The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1888-07-19


lului the mechanic buys horse ana
gives the same order in payment;
the seller of the horse passes it on
to a store keeper in exchange for
goods, etc. Is anybody injured by |
this order eirculating ss currency? |
Is it not a convenience to be able to
use it in that way?
And yet the Finance Committee
recommends q measure which rem
ders the issuance of all such orders |
illegal. That is, illegal if the fact
of circulation is to be taken as proof
OF intent to that effect on the part
of the issuer. And if not, then,
for anything to the contrary in the
bill, any person, firm, or corporation
can issue l. o. US which may, il
the public do not object to so using
them, circulate as currency without
limit. The issuer has simply to
say; "This is not money, but merely
an acknowledgment that | owe you
the amount on its face, which l will
pay you on the presentation of this
! piece of paper. If you like to pass
it around as currency, and people
are willing to receive it as such, that
is none of my business, and that is
not my intenty'
Let us ask. Is it the ''intent" of
the Finance Committee to abolish
plantation orders, promisory notes,
etc! If so, why so? Has the
usage been a curse TO the country?
or is there any prospect of its be-
coming curse? DO those con-
cerned-the only persons who have
n right to obicct-desire abolition?
Why not do away with foreign bills
of exchange as well as inter-island
bills of exchange? If it is not the''in-
tent" of the committee to abolish
this class of commercial paper, it
had better take back that bill and
reconsider it. otherwise the effect
will assuredly be greater than the
intent.
We have q suspicion that the real
"intent'' Of the bill, the introducer,
and the committee is aimed at the
banking house of Spreckels & Co.,
and the intent Is to stop the circula-
tion of that firms bank notes. Ii
we are mistaken, we shall be glad
to be corrected. Until proof to the
contrary is produced, however, we
shall remain under the influence Of
this suspicion, and under it we ask,
what is the matter with Spreckels &
Co.'s paper? Does anybody lose by
it? Is anybody likely to lose by it!
Remember, gentlemen, there is nc
law which compels you or anybody
else to take it, if you and they dc
not want it. You are at perfect
liberty to refuse it any day in the
week, if you would rather not have
it. But most people prefer the paper
to the coin, because it is more con,
venient than the com, and they have
confidence that the coin is behinC
the paper on demand. If your OWL
, clique were issuing the same class Of
paper, would you recommend the
passage of that bill? Yes, just il
as big hurry as Hawaiian Minis
ters resign their portfolios
t We should probably feel littl
$ respect for the proceedings in th
! premises if the gentlemen woulc
, come out manfully, and designat
the measure "An Act TO preven
n Spreckels & Co. issuing bank notes,
r and go straight to the spot intende,
o to be touched, instead of scattering
). around and injuring general interest
# for the sake of getting in a dig q
s one man. Why don't our legisla
: tors drop the old narrow prejudice
of the family compact, and legislat
I, in broad and liberal spirit for til
# good of the country? Such Littl
# Peddlington proclivities and proceed
d ings are enough to make sick MOI
n key squirm.