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


the relative proportion of gold and
The member said that the law pro-
vided that no certificates should be
issued except in return for silver,
which should be made special de-
post. He had reason to believe that
the certificates lately issued had not
been issued in return for coin. If
that were true the House should
know it, and if not the Minister
should have an opportunity to deny
the rumors current. Large numbers
of these brand new certificates had
been used to pay salaries last Satur-
day. He had been informed on eX-
cellent authority that the intent of
the government was to create money
in this way, as there was not gold
enough to pay salaries, and that there
was an agreement between the gov
eminent and the bankers to deposit
silver against the certificates by and
by. He knew of no law by which
anything of that kind could be
done. Such certificates were not
legal tender. He was further in
formed that two firms had agreed to
anticipate $50, 900 of taxes which were
due from parties whom they repre-
sent, by simple entryon the books and
that these certificates were issued on
the strength of such imaginary de-
post. If there were any irregularity
it should be checked, and if not the
investigation could do no harm. Un-
happily the credit of the Ministry
was so weak that it could not stand
the strain of any suspicion. 1t was
mystery to him how the government
could have become the owners of
these certificates at all. If issued in
return for a deposit of silver,
they could only have been received by
the government again as discharge
of some obligation, which would not
have been legal, as they were not
legal tender. He made no charges
whatever but demanded an investiga-
ton.
Minister Widemann said he courted
the inquiry proposed. Week before
last Bishop & Co. had deposited $50, 900
in silver, for which certificates had to
be issued. He had signed certificates
in the denomination of $40, $40 and
$50; and $4,000 remained unsigned
because he had not had time. AS to
how the certificates came to be in the
possession of the Government he could
not say without consulting the Regis
trar of Public Accounts.
Minister Widemann answered the
questions of Noble Thurston as fol-
lows: % That 1 pay no attention to
newspaper reports, and consequently
do not know what they may have
published. There is, however, a no.
tice at the Treasury counter to the effect
that of the payments due on the 30th
of July, 25 per cent. in gold would be
paid. This action was taken by virtue
of necessity, as there was not nearly
gold enough to pay all dues on that
day. ~ Whatever name the honor
able Noble may call it, the fact re-
mains that the Treasury cannot pay
gold when it has silver and not enough
gold to meet all demands. The Trea-
sury has not the means at command
to buy or import gold. t3) The policy
the Government proposes to follow,
and what propose to do, is to pay
gold as long as it is possible.
Respectfully yours,
III. A. WIDEMANN,
Minister of Finance.
Noble Thurston submitted that the
Minister had not answered his last
question at all. The law made all
debts above SO payable in gold. The
Government was enforcing this law
against its debtors, but not paying its
creditors in gold. | asked him what
remedy he proposed, and he says he
proposes to pay gold as long as he has
it, although he has admitted that he
has no gold. Does not the situation
demand policy. We are drifting to
the condition of q few years ago, with
exchange at 10 per cent. Do you call
that cabinet, or a policy? You
might as well put the messenger
there at g a day. One is as good
as the other. We are not only
without an Attorney General, but
without a Minister of Finance. [ SUBJ
NIT that this House and the country
| are entitled to a further answer from
the Minister.
Minister Widemann said he could
not look into the future. His eyes
were perhaps too old to see as far as
the member from Maui. The Trea-
sury had been paying gold right
along. For once it had not been able
to do so. What would the Noble from
Maui have done under the circum.
stances? The same thing. He haG
not thought of basing policy on q
single accident. Suppose he haG
asked the House to allow him to buy
| gold, what howl the member would
have raised. The member might
abuse him all he liked; it would not
stick. His coat turning round and
| showing it) was clean. The public
did not believe in the dirt thrown by
| the Noble.
| Noble Thurston said the Minister
seemed to think the matter was a
| joke. He had thrown no mud; made
no personal charges. The facts were
plain and admitted, and the question
was simply what was the Government
going to do in this crisis. Was there
any more gold this Saturday than
last. If not, why not? The matter
| demanded serious attention, and if the
Minister could not give it that, some
one else ought to be there who would
Rep. Ashford approved most heart.
| lily of the remarks of the Noble from
Maui. While he had none but the
most cordial sentiments toward the
Minister of Finance, it was still true
that he had not answered satisfactor.
| lily. Were the Ministers going to sill
still and let the country drift into
bankruptcy. If the Government could
say it was going to pay rs per cent. Of
| its Indebtedness in a base coin worth
about 6S cents to the dollar, why
could they not repudiate the Govern
ment obligations altogether. The
country was entitled to some policy,
particularly from the Minister of Fin.
ance. He would move the questions
and answers be referred to the Finance
Committee.
Noble Baldwin did not propose to
| nntnr intn o diSnuSSinr, Of tho o.nart;nr,