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


on an island steamer which they now
get for s.. He did not oppose it on
account of being a money lender, he
was not one, but as an importer. He
had to import coal for the steamers,
lumber for sale and supplies OF vari-
Gus kinds. Cannot pay for these
things in this proposed paper money,
therefore must obtain exchange. 1t
has been said that sugar might be
sent abroad to act as such, but he had
no sugar, therefore he must suffer ana
others with him.
Noble Homer desired to say that
the first sixty million of greenbacks
did not depreciate.
Rep. Wilder, why sir? Why sir ?
Because they were redeemable IN
gold! They were called demand notes.
I know, because [ got paid off in
them. 1 was then in the army.
Noble Horner asked for reference IN
the matter.
Rep. Wilder-Refer you to Blaine's
History twenty years in Congress
page 1896.
Noble Horner asked Rep. Wilder TO
explain point in the bill
Rep. Wilder said nobody could eX-
plain it, for it was not explainable.
Noble Horner, in conclusion, said
that he did not understand it all him
self, Laughter There were points
in it which would be a benefit to
mankind, which he was continually
discovering.
ton to refer the bill back to a Com
mittee. The old committee had shirk-
ed its duty, and he favored reference
20 he
of a great many years of hard study
on the part of the introducer, and
should be treated with respect. The
Government had been waiting to hear
the argument for and against the bill.
1t did not emanate from the Cabinet,
and they were not bound to express
an opinion on it at an early stage in
the debate.
Noble Thurston said the bill had
been discussed for three days. This
question of paper money Travelled
round the world, and had to be met
and scotched. Daniel Webster, one
of the greatest of statesmen, had said
one of the greatest devices for cheat
ing the laboring man was paper
money. Mr.. Ashford had stated that
this was not the only place where
paper money had been introduced.
That was no argument. There never
was blatherskite who failed of fol-
lowing. The fact that there were
greenbacks in the United States was
no reason why we should go into a
wild cat scheme here. The member
from Lahaina said this was a good
looking mango, let us bite into it.
1t had been we'll said that wise men
learn by the experience of others;
fools by their own. He held in his
hand bills of Buenos Ayres. Anyone
could see them. They were now abso-
lutely worthless.
Rep. White asked if there was any
real estate behind it.
Noble Thurston - Not only real
estate, but the credit of the Govern
ment, and all its property of every
kind. Here also was the paper money
of Bolivia-it had not been redeem ed,
because it could not be, and every
man who took it, lost every dollar.
Here was money of Uruguay. 1t went
through the same history. Every cent
was lost. Here was money now in
use in Peru. Dated 1879. 1t was worth
IL cents on a dollar. That was the
best South American money he had
seen yet. Very nice looking.
Printed in three or four colors,
with pretty little girl on one
side and her beau on the other.
This paper was backed by the whole
property, credit, and taxing power of
the Government. In reference to his
remarks the other day, Rep. Ashford
had made the point that the price of
exchange made no difference to the
people, as importers would have to
pay it. He had too much sense and
information in his nOddle to belle ve
anything of the kind. He was simply
talking for the back seats, or as one
would to children who knew nothing
of the subject. The purchaser of the
goods paid everything that they cost
freight, insurance, exchange and
everything else. Had the public
nothing to do with exchange? The
coat on your back, your collar, neck
| tie, cuffs, shoes, the lumber in the
tables, the lamps hanging from the
ceiling, the very paint on the walls,
were all imported, and exchange had
to be paid on all of them. Who had
exchange to sell? The planter; and,
instead of a Banking bill, it should
be called Horner's bill to give the
planter a chance to cinch the COM
could raise exchange to any figure,
and we would be helpless. The in
PRODUCER had said the Mckinley bill
had fallen and smashed US, and would
not fall again. But there were other
things which might fall and smash
US. The first was the fact that,
almost without exception, the mort
gage debts of this country were pay
able in gold. How were they TO be
met? rep. Nawahi said all these
matters would be explained satisfac-
torily when the bill was considered
section by section There are $780,
600 IN mortgages recorded, and among
them one of his own and one of Rep.
Nawahis. The latter probably ina
gined that he could pay in this
paper money and walk around
with it in his pocket-.rich. Rep.
Nawahi said he was one of the
mortgagors referred to, and the
member was the one who had been
squeezing him. He had no intention
of hurting the members feelings. In
the matter referred, he acted as attor-
ney simply. In this he spoke as the
members friend. He would have to
pay in gold and would not be able to
get it if this bill passed. He spoke
also for the numerous native Hawai-
ians whose lands were all mortgaged.
This was one of the towers which
would fall down if this bill passed.
Noble Horner: Won't that tower fall
anyway p Perhaps so, and perhaps
not. But it will fall anyway if the
bill passes. The second tower which
would fall down was that if the price
of exchange went up, everybody in
the kingdom would have to pay for
it. Another tower was, that if you