The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1896-10-17
A LESSON IN FINANCE
GOLD AND SILVER DISCUSSED IN
THE Y. NJ. c. a. SENATE.


The Y. NJ. c. \. Senate held its first
open meeting Thursday evening.
About 1925 gentlemen who have made
careful study of the gold aud silver
question and several ladies were in at
tendance. The acting president of the
Senate introduced Prof. NJ. NJ Scott,
the speaker of the evening. Mr.. Scott
talked interestingly for forty minutes.
He confined himself to the opinions
set forth by the different factions on
the monetary question. without COM
hitting mself at length upon it.
Mr.. Scott began by telling story
of an incident which happened on the
Australia. bound for the Coast, a few
years ago. \ local fnancier was
aboard The gold and silver question
arose. After the matter had been
prettily thoroughly discussed the fin
ancier observed that he knew nothing
of the money question save that he
could make plenty of money himself.
Other people might not be able to
make money, said the speaker. but
they could indulge in talking about it..
The money question was one that
political parties could not settle. \
good currency was the most advanced
and useful things a country could
have. People of the nineteenth cen
fury, with all the facilities around
them were in a marvellous state. All
civilization needs is Il circulating med
ium which is suited to all All agree
that the best medium is the best for
all. Neither the silverites (who are BIZ
mettalists) nor the oddities discuss
which would be the best metal to use.
Doubtless gold is. 1t is pretty. valH-
able, easily handled. 1t possesses a SUI
periority over silver. All will acknowl-
edge this in the abstract at least.
But that is not the question. 1t is
whether throwing out of use a large
amount of money would not work
hardships upon the people. Those ma
lions in the world who have during
the past twenty-five years followed
both moneys have found one struck
out and the other left. This is the
way the siIverites put it. They say at
one time there was $6,OOO,O0O,0OO
worth of money in the world, $4,000
100000 of which was gold. Now, they
say, the one has disappeared.
Where bmetalism prevails both Will
/ fuctuate together. The bimetalists
tell us that where the money of a
country is reduced, its purchasing
power is proportionately increased
They claim too that the word "intrin.
sic" means nothing; that government
can raise or lower the value of a dol
lar as it pleases. The Mexican dollar
is instanced. In the Orient the Mex,
lean dollar is the standard. \ few
years ago 500 in Mexican dollars ther
would buy about SIP in American eN
change. The bullion value does not
d follow the commercial value. This
value held up until the great output OF
the Comstock mines at Virginia city
In 1879, too, Germany put up golc
standard, which threw $4OO,O0O,OOO il
silver on the world. This, together
with the discussion of the monetary
question in the States and elsewhere
has carried silver steadily down.
Silver men argue that the demone
tization of silver has increased The
value of gold, or reduced the price o
; products. Some things would seem t.
bear this out. Bonds, contracts anC
deferred claims, they claim, are doub
y, ly burdensome, as twice as much pro
: ducts will have to he raised. More
will have to be paid than has been re
ceived.
The other side, the gold men, sa.
Every well, if other nations will do il
it will be all right They say the ali
sorpton of gold by other nations ca
not be more than $25,000,000 per an
mum. Gold is so superior to silve
a that it Commands its own way. Me-
/ and nations prefer it. The movemen
h in England against silver has not gon
on clandestinely. 1t has been oper
s. and was the outcome of the likes an
- dislikes of the people. If all Europea
y nations were bimetallists, free coin
:. age would be all right. But wit
England and all Europe single stand
ard, what would be the consequences
man could buy all the silver bul
lion he desired in Europe and coin
into money. This would drive all tn
gold money out of the country. Ere
coinage at present would so intercep
gold contracts as to produce the great
: est financial crisis in the United State
the world has ever seen.
Coming down to his own opinion tn