The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1897-05-11
A DECEASED METAL
J. nj. Horner So Dubs Sill
yer in Circulation.
An Honest Administration of Pub
lie Money Would Pre-
vent PaniCS

MR.. EDITOR:-I observe in your issue
OF April 6th, wishes expressed by Homo
lulu merchants for more small change
silver certificates-as silver is too bulky
and gold too scarce for convenient
change. l must express belief, that the
people of Honolulu only are to blame
for the poor quality and deficient supply
of small change.
Some years ago an honest effort was
made to increase the usefulness of our
present bank, making it a blessing to
the Government instead of burden as
it is at present. And making it a bless
ing to all the people as IL is now to the
few, but the people of Honolulu caused
the defeat of the measure. A few years
before that, we had million dollars of
full legal tender silver money worth just
as much as SO many gold dollars for
home use. But the people of Honolulu
had IL Shorn of its power like Sampson
lature would not have turned that million
dollars of money into bullion had not
the people of Honolulu so elected. AS
we make our beds, etc. Now there is
but little gold among customers. So
small traders are compelled to accept
this demonstrated bullion for their goods,
or no sale. Can it be possible traders
prefer this debased silver bullion that
will neither pay tariffs, taxes or debts
above ten dollars, to its former full legal
tender debt paying power. 1 can't be-
lieve it.
No public complaint is heard as to its
to give small silver certificates in ex-
change for the bullion. 1t ought to be
accorded. As it would be a convenience,
having the same value without its incon-
venient bulk.
If the project for increasing the useful
ness of cur bank had carried, there would
have been plenty of l, 2, and 10 dollar
full legal tender Government gold notes
to make change instead of the illegal
tender bullion or its representative GER
1 advisedly say gold notes as
United States gold coin was to be our
standard value under that Act.
And as no money could be loaned by
the bank then, any more than it can
now, only by its being secured by Govern
ment bonds or real estate, and their
value estimated, and valued according TO
the established gold coin standard.
Thus all the securities must be ascer-
tanned to be worth more in gold coin
than the face value of the money loaned
SO no depreciation could have taken
place in these Government notes, any
more than mans note could be de-
preciated when secured by property
with more in gold coin than the face
value of his note.
Had that improvement been made in
our bank. the merchants would have had
ample change and of a better quality
han silver bullion, and the Government,
ere this, would have been receiving in
terest yearly on at least one million
dollars, and been relieved of the humili-
alton of borrowing any money outside of
this, the peoples bank.
Now its nose is to the grind stone and
It will be pressed there more firmly as
the years go by, and the burden of debt
piled higher and higher upon the people
with no relief in sight. The goose that
would have laid the golden eggs for it,
was killed four years ago. So instead
Of the Government, with all its people
money power as it would and should
have been, it takes a back seat and
accords that title to few of it's people.
Such are the historical accounts of most,
4 not all, civilized governments The
present money affiiction and hard times
the people of the United States are now
passing through; has forced a financial
loss upon them by depreciation of prop
erty anu otherwise, estimated to be Is
billion dollars.
The figures are staggering in their i'm
nensity. They represent a loss approx
mating one-fifth of all the prosperity of
that country as it existed eight years
ago, greater sum than the entire
wealth of many of the governments of
he world. sum 149 times greater than
all the wealth of these Islands, wiped
system of that country, which has been
running now 120 years, with money
famine, business depression and money
2anics every few years during the time.
Still they refuse to change, when they
1now from past experience dearly bought
hat If the present money system is con-
tinued. a similar loss and affiiction to
the one they are now suffering must
overtake them every few years.
Having passed through several money
iuries. and money panics in the United
States, seen their effects upon the people
and having investigated their cause and
remedy, l unhestitatingly affirm with no
fear that 1 can be answered, that a
public money, a money of the people,
by the people, for the poole, money
'reated, owned and loaned by the people
through their legally authorized agents
would prevent all money panics, and of
course. save the loss and suffering in
sendered by them.
The fact Is, no money famine or money
oanic could possibly occur in any coun-
try with an honest administration of
public money. j. III. HORNER.