The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1892-08-20

behind it. The same Noble had said
that the independence of the Argen-
tine Republic was gone. Noble Mac
farlane denied having said anything
of the kind. He had said the duties
were collected in London. Noble
Macfarlane And so they are. These
people were opposed to everything
new. They could see nothing but
ruin in everything that was started.
The only way to find out whether this
was good bill or not, was to try II.
These same predictions of ruin were
made about the Government running
a steamer, against the Water Works
and against the Kalakaua dollars.
Nobody said anything against these
dollars now. The great hurry that
some people were in to vote on the
bill without full and free discussion
of it made him think there was some
thing in the bill. The speaker went
on to compare Noble Horner with
Lord Beaconsfield. The opposition TO
the bill came from money lenders, or
people connected with them, whose
business would be interfered with.
They said the bill was bad because it
gave money at low rate of interest.
1t was said that this money would be
row it on his land, and employ China
men and pay them in this money,
and send the produce to San Francisco
and gold would come back. This
money would thus produce gold, and
with this gold the national debt could
be paid. The speaker in conclusion
observed that he was not ready to
vote for or against the bill, but wish
ed to hear it fully discussed on both
sides.
Rep. Ashford thought in the inter
est of economy of time, the House
should vote on the general question of
entertaining the bill any further or
not. He wished to withdraw his reso-
luton of yesterday and substitute
restitution calling for the re-reference
Of the bill to the same committee to
make amendments, one of which
should be the entire divorce of the
bank from the Post Office.
Noble Neumann saw no reason why
the bill could not be dicussed without
re-reference. tie confessed he thought
it bill which should not be passed.
He saw nothing to be gained in dis
cussing the bill section by section.
That would only be proper if the
bill. Such a course reminded him of
the kind hearted old German who
wanted to dock his dogs tail, but in
order not to hurt him too much he
only cut off half an inch day. He
could not agree that the bill was alto
gether bad. He thought for the Gov
eminent to lend its paper to people OH
proper security at low rate was
good thing. But what about the poor
people who had no bonds; should
bonds be issued to them in order TO
enable them to borrow? 1t should be
remarked that real estate was nothing
behind an irredeemable paper cur
rency. Noble Marsden asked if it
would be good thing for the Govern
ment to sell a man thousand dollar
bond at per cent, and then lend him
$500 on it at 4 per Gently Yes, an eX-
cellent thing for the Government and
the man. If money was issued on
bonds the bonds would be security
for the notes. For this purpose no
bank was needed. If this Government
ever made mistake it was in estab-
fishing a Postal Savings bank with
heavy depositors. This bill would
simply make the mistake greater.
Every attempt to issue irredeemable
currency had ended in disaster The
speaker referred to the great French
bubble of the eighteenth century.
The course of that government after
the revolution was also case in point.
The government having confiscated
the church property wanted to use it.
1t issued paper on it, just as is pro-
posed here. 1t resulted in enormous
depreciation. Leaving aside the Ar
gentine Republic, Peru, Japan and
Brazil, there were still instances
enough to show that there was no.
thing out ruin in irredeemable paper
currency. The Legislature could
authorize the Minister of Finance to
issue notes to depositors of bonds.
The paper proposed by this bill would
be of no use because it would not be
taken. This was not the time of Louis
XIV, when a man could be beheaded
for not taking it. The trader would
bring it to Bishop & Co., and
Bishop & Co. would say cyni-
cally, well, this is good for certain
purposes, but not to buy exchange
with. The trader would say, well,
what will you take it for and Bishop
would fix his price on it, and the
trader would bear the loss. Then the
next time the trader sold goods he
would say to his customer, my friend,
can't take this dollar for dollar. The
customer would say, what will you
give for it, and the trader would an
swer, 40 cents, that is all l get for it
at the bank. And the laborer would
bear the loss, and so it would go. Sup
pose you take piece of leather, and
declare it by law to be horse. 1t
will be horse-until you put it into
a cart and see how far it will draw.
(The speaker told a funny story about
the Inhabitants of Abdera). 1t was
no waste of time to discuss the bill,
he did not pretend to know all about
this, and was ready to be convinced.
The proposition of the bill to issue
paper money upon bonds was a good
one but could be carried out without !
the rest of the bill.
Rep. White said the remarks of the |
members against the bill were like |
sounding brass and a tinkling GYM |
bal. The only thing to the point in |
the rel ks of the last speaker was
the sS,zy about the old German and |
the dog. That German must have |
been o grandfather of the hon. Noble.
This bill reminded him of Aladdin |
ana his wonderful lamp. Noble |
Horner was Aladdin and the bill was
the lamp, and all he had to do was to
rub it, and we would have lots of
money here. The people who opposed
the bill were like those who used to
claim that the earth was flat. He saw
here yesterday people who never were
N@Eg