The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1892-09-23

cannot censure such
leniency, as an insistance upon the
strict legal tender law would in
many cases seriously embarrass Gov
eminent debtors, and in Others it
would result in failure to collect
the money due the Government, for
lack of sufficient available volume
of gold coin to meet the full de-
mands of business.
"Your Committee are aware that
it is becoming increasingly difficult
for our business men to obtain even |
sufficient gold coin to meet their
payments of duties, and strange, too,
as it must appear to any one with
definite ideas of the true functions
of banking institution, it is even
impossible to purchase gold coin at
our local banks"
This then was the condition which
presented itself in the latter days of
July, 1892 There were salaries to
the amount of about $4,000 to be
paid on the Both of that month, and
only about $4,000 of gold in hand
with which to pay them. A choice
of expedients became necessary and
the one of fixing certain ratio of
gold payments for the time being,
was carried out, the Minister fixing
ratio of gold payments at % per
cent after having had put aside S25,
600 in gold as a reserve to meet the
demands from the Postal Savings
Bank, interest on bonds and similar
obligations.
The Committee say that they can
not censure the Minister for having
taken the course adopted by him
but think that he used commenda-
BILE prudence in not allowing the
gold in the Treasury to become so
far depleted as to jeopardize still
more the Government credit. Be
sides the order in question was made
only for the day mentioned and,
having served its purpose, is not now
enforced.
For the future the Minister, in his
answers referred to us, has promised
nothing except that he will pay
gold while he has it to pay. We do
not well see how His Excellency
could have promised or how he can
perform anything more. 1t is evil
dent that silver will not discharge
obligations payable in gold.
The receipts from the Custom
House have fallen from an average
of about $4,000 per month during
1891 to an average of about $4,000
per month during the present period,
a shrinkage of about So percent;
hence the Customs duties cannot, as
heretofore, be relied upon to meet
salary demands payable in gold, nor
are other ordinary sources more
promising.
On August 26th, there were notices
! of withdrawal on file covering about
$4,000 of the Postal Savings Bank
deposits, all of which and others as
they mature must be met with gold
coin. On the same date there was
total of S67S,661.13 due to depo-
sitors in said Bank, leaving about
S5S0,00O not yet notified for with
drawal but which is practically pay
able on demand. The necessity of
meeting not only current expenses
but this large sum as we'll in gold
coin is what must be faced, if the
gold standard of legal tender is to
be continued. The said deposits
must, in any event, be paid in gold,
which it is hoped, may be realized
from the sale of bonds, under the
Savings Bank Act. Signed by Rep,
Ashford chairman, Rep. Kamau-
oha, Rep. Wilder and Noble Ena.
Report was accepted and placed
on file.
Bill 1853, relative to deputy sheriffs
acting as coroners, was read second
time, passed to engrossment and to
third reading on Tuesday.
Bill 8, relative to the changing the
place of the holding of the circuit
court from Lahaina to Waikiki, was
read second time and tabled until
after the bill to re-organize the
Judiciary was disposed of.
Bill 5, relating to leper suspects,
was read second time and then re-
ferred to special committee.
AT 4:15 the Assembly adjourned.
Something New in Ranges.