The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1888-07-18

| 1t IS evident from the demand for gold
coin now shown, bY the preference every
| where given to receiving gold and paying
! out silver that the present volume OF
| 81 900 900 of silver coin is larger than can
| be used as circulating medium for debts
not exceeding $40. 1t is useless and pro-
| badly mistake to disguise this TACT, by
issuing certificates payable In silver coin IN
larger sums than $40. The only remedy
| tor the evil of an excess of silver coin is an
| increased demand for it by an increase IN
| the volume of business transactions lnvolv-
| ing not over SO, or else by decreasing the
| volume of Hawaiian silver coin now IN ex-
| istence.
The too prevalent credit system has
much TO do with keeping silver in excess.
| Cash payments for all small purchases
would keep and therefore necessitate a
| larger amount of silver coin in circulation.
1t is hoped that as the cash system shall
more and more be adopted, and as the
! general business activity of the country in
creases, the pressure of surplus OF silver
coin will disappear.
We are of the opinion that the wisest
method of obtaining relief will be to reduce
the amount of silver currency by at least
100000. This would entail an expense OF
not less than 1000.
Chapter 35, Acts of 1886, states that all
outstanding silver certificates and all certi-
6cates authorized by that Chapter, except
5 % certificates, are redeemable on demand
in L. s. gold, and when SO redeemed are
required to be cancelled. No certificates
have been issued under this Act, but OF
former issues there was outstanding,
March 81, 1888, 1926, 800 in Government
certificates of deposit represented by a cor
responding amount in the Treasury IN
silver coin.
AS this coin is all silver the Government
is not in position to meet their oblig atoms
under law to redeem said certificates in
United States gold coin. Moreover, as the
certificates of deposit which represent this
silver are mostly in denominations over
$40, to release this silver and put it in cir
culatiOn by redeeming the certificates,
would only add to the silver coin now in
circulation and increase the already super
abundant currency for transactions under
$40.
BY Section of chapter Is of the Acts of
1884, to regulate the currency, repealed by
chapter IS Acts of 1886, the Minister of
Finance was authorized to keep the equili-
brium between gold and silver coin, by
purchase of United States gold with silver
coin. 1t is to be regretted that no such
action was then taken under this Act.
since the steadily decreasing value of silver
coins since that date would now entail
about ten per cent. more expense than
then would have been required for the
purpose.
1t would seem to be wise for the Minis
try to introduce a bill to accomplish the
objects aimed at by the above named Act
of 1884.
Signed, H P Baldwin, j. IT, Kawainui,
A. S. Wilcox, J. D. Paris.
Do not agree with all the arguments on
the subject of currency, but agree with the
recommendation TO the Ministry. II. A.
Widemann.
The report was accepted ordered to be
translated and printed.
Noble Robinson read the report of the
Committee on Commerce, on the petition
of Edwin NJ. Miller of New York for a re-
bate of storage, So, III 95, on $50 barrels of
whisky shipped to this port in 1883, and
stored in bond for nearly three years.
Committee ascertained at the Custom
that the storage accounts on the above
were regularly rendered every three |
months and paid until the liquor was with |
drawn for export. A promise made the |
firm, previously, by the Minister of FL !
nance that reduction in the rate would (
be allowed, was not fulfilled, and it was |
not in the power of the Customs authori- |
ties to make any rebate. Committee are of |
opinion that for the Legislature to allow a |
rebate in this case would involve the Gov |
eminent in ruinOus difficulties, and it !
would not be fair to other parties who |
labOred under the same burden. Commit
tee agree with the suggestion of the petit
TONERS that in future reduction be made
shipped in this manner and for the pur-
poses aforesaid, because such a measure
will result in benefit to the community
and to the Government. The present
rates Oh one cent per ulOnln per gallon
makes S. 40 per barrel of As gallons for a
year. In the Bermudas and Hamburg |
the rate is S5 cents per barrel, and in some
other places even less. Committee recon-
mend that the rates of storage be reduced,
and that this reduction be considered in
with the bill given notice of by
Rep. f. Brown to regulate the charges and
storage of bonded liquors. The report is
signed NJ. P. Robinson, J. Wight, G. F.
Horner, F. Cav, A P. KalAukOa ADOPTED.
Ron q RrnUT1 road a Of L.,
dietary Committee on the bill to re-estab-
ish the Commission for the settlement of
boundaries. The Act in question seeks to
'e-enact an Act to provide for the appoint
vas approved August %, 1862, and was
rom time to time amended, as also the
ime extended in which the settlement of
boundaries could be decided upon The :
Act of 1862, as amended, expired in 1885 by
imitation. AT the session of the Legisa-
ure of that year the time was further ex-
ended but for some unaccountable reason
he bill failed to receive the Royal assent.
here are still large number of lands in |
he Kingdom owned by private individuals
nd also by the Government, whose boun-
aries have not been defined, and conse-
uently under existing laws no ROYAL
latent can issue for such lands to private
ersons. Recommend that the bill pass
(Signed) G. Brown w. A. Kinney. w. =
. Smith, John Richardson. Noble Hitch
Ock agrees with the above, except that he
onsiders the time limit (four years. in the
Ill too short; thinks it ought to be six
ears.
The same member also read the report
the Judiciary Committee, on the petit j
on of ]. w. Kamai for 5000 for lands
ken by the Government at Makik Val
", in this island, for the benefit of the
alter supply of Honolulu. No claim has
cen made by petitioner to the Interior
apartment. Recommend that the petit
on be laid on the table. Adopted
Noble Townsend read a report of the "
ducation Committee on the petition for
/ English school at Maizena,, Maui. Com
ittee have ascertained that an Engli.s,
hool is already in existence at that placa. :,
Id recommend that the petition be lai,l i
the table. Adopted
Noble Widemann, for the Committee on
ouble Taxation, reported on the pe:i-
0ns for refunds of taxes of: Allen & Rob
sos o. Ionan Gnldnnbn.u O.