The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-02-28
CASH RESOURCES.

not be any profitable discussion Of the
in the Treasury and the business of
the country There is no provision of
law which requires a return to any
government Office OF the amount of
coin held by individuals or banks. We
all know that the government coined
and partially issued 81 ,000,0 900 in sill
yer. Beyond the knowledge OF this
fact there seems TO be only vague spec
ulation as to the amount of coin or
currency here. Minister Damon be-
lieves that it reaches nearly $4,000, 900.
If he knows the amounts carried by
the three banks, and the mercantile
houses which are in some respects,
banking houses, his opinion is of great
value. Even if he does not know these
amounts, his opinion is Of value.
The financial statement issued from
Washington by the director of the
Mint in 1898, estimated the amount OF
gold coin in Hawaii at $1,000, 900 and
the silver coin at 100000. How he
obtained reliable data cannot be read
lily explained, because, so far as we
g1now, NO account is kept, and perhaps
cannot be kept, of the Outgo of gold
coin to Asia If there are $4,000 alien
laborers RENTING home annually $40
each on the average, the total of these
remittances would be S1,000,000 per
yeah. But any estimate Of this outgo
us largely speculative. II is however
large.
Minister Damon's financial report
places the importation of specie in the
year 1897 at 81 ,155,575. That amount
may not be more than sufficient to
meet the Asiatic drain. On the other
hand, part of this Asiatic drain may
be met by bills of exchange on the
United States where during the last
year, for instance, there was credited
to these Islands about $4,000, 900, the
price of the sugar crop. The amount
of exchange ON the United States,
bought on behalf of the Asiatics, has
not been authoritatively stated, and
lis probably not accurately known
The data, therefore, for any instruc-
tive discussion is largely wanting.
The financial situation here is singular
and puzzles a foreign banker. Incl
dentally it may be said, that with an
enormous amount of money credited
to the Islands in the Mainland, eX-
change should be at a discount. But
it is at premium.
We stated in Saturdays issue, that
the locking UP by Federal treasury OF
$3.50, 900, 900, which was about eighteen
per cent of the total currency in circu-
lation in the United States, produced
an alarming stringency, a few years
ago If there is, as Minister Damon
says, about s5,OOO,O0O of coin in the
country, eighteen per cent. of that
amount would be 100000, which is not
far from the amount now locked up
in our own Territorial treasury,
,tS -
We repeat our remarks an Satur-
days issue that so long as credit is
good, and there is a rising market in
there is no occasion for alarm But
while we are in the clouds of pros
perity, due to the tariff laws CT Con-
gress, and not due to any general
economic law. it is we'll to touch the
earth occasionally and get our bear
ings. We have here nearly 10000, 900
of local securities, perhaps more, and
we have, if MIR. Damon is correct, about
$4,000 900 of cash to back them. This
proportion may be sufficient, but 1t is
worth while to give it some study.
The director Of the Mint publishes
a most interesting table, which gives
the amount of money, per capita, in
circulation in different countries. We
quote a few of them;
United States, per capita. ...... S23. 20
Great Britain, per capita. $500. 1868
France ................, ........ of'oe
Australia .........-....... o1.o-
STRAITS Settlements (silver) 49,. 63.6S
Hawaii Observation-Disclosures. 5000
On gold basis the amount per cap
ita in the Straits Settlement would
be about SOL If the estimate made by
the director, of the coin currency in
Hawaii, is correct, namely, $4,000, 900
it appears that in these Islands there
is the largest circulation, per capita
in the world, If the Asiatic population
10 dadJ-ot hacanSe if is alien an(