The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1886-09-17

was not considered by the commit
tee as being of much Importance,
and as it was the only section TO
which he had heard serious objec-
tions, he moved it be struck out.
The section was struck out.
section 4. All outstanding silver
certificates, excepting the ten dollars
and the twenty dollar certificates,
shall be redeemed at their nominal
value in United States gold coin,
and all certificates so redeemed
shall be withdrawn and cancelled by
the Registrar of Public Accounts.
Noble Bishop said the first recon-
mendation of the committee with re-
gard to this section was to strike
out the words "and the twenty
dollar"
The words were stricken out.
Rep. Dole moved the section pass
us amended.
Minister Creighton offered the
following amendment to he inserted
at The end of the section: PRO
vided, 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 deposit of the denomination of
zen, 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 re-
demption.' His EXccllency said
his reason for moving this was for
the convenience of trade. 1t was
necessary to keep at least the pre-
sent amount of certificates in circu-
lation. There were now about
1925, 900 certificates in circulation,
against which there was reserve of
silver in the Treasury of the same
amount. If the existing law were
to remain in force, which provided
for II redemption and cancellation
of certificates and no reissue, the
certificates would all soon De cam
celled and this silver reserve would
be put in circulation. The amend-
ment did not prevent the redemp-
ton of certificates in gold coin, but
it would enable the Minister of FL
nande TO cancel old and worn out
certificates and issue new one in lieu
thereof. This would not increase
the amount of certificates in circula-
ton, but would maintain the circu
lation at about its present amount.
Besides there was this advantage
that we have in the Treasury blank
certificates for over $500, 900, which
could be used for the reissue con-
templated by the amendment, and
which would be saving to the
country.
The discussion of the amendment
was carried on at some length by
Messrs. Dole, Thurston and Rich
ardson, who held that the amend
ment did not provide sufficient secu-
rity or guarantee that the coin re-
serve would be used for the redemp-
ton of the certificates, and for no
other purpose.
Minister Creighton said that the
amendment in express terms pro-
vided that the coin rese. We should
he retained in the treasury for the
redemption of the certificates.
Noble Bishop said he did not
quite understand the amendment,
but after some explanation he
thought that tie object might be
obtained by adding to the proviso
the following words from section .,
Mr.. Creighton having stated that it
was his intention upon the adoption
of the amendment to move that sec
ton be stricken out: "The GER
tificates herein provided for shall be
signed by the Minister of Finance
and countersigned by the Registrar
of Public Accounts, and the money
so received 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"
Minister Creighton said that he
accepted the amendment. The pur-
pose and intention was simply to
provide circulating medium which
would be convenient for trade and
at the same time to guarantee the
redemption of the certificates in
United States gold coin.
Rep. Hayselden said that Mr.
Dole was misrepresenting the Min
ister's amendment, as the amend
ment offered by Noble Bishop hat
been accepted by the Minister, ano
being the last part of section 5 o
, the bill, it did absolutely provide
for the payment and redemption il
. gold of all certificates issued, ant
, for the retaining in the treasury a
all times of the money required TO
such redemption.
House adjourned at 4:35 to II
O'Clock tomorrow.
, ONE HUNDRED AND FOURTH DAY.