The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1892-12-17

Il l.
the afternoon.
At 9:23 A. NJ. the House proceeded
to the
ORDER OF THE DAY.
Unfinished business:
Consideration of Horner's Banking
Bill in Committee of the Whole.
Rep. Waipuilani in the chair.
The clerk read the majority report
which was against the bill, signed by
Mobiles Williams, Kauhane, Peterson
and Reps. A. S. Wilcox, Iosepa and
Kauhi. The clerk also read the minor
ity report which was in favor of the
bill, believing that its passage would
he the folerunner of better times for
Hawaii, signed by Reps. Ashford,
White and Noble Horner.
Noble Horner moved the adoption
of the minority report, and also that
the bill be considered section by Sec
ton. He said that the appointment
of the Committees had not been fair.
He had been ruled out from the Com
mittee on Temperance because he was
a temperance man, yet twO-thirds of
the committee on his bill are pro-
nounced enemies of it. The President
evidently thought that the committee
would kill the bill, but that is not the
intention OF this House. The objec-
lions of the majority of the commit
tee are not to be found in the amend
ed bill. Their chief objections are to
Bill No. IS.
Minister Brown held that the Presi-
dent had perfect right in the choice
of committees and the House had
nothing whatever to say. He still
believed the bill is contrary to Article
SO of the Constitution.
Rep. Smith held that according to
parliamentary rules, laid down by
Cushing and other authorities, there
should be representation of both fac
tions on the bill, and those who favor
the measure should have the majority.
In regard to this bill, an overwhelm-
ing majority of business men in this
community are against it. In 1884 a
national bank charter bill was intro
duced in this House, land $50 people pre-
scented protest to the House against
zr.isasiipgg IS srfw 81
their side. The United States, with
its immense wealth, issued paper
money, but only as war measure.
That was wealthy country, but the
time was one of dire necessity. If the
majority of the committee are in favor
of the bill, then it would be wise to
bow down to their opinion; but such
is not the case. He moved the COM
nittee rise and recommend the House
to adopt the majority report. There
was no provision whatever in the
amended bill for the redemption in
gold to holders of this paper money
Therein lies the whole fallacy of the
bill.
Rep. Ashford hoped the motion tt
consider section by section would pre-.
vail. No one in the House could de.
wise measures which would appear to
be perfect in detail. There had beer
great opposition against this bill
There was no doubt that gold was the
best money. Hawaiian Silver was
debased, degraded and demonetizeC
money. The dollar was worth only
IS cents. United States gold had no
been driven out of circulation by IA
lakaua silver, which was not legal ten
der either here or in the United States
and there was no more apprehension
or fear in paper money driving GU
gold than there was of the Kalakau:
dollar doing so.
Noble Young remarked that. silve
did not drive out gold because debt
were paid in silver to the amount O
SO only.
Rep. Ashford: To say that that
the reason is saying something no
body knows.
Noble Young: Have you not bee
here long enough to know that ther
was time when silver drove on
gold?
Rep. Ashford No. 1 arrived her
in 1888, and received my first salar
all in gold-English sovereigns.
Rep. Smith asked whether the onl,
way of receiving gold was by import
ingJf?
RIP. Ashford admitted that by i'm
porting was the only way of gettin
gold and silver here. They did nc
grow here. He favored experimental
with this theory, and if found unwis
the next Legislature could repeal tn
Act. The losses predicted by til
opponents of the bill could nc
possibly happen unless an earth
quake happened and submerged us al
1t is stated by the Minister of Financ
that this money would easily g
down to 80 per cent. That is il
credable. Merchants may refuse t
take the money at first, but whe
they see the prosperity of small me-
chants using the money, they wi
easily fall into line. The money wi
pass at its face value with regard
internal commerce, and o. very sligi
discount of about L per cent. in exte
nal commerce. If S1,OOO,OOe is to
much to loan on bonds, then reduce I
half of it. We ought to have a ia
trial by this theory, which had bee
mooted by great financiers of the pas
The Minister of Finance asserted tn.
the objection to this bill is the reaso
OF the difficulty to obtain money O
real estate security. He (the Mini
ter had been absent long Will
The same difficulty of borrowing O
real estate had been experienced hel
long before the sitting of this Legisl:
ture, therefore, such pretext woul
not serve their attitude at all. TT
latest dispatches speak of revivir
prosperity of the Argentine Republi
Ihey are having war vessels built G
the Clyde.
Rep. Smith-Are they paving the
uept with paper money!
Rep. Ashford-I do not know tbo
ihey are probably paying their de