could get hold of up TO $3.50,
600 and send that uncuucnl coin 20
san Francisco To be exchanged for gold.
/ OF course that uncuucnt. coin (Mcxcan
and French FIVE frame plcccs) would
not buy gold, dollar for dollar; and the
fIso, 900 appropriated was TO make up
the difference WAS 1t SO used 2
4" Not much ~ Just enough Of 1t
was used To make the law abortivc. j
GLOW, Just enough to make 1t abortIveH
"Wcll you see there could not possibly
he gold standard maintained unless
gold was in excess. and silver was q
subsidiary coinage in reality NJ well as
in name. So far so good. Is tina,
clear p "Yes" Well, then, the gov
crnmcnt imported just enough gold to
enable the silver to do what 1t always
does when it is in excess-drivc goldoul
OF general circulation, Then 1t turned
around and took silver ut the custom
house, and began to reissue treasury
certificates with only silver back oI
them. The law said that these silver
certificates should be cancelled so soon
as redeemed. And that the new Ger
tf Gates issued should have gold back
of them. Therefore, every dollar o.
certificate money rcissued helped tt
reduce the value of the certificates re
naming" "Well ?" "Why, OF course
so soon as the chamber OF commerce
detected the little game II very properly
put its foot down, and declined to re
ceivc certificates
The facts of the matter are yer,
simple. The nation was convinced
that as large purchaser of foreign
commodities-it ought TO have for 1t
standard currency current at par II
the chief foreign countries with whicl
it dealt, American gold was par excel
lcnce that coinage To that proposl
, ton there were very few dissenting
voices. OF those dissenting voice
, King kalakaua's was one. He did no
object directly but it came to be under
stood that it would please his majest
, to have coinage impressed with hi
, own image. Three years ago the coin
, age law passed. 1t provided for coin
, age of gold and silver, The trainers @
tina, law doubtless believed that tn
t two millions provided to be of gold ant
/ siver) would serve for the inter ISLAM
and home traffic of the kingdom, woul
not be exported and would buy es
change at par. II the gold had bee
S coined first ana four hfths Of the Who'll
: had been gold some of their anticipa
:. tons might have been realized, Blu
1 no. The terms of the coinage act wer
ignored. The bad odor of the adver
turers whom the king had made hi
I advisers prevented the negotiation c
> nOIluS. nCtC WClC io RoNCiti'iSi
. funds wherewith to carry on tn
coinage at the governments ozo
p,ofk A foreign capitalist was Above
to coin million of silver-which co:
him say $4,000 and, for part of i
n was given interest bearing bonds, pa,
h able, principal and interest, in geld
and was permitted to import the re-
of his deprecated silver coin, J,ee {
l. duty, and force it into circulation
l. through the thousand and one channel
c open to him, at par
Il There is more of this story Th
d statistical part Of it has never been full
4 told"
p. S. The Advertiser Of last Satu
day contained an elaborate attaC