The daily herald. [volume] (Honolulu, Hawaiian Islands) 1886-1887, 1886-09-17
FRIDAY, SEPTEMBER II, 1873,
FINANCIAL JUGGLERY.

Much was expected of Mr.. Creighton
on his admission into the Cabinet,
even by some who questioned his
claims to the dignity and felt disgust at
the surreptitious shuttle by which he
came to the top Of the pack. An i'm
preston had got abroad that his abili-
ties as public financier were good
deal above the average. Although Mr..
Creighton is not Minister Of Finance,
yet, from the favorable reputation re-
ferred TO, it was hoped that the coun-
try would receive the benefit of what
ever skill he possessed in that line, the
Finance Department having come to
be considered as one to be admins
tered by others than its nominal head.
Whether, however, it is fair to criticize
the Minister of Foreign Affairs as a
financier on these grounds, may be a
question; but there IS no doubt of his
liability to discussion in that role when
he attempts to lead the Legislature in
the framing Of financial measures.
Yesterday afternoon the Minister of
Foreign Affairs sprung upon the House
certain amendments to the currency
bill, which certainly were devised in
anything but the public interest They
were fortunately STAYED off for the time
being, but are liable to come up this
morning as unfinished business. Every
member Of the House possessed of
regard for the financial credit and
stability of the country should strenu-
ously resist these amendments. What
their nature are may be gathered to
some extent from our summary of pro-
ceedings But little additional side
light upon them will improve the
public view. 1t will be remembered
that for long time during the last
biennial period the business commun
ity was perturbed seriously over the
manner in which the Ministry were
administering the gold act OF last Leg
isature. That measure required the
redemption by the Government Of
silver certificates of twenty dollars and
upward in United States gold coin. 1t
became universally known, at the time
when this provision took effect, that
the Government were not prepared
with the gold coin. Thereupon the
Chamber of Commerce took the mat
ter in hand, doing all they could to
assist the Ministers in their strait.
Various proposals were made by that
body, with view to give the gold
standard effect and retire a portion of
the superfuous silver currency, in certi-
hcates and coin, so that an equilibrium
could be maintained between gold and
silver. Without recounting all the diff
ferent phases of the communications
between the Government and the
Chamber ii is only necessary to state
the final concession made by the
former That was that certain
amount of silver coin was to be de-
posted in the treasury, sufficient to
cover any possible difference between
the respective market values Of the un-
cancelled silver certificates and gold
coin of the United States. This the
Chamber was willing to accept, pend
ing the time when the Government
would be able to redeem and cancel the
certificates according to the law; pro-
vlded, however, that a committee of
their body were allowed the right of
inspecting the deposit in question from
time TO time. AS the Government
would not concede this much, the con-
troversy ended there, but the deposit
having been advertised as made, it was
supposed to be there. Still, there has
never been anything more heard from
the Government about the redemption
of the outstanding certificates. Mr.. |
Creighton'S amendments now rouse the
suspicion that the deposit has been
Withdrawn from the treasury to meet
some of the abounding necessities of
the Government In that case it