The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1892-08-23


nues. The use that has been made
of postal savings deposits as if
they were revenue makes loan
necessary in order to meet the
national obligations to the deposi-
tors. If that loan cannot be nego-
tiated, and no one has been heard
to say that it cannot, then the
national faith would be broken,
and Hawaii's autonomy would
cease.
The Horner bill is not meant to
help the nation to meet its obliga-
tions, but to beat its creditors by
paying them in more promises to
pay Public creditors of the
United States were not required to
take United States treasury notes
for their dues.
The same bill proposes to fur
nish the people with paper money
by enabling them to get all they
want, no more on the security
of their real estate. 1t would, l
think, be public cheat and fraud,
to get the land of the people in
exchange FOR such paper, mis-
called money. Have the people
authorized the Legislature to do
any such thing?
The power to "coin money" given
by the Constitution, meanaa power
to coin, and not to make or invent
money, and it means that money is
to be coined from metal, for that is
the only substance whivhAzin the
nature of things can be coined.
The power, also given in the
Constitution, to regulate the cur
rency" means a power to fix the
values at which the circulating
medium used as money shall be
given and taken; but it does not
mean the power to create such
values.
Governments may be authorized
to borrow money and issue it's
bonds or notes to repay the same.
But to set up the Government as
an institution for making and fur
nishing money to the people, is not
within the powers or functions
which | can find in the Hawaiian
Constitution.
That instrument is avowedly
based on the authority of the peo-
pie, it grants certain defined and
limited powers to the Executive,
Legislative and Judicial depart
ments of the Government. For any
such department to assert or usurp
powers which are not granted to it,
is to do that which has no legal
Authority or sanction. Such action
is always possible, but it is not TO
be dignified with the name of law.
What if the Legislature should
declare that shells, cobra or cocoa
nuts shall be legal tender in
payment of all debts, and
shall be the current " coin ="
of Hawaii? Such a performance
would have neither the force of
law nor of common sense. Not of
law, for the people gave the Legis-
lature no such powers, nor Of sense,
for shells, cobra and cocoanuts can
not by human power be made into
coin.
| think that our lawmakers who
talk of their duty to provide Ha-
waii with the circulating me-
dunn" which they are pleased to
call money, are either led astray
by the action of the United States
Congress in authorizing the issue
of Treasury notes as war neces-
sity and as temporary measure
under certain powers granted to il
by the United States Constitution
which are not granted to our Legis
lature by the Hawaiian Constitu.
ton; or else by the arbitrary &C
ton of foreign despots who were
not perplexed by constitutions
limitations"
If Senator Stanford took Sc
riously his proposal that Congress
authorize loans of public money OF
farm mortgages, l think no on
else has taken it seriously who i
accredited with knowledge of tn
first principles of government.
The Government is not, as l IN
derstand it, kind of public poor
house but it would become some
thing worse than that if it sets ur
in time of perfect peace its IRE
deemable promises to pay and t
pay nothing but paper as lega
tender in payment of its own debts
and of private debts. This may b
strict construction, but that's wha
is needed.
ALFRED 8. HARTWELL.