The Independent. [volume] (Honolulu, H.I.) 1895-1905, 1895-07-10
THE LEGISLATURE,
SENATE.

morning. motion was bronBht IN
to have committee appointed on
the fresh meat supply OF the city
and report to the regular session OF
the Legislature. Adopted. Another
that no fresh bills be brought in
after the 18th, except by members
Of the executive was also passed
Minister Smith introduced his cable
oil giving the President and Cabi
net full power to do anything TO
secure a cable and to enter into auy
agree ments either as to subsidies,
subscription to stock in companies,
etc, aud to appoint some one to in
vestigate and negotiate in the mat
ter. 1t passed first reading and
to usual course.
A bill was introduced to encour-
age agricultural enterprise by ex-
empting machinery, etc, from duty,
A joint resolution from the House
came up regarding the system OF
registry OF land titles. Then came
the Currency Bill regarding certf-
Gates Of deposit for gold and silver.
Minister Damon explained the oh
ject was to keep a gold reserve in
The country and yet to accommo-
date the public by giving them
paper to handle instead of weighty
.oin. He wished to have a provi
sion inserted to allow gold to be
deposited against silver certificates
if r. quired, but not silver against
gold certificates. The Cabinet we're
not agreed on the proposal, but
from his own experience, he thought
it would be good. Minister Smith
objected unless the wording OF the
act made it imperative to redeem
gold certificates in gold, aud silver
certificates 10 silver. Minister Da-
mon in answer to questions as to
profit on the issue OF certificates said
that the main object was to satisfy
the public that the full amount sup
! posed to be held against the silv Or
certificates now extant was really
held. That when Bishop 81 Co.
years ago issued silver certificates Of
deposit every dollar was called for
on the withdrawal OF the certi-
Gcatts from circulation, and that
IN twenty-five years OF their
saving bank only about Sll00 bad
pot been called for; every dollar
of which they knew the owners of.
The second reason for the bill was
to give accommodation to the public
who wanted a gold deposit, The
third was to allow Of the accumu-
lation eff gold deposits against silver
certificates if possible. President
w lder stated there was a f. cling
amongst our enemies at home and
ahroad>that we hadn't the money to
redeem our certificates and this bill
would not tend to reassure this feel
ing. Minister Damon said no per.
sons were so susceptible to the
credit OF the government being as
sailed as Saving Bank deposltors,
yet during he past year there was
an increase Of over 100000 over
Withdraw ais; OF which $4,000 had
been used TO Withdraw Postmaster
Generals notes bearing interest at
7, u, aud s percent aud the deposit :
We're now only drawing and
percent. Senator Baldwin favored
the issue of paper certificates
Every month $l50,0O0 to 100000
went to the ri her islands III silver
to pay off hands on plantations
His own plant alton paid off mostly
IN silver. The. measure might tenC
to keep gold in the country and he
favored it on that account. Minis
ter Damon said he thought that the
Banks OF England aud France were
empowered to issue notes in excess
of their coin deposits but in a small
country like this without numerous
aud varied resources he did moi
favor any innovations of that kline
AS 1t might tend TO disturbances il
the money values Of the country
Senator Brown strongly favored III
ssrting the word "respectN ely il
tue 4 h section so as to secure coli
payments of each kind for the certi
iicat.s calling for the same. He 81
moved and the amendment passed.
an "a. ,,..,.,I xo.l -