The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-09-21
OPPOSITION CURRENCY METHODS.

= A@cb-A september ISL I
OPPOSITION CURRENCY METHODS.
In yesterdays issue our morning conf
temporary characterizes its own methods
as dishonest tactics, " and proceeds to ex-
emplify these by an endeavor to show
that it meant the withdrawal of some
thing else than the special deposit for
the redemption of outstanding certif-
Gates in its article of the 18th instant.
In other words, it says that it only
meant II per cent upon 1888, $50 special
silver deposit, which the Government
Withdrew from circulation to satisfy the
demand of the Chamber of Commerce
a proceeding on the part of the Govern
ment of that day which could only be
justified as a measure of policy, to alIay
the apprehensions raised by those who
had control of credits, and who were
able arbitrarily to fix the rate of ex-
change.
Be that as it may, however, 500, 716 90
in silver was added to the special de-
standing silver certificates, and was 50
maintained until the close Of the finan-
cial period, when it was necessarily
taken to account as a Government real
ization, and was so reported to the
Legislature. This statement will be
found at page of the report of the Min
lister of Finance, presented to the Legis-
lature on the first day of the session.
After specifying the loss to the Treasury
in converting the silver in circulation
into gold coin of the United States,
amounting to $685. 84 81, the report of
the Finance Minister continues:
The appropriation for this pur-
pose was .---.-.. .........-. $l5O,OOO %
Against this there was also
charged II per cent on $685., $50,
and placed in special depositto
make silver equal in bullion
value to gold, which amount
has now been transferred to
Government realiZatiOns .-. 1916 60
$123, 400 81
Nov, it follows, that the original allie
CATION OF our contemporary did not re-
fer to this supplementary item, but to
the entire deposit for redemption as re-
quired by law.
First, because the transfer OF the sum
in question to Government realizations
was reported to the Legislature on the
first day of the session, as everyone,
including the responsible editor OF
our contemporary, very we'll knows.
And also because it was not a deposit
called for by law. But the charge is
that Mr.. Creighton's amendment is in
tended to cover up the tracks of the
Government for the withdrawal and ex-
penditnre of the special redemption de-
post, which expenditure has not been
reported to the Legislature. As the
transfer OF the II per cent deposit was
reported, it therefore cannot be meant,
and our contemporary pretended igno-
rance does not alter that position in the
least.
Second, the entire coin deposit must
have been intended from the scope and
policy of the article. After reciting the
action of the Chamber of Commerce and
the guarantee deposit Of IA per cent, our
contemporary says: - Still there has
never been anything more heard from
the Government about the redemption OF
outstanding certificates" and the article,
which is headed Financial Jugglery, y
proceeds to say that Mr. Creighton's
amendment was intended to cover the
tracks of the Government, which had
withdrawn and applied the redemption
fund to some of its Astounding wants
without reporting to the Legislature. y
1t is manifest that $39,7 l6 go iii silver
could not redeem the outstanding certih-
Gates for which gold coin was to be de-
man&ed at redemption; therefore its
withdrawal from special deposit and
transfer to Government realizatiOns did
not affect the question OF redemption one
way or other. The certificates have
been gradually redeemed, until there are
not over 1925, 900 including so silver
certificates, in circulation, and it is pro-
posed by Mr. Creighton's amendment,
to keep that amount in circulation for
the CONVENIENCE of trade, with coin
reserve in the Treasury to represent it.
The Opposition organ charges that
there is no coin reserve in the Treasury,
and suggests that it has been spent by
the Government without the knowledge
of the Legislature. When challenged
to make good its charge, however, it
falls back upon one of the Astounding
Opposition lies, and pretends to have
written in ignorance of a fact which is as
we'll known and as plain to everybody in
the country as the light of day.
But taking our contemporary upon its
own showing, it is wholly unworthy OF
credit 1t charges the Government with
"high crimes and misdemeanors, tC
wit, the surreptitious expenditure of the
special deposit for the redemption Of
Treasury notes-whether it be 100000 OF
$500. 900 is not material-and with con-