The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-02-14
THE CURRENCY.

This question has presented some
prismatic phases which are calculated
to dazzle the the eye. Before the
passage of the Currency Act of 1884 a
small number of patriots were exact
ing eight per centum for exchange.
Not from capitalists, not from nom
producers, but from the retail mer-
chant, the mechanic and the laborer.
It was asserted that the moment the
gold law (i.e., the Currency Act)
should be passed exchange would
sink to its normal figure. Saturday
before the law went into effect the
clearinghouse of the Islands dis
tributed all it's silver among it's Gus
TONERS; on Monday following it re-
fused to receive it from them. There
was show of coyness to undervalue
the silver currency enough TO mislead
those who had neither time nor in
clination to investigate matter and
motive. The subjoined proposition
followed:-
MEMORANDUM OF PROPOSED AGREEMENT.
Bishop & Co. will undertake to issue their
certificates payable to bearer on demand in
United States gold coin up to 200, 900 dollars.
The community to deposit with Bishop
& Co. like amount of Hawaiian Silver
Coins.
The Government to deposit an amount of
Silvea Coin equal to Is per cent of amount
of deposit made by the community.
The sum of these amounts to be held by
Bishop & Co. as security for their certif-
Gates.
The Treasury, Custom House and the
Bank to agree to treat these certificates as
legal tender up to March 25th, and the
members Of the Chamber of Commerce,
agree to do so as long as the above institu-
tions continue to do so.
If demand for payment of said certificates
be made upon Bishop & Go. prior to March
25th they may pay and cancel such certif-
Gates, noting upon them the name of the
person making such demand, and date of
cancellation, and such payment by Bishop
&c Co. shall give them the right to demand
of the Treasury like payment in q. s. Gold
Coin.
If the Treasury declines to recoup Bishop
& Co. for such cancelled certificates, then
the Government agrees to pay interest at
the rate of nine per cent per year from date
of cancellation to date of payment in Gold
in Honolulu or by conversion of such GER
tificates by re turns in Gold to Honolulu.
But Bishop & Co. shall not be required at
any time to hold more than $4,000 in can
celled certificates, but shall be at liberty to
present any certificates so cancelled amount
IL. f..
redemption in Gold, and upon the failure Of
the Treasury to redeem the said certificates
on demand, Bishop & Co. may, without fur
Their notice, proceed with the shipment and
conversion of sufficient, of Silver coin tc
make up the amount of the said cancelled
certificates.
Should the Government fail to pay the
certificates, or any remainder of them, il
o. S. Gold Coin, or to redeem the Silver
held as security, in like Gold Coin on or be-
fore March 25th next, then and thereafter
demand shall be deemed to have been made
for payment of such certificates as may moi
have been cancelled, and
Bishop & Co. may ship the silver coins
held as security for conversion into U. S
Gold cons.
Bishop 4 Co. to render to the Govern
ment full account of all expenses attend
ing such shipment and conversion, includ
ing interest to accrue as aforesaid.
The Government bind themselves and
their successors to pay any and all expenses
and depreciation not covered by the IS pei
cent. as a commission to Bishop & Co. fol-
their services.
This was recommended by some
well-meaning persons in bushes!
circles, but carried in it suff1cien
viciousness and iuegality to be re
jected at sight. The proposition
came from the Chamber of Commerce
to the Government. Other illega
propositions followed, which the Gov
eminent could not adopt. Then tn,
Government attempted to stem tn,
fancied flood OF. disaster by the only
legal mode within its reach. Before
anything could possibly be effected
the Chamber of Commerce has AFRO
gated dictation to this community
in that "for various reasons it mus
rescind resolution adopted on tn,
29th of November, 1884," by which i
graciOusly consented to accept Ger
tifcates of depo sit of silver (mad
payable in gold coin by the Act q
par.
The resolution of the 18th of No
vember, 1884, did not enhance th
value of the certificates; it remains t,
be seen whether or not the last actor
of the Chamber of Commerce will
render them worthless. We are toll
that paltry conspiracy outside c
the Chamber was formed to drain tn
Treasury of gold coin. For such &C