The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1895-05-09

MUM as gold coin is now. 1t is i'm
possible to see why we cannot with
appropriate legislation have our cur
rency on a firm basis that will give
stability in all our business relations.
Gold is not approaching in value IN
| the world. 1t is more stable In the
equality of its production from year
to year than silver, and must con-
| tinue to be the medium of circulation
in spite of the efforts of the bi-metal-
lists or the silver monometallists, as
the figures given below will show. A
recent article from Robert Z. Pres
ton, Director of the Mint at Wash
ingtOn, North American Review for
January, 1880 shows an almost uni
form increase of the worlds produc-
ton of gold, as follows: In the year
188S-S88, 837, 1913; for 1S89-SlO1, AL
500; for 1890-$1O0, lis, 200; for 1891
| S110,3I4,1OO: for 1892-$123, 626, 400; for
| lS93-SI35, 4O6, 800. In 1888 Africa pro-
duced only $4,5OO,OOO of gold; it pro-
duced in 1893-S29, 305, S00-owing to
the discovery and development of the
| Witwatersrandts gold fields in the
republic of South Africo, and the
| Guianas' production has grown from
| S623, O70 in 1888 to 81, 279, 400 in 1898.
The output of gold for 1893 was 1908
per cent greater than the annual aver
age of the greatest productiveness of
| the California and Australian gold
mines. Mr.. Preston says: "The fact
| is that the production of gold was
never so rapid as it is today" The
value of the annual product of gold
alone is almost equal to that of the
production of both gold and silver be-
fore the depreciation of silver began,
and Mr.. Preston asks, show then can
the economic evils from which the
commercial, agricultural and indus
trial world IS suffering be ascribed to
the scarcity of gold ?"
DR.. Lucas has published two mono
graphs to show that the ores contain
ing gold decrease in the quantity of
gold produces the deeper they are
mined. This view is contradicted by
Mr.. Preston. Prof. Lucas finds sup
port by Mr.. t. A. Richard in the
last North American Review. / have
not undertaken to venture an opinion
as to which side has the best of the
argument.
We have neither gold nor silver
mines in these Hawaiian Islands.
Consequently there is no strife here be
tween the "gold bugs" and the friends
of the "dollar of our daddies."
There is no party issue here be-
tween those who believe that cur
rency that will pay debts all over the
world is the best currency to use at
home and those who think that cheap
money and plenty of it will give the
the working man higher wages and
higher purchasing power for those
wages.
We can import here all the United
States gold we need as a backing for
Government certificates of deposit re-
deemable in gold.
We can keep this gold here
whenever we have disposed of
firmly insist on every payment over
five dollars being made in gold. The
present limit of tender in silver of ten
dollars should be reduced to five dol
lars. To let ten dollars loose in settling
large number of transactions keeps
enough silver afioat to make itself felt
in keeping gold out Of circulation.
This was Professor Summers view eX-
pressed to me as long ago as 1880
This long suffering community
should be relieved of it's burden by the
Hawaii. United States silver should
be made legal tender on parity with
Hawaiian silver for payments of Obli-
cations of five dollars and under. This
coin could readily be brought here if,
under some contingency, which con-
slider to be remote and improbable, we
should need more silver. Just now
American silver of all denominations,
also United States greenbacks, Ma
t:Onal banks paper and silver certiti-
Gates pass without question, though
none of this money is legal tender.
It is received only in small amounts
it is true, for the reason that it can be
worked off through tourists, steamers
officers, and for remittaDces to the
United States. In other words, debts
abroad can be paid with it.
But it is high time that we settle
our currency here. The agitation in
favor of bimetallism theoretically, but
for silver recommendation in practice,
is growing more and more intense in
the United States. The indications
are that it is destined soon to become
q great political issue upon which par
ties shall divide. The United States
Senate is gaining accessiOns of silver
by election of Populist
Senators from the newly-admitted !
States. The prejudices of the West |
are growing stronger in favor of the |
fanatical view that free coinage Of |
silver is the panacea for the present |
depression of trade and agriculture. |
The great West is nursing its griev-
ances against the gold bugs of the East. |
The last Congress refused to say that |
the last issue of bonds should be made !
payable in gold. Some refused to vote
for gold payments lest it should be inn
piled that previous issues of bonds
were not so payable; others, because
they would not disgrace their darling
metal silver. If the United States
should go over with a sudden snap to
The silver standard, when the gold
reserve is gone and the greenbackS are
paid in silver or not at all, the people
will be converted from their folly, but
not till then.
The general proposition that as the
United States goes so goes Hawaii in
such matters may prove true, and we
De obliged to abandon our efforts to
enforce the gold standard. This will
depend upon whether the State of
and more particularly the
,ity of San Francisco, resolutely main
aims gold payments as it did during
7 l. Il