The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-09-17

. MI NdAd4C LlpNC4 10 insert tue WDF
a fifteen in place of ten. When he wa
Tax Collector he had orders from the Min
! lister Of Finance TO collect all taxes over 81
in gold. When he made the demand tn
taxpayers said they had no gold. H
: wrote TO the Minister. but received no re
ply. Gold is very scarce in the outer dis
tricts.
Mr. Thurston said he was sorry TO see tn,
most brilliant man in the Assembly goin.
wrong. II the amendment for 50 woul,
not result in putting gold into circulation
the amendment for SO would only aggra
vate the difference
Mr.. Kaulukou supported Mr. Nahale'.
amendment. Gold Is not obtainable in tn,
outer districts among the natives They
ought to raise the amount higher. then
when there was plenty of gold, put it down
again to $40 Ii the members wanted Ia
! consult the interests of the common PEG
/ pie, here was "a chance.
Mr. Dole said he could not grasp the
/ dense ignorance shown by Mr Kaulukou.
/ He argues that they were going to get
/ more gold by raising the silver limit Put
the silver limit at 800 and would not that
| virtually destroy the circulation of gold
altogether?
Mr.. Richardson said he supported the
s. limit because it would help the poor
man. The lower the silver limit the better
the chance for the laborer TO get gold
The amendment was put and lost
Mr.. Kaulukou moved to strike out ten"
and insert twenty" Lost
The honorable member then moved TO
strike out ten" and insert twenty-five"
which motion was also lost.
Mr.. Dickey moqed the previous question
which carried.
The section then passed as in the bill.
Section 3. All gold and silver coins other
than those mentioned in sections one and
two OF this Act shall be received in the
Treasury at a rate not exceeding their bull
lion value for Government dues, duties and
taxes.
Hon. Mr.. Bishop said he was on the Cur
rency Committee, and they did not think
this section was of any consequence. He
therefore moved the section he stricken
out Agreed to.
Section 4. All outstanding silver certifi-
Gates, excepting the ten dolla- and the
twenty dollar certificates, shall be re-
deemed at their nominal value in United
States gold COIN and all certificates so re-
deemed shall be withdrawn and cancelled
by the Registrar of Public Accounts
Hon. Mr.. Bishop said the first recon-
mendation of the committee with regard
TO this section was to strike out the words
land the twenty dollar"
The words were stricken out.
Mr.. Dole moved the section pass as
amended.
His Excellency Mr.. Creighton offered the
following amendment to be inserted at the
end OF the section: provided. that it shall
be lawful for the Minister of Finance to
issue or cause to be issued from the Treas
ury, from time to time, certificates of de-
posit of the denomination of ten, twenty,
fifty and one hundred dollars respectively,
such issue of certificates aforesaid not to
exceed the amount of lawful coin at special
deposit in the Treasury for their redemp-
ton His EXcellepcy said his reason for
moving this was for the convenience of
trade. 1t was necessary to keep at least
the present amount of certificates in circu-
latiOn. There were now about 1925 900 GER
titicates in circulation, against which there
was a coin reserve of silver in the Treas
ury OF the same amount. If the existing
law were to remain in force which pro-
vided for a redemption and cancellation
of certificates and no reissue. the certif-
Gates would all soon be cancelled and
this silver reserve would be put in circula-
ton. The amendment did not prevent
the redemption of certificates in gold coin,
but it would enable the Minister of FL
nance to cancel old and worn out certif-
Gates and issue new ones in lieu thereof.
This would not increase the amount of
certificates in circulation, but would main
tain the circulation at about its present
amount. Besides, there was this advantage
that we have in the Treasury blank certif-
Gates for over $4,000, which could be
used for the reissue contemplated by the
amendment, and which would be a saving
to the country.
\ long and desultory debate ensued, in
which Mr.. Dole Mr.. Thurston and Mr.
Richardson took part. The point urged
by them was this, that there did not ap-
pear to be any security or guarantee under
the amendment that the coin reserve
would be used for the redemption of the
certificates, and foruo other purpose His
Excellency Mr.. Creighton pointed out that
the amendment in express terms provided
that the coin reserve should be retained in
the Treasury for the redemption of the
certificates.
Hon. Mr. Bishop said he did not quite
understand the amendment, but after some
explanation he thought that the object
might be obtained by adding to the proviso
the following words from section ;, His
Excelency Mr.. Creighton having stated
that it was his intention upon the adoption
of the amendment to move that section 5
be stricken out. The following Is the adj
dition: The certificates herein provided
for shall be signed by the Minister OF Fl
nance and countersigned by the Registrar
of Public Accounts, and the money so re-
ceived shall be used only for the payment
and redemption of such certificates, and
shall be kept as a special deposit for such
purpose and none other.
His Excellency Mr. Creighton said that
he accepted the amendment. The purpose
and intention was simply TO provide cir
culating medium which would be conve-
nient for trade and at the same time to
guarantee the redemption OF the certif-