The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1892-08-19

way oil loan upon real estate ana
other tangible and sufficient security,
and upon moderate interests and
that such currency, so issued, should
be made legal tender in payment
of all debts, public and private.
Resolved, that Bill 7S, SO far as it
carries out the above principle, by
the incorporation therein, of suth-
cient and appropriate matter of de
tail is acceptable to the House.
Resolved, that said bill be re-
referred to the Select Committee, to
whom it was previously referred,
with instruction to report such
amendments thereto as will provide
for the establishment of such bank
apart from and Independent of the
Post Office
He moved that when the Commit
tee rise it recommend the House to
adopt the resolution.
Rep. Smith offered an amendment
to the resolution and that was that
the bill be indefinitely postponed.
The measure was fraught with dan
ger to the community. The hopes
and ideas of Senator Stanford, which
had been mentioned in the debate,
were so ruinous they had died of
premature birth. The bill should
have been called the Hawaiian Bank
ruptcy Act, that would be the pro-
per title. He was most decidedly
of opinion that the bill would be
most ruinous to the country if
passed.
Noble Baldwin favored the amend
ment proposed by Rep. Smith. He
was interested in the prosperity
the country and could not believe
that any good but on the contrary
much evil would result from this
bill. Values would be uncertain
and inflated, exchange would in
crease in price and the poor would
be poorer.
Noble j. M. Homer, the intro
ducer of the bill, said:
Our financial situation and the
prospective distress likely to grow
out of it. which showed itself in
this House lately, must impress
members with the Importance of
finding some measure of relief. As
nothing has as yet been proposed to
relieve us except this bill, members
should be impressed with the i'm
portance of passing it. Everything
else yet proposed are but temporary
expedients, The issuing of bonds to
ease up the situation only postpones
the day of reckoning; the pound of
flesh will surely be exacted. The
law requires the Minister to run the
Government and pay its debts with
the gold coin of foreign country
and they have not got the gold
neither can they collect enough such
coin from the people. Gold is get,
ting daily less plenty. We should
now pass this bill and thus provide
us money-an Hawaiian money
$ and thus relieve our financial embar.
rassment as more powerful nations
: have done when their coins left the
e channels of trade America has
e many times relieved itself by issuing
: a paper currency. So has France
So has England. So has many othe
e civilized countries, and history in
: forms us that their greatest pros
y perity was when they used pape
e money with no metallic base, a
e shown in England from 1897 to 1896
t and in America from 1861 to 1877
We are commanded to "coin none,
/ and regulate the currencies by law.
It Instead of our doing this we ar
S compelled to send abroad for none,
IS to run our Government, make GU
e internal improvements and obligat
e ourselves to pay, and do pay abroa
r hundreds of thousands of dollars a
e interest for money which it is tn
IL duty of this House to supply. Thi
bill would empower our Government
to exercise it's constitutional prerc
d gative of making, circulating an
k, redeeming money. All must ADM
Ie the money requirements of this King
dom at this time are comparativel
lie large and daily on the increase, an
S for developing small or new indus
h tries there is no money availabl,
as and but little available for publ
lie improvements. Why not suppl
e. ourselves with the necessary none
al for running our Government and d,
N veloping our industries7 | claim
s. this bill become law the net ncom
% of the Bank of Hawaii will produC
an ample sinking fund to pay OF
e. public debt without assistance froI
m other revenues. No business ma
is that has digested the provisions {
l. this bill will deny this claim.