The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-03-24
COIN ON HAND.

In reachi~g an estimate Of the
amount of coin now in the Islands,
the data furnished by the sugar plan
haaions is very suggestive.
There are now, on a fair estimate,
35 900 Asiat.cs employed on the plan
tations. The average number for the
year 1897 was 23,O47 OF these, 1924
were Asiatics who received wages, and
RENTED nome part Of these wages.
Aside from these, out of the remain
ing 10000 Asiatics residing here, and
receiving more or less wages in other
occupations, there should be, on a fair
estimate, 10000 who remit home more
or less money every year.
If the $4,000 engaged ON the planta
tons In 1897 received s195 each, dur
ing the year, the sum total received
exceeded $3,OOO,OOO. But that is PROB
ably far below what was paid for labor
in making a crop which sold for S15,-
O00, 900. If one-half of this sum was re-
united home, the amount would be ST.
amount as the remittances of the other
10000 Asiatic wage earners? II each
RENTED $50, the total amount would
be S1,500,000 This estimate assumes
RENTED nothing. keeping in mind
that these estimates must be, from
the nature of the case, Of the most
general character, it may be said that
the AAsiatics RENTED home, or buried
here, or took out of circulation, about
$4,000 900 of coin in the year 1898. The
Collector General of Customs states in
his report for the year 1898 that coin
of the value of $1,2S2,07572 was i'm
ported into the Islands. There was
therefore an apparent difference be-
tweer the income and outgo of coin
amounting to about $1700,00O. The
estimates of the remittances of the
Asiatics may, however, be largely re-
duced, and there will still remain a
much larger outgo than income of coin.
If similar estimates are made Of the
remittances OF coin to Asia, and the
income of coin from abroad, for some
years previous to 1898, there will APP
pear a like excess of outgo of coin over
income.
We have no desire whatever to sus-
tain any theory on the subject. But
it is not unreasonable to suggest that
intelligent men here should unite in
ascertaining what our financial con-
dition is. Is it wise to follow the ex-
ample of the Hoosier blacksmith who
declared that, them government re-
ports about trade cost a heap of mon
ey, and didn't bring him cent?"
The recent estimate by several
bankers, that the coin in the Islands
amounted to nearly $5,OOO000, is not
sustained by this estimate of the out
20 of coin to Asia How much coin dc
the banks hold to-day?
No one conversant with financial
history will dispute the fact that {
small amount of coin is quite suffi
Gent to supply the needs of the com
munity, provided it is rapidly turned
over" as the traders say. Checks ant
drafts are as good and even bette
than coin, in ordinary transactions.
But the one great ugly threatening
question before all financiers is, wha
shall be done when men want the yalu
OF their securities in coin, and not il
paper or drafts or credits?
The old hands at booming town lot
find no difficulty in raising prices, eve
il money is scarce, because, while con
fidence prevails, credit is the eQuiva
lent of cash. When the desire for re
alization begins coin only is in de
mand From this point of view tn
amount of coin in the Islands is a
important factor in our commerce.
affairs.
AT the same time the transfer {
our plantation interests to San Fran
cisco may entirely change the preser
situation.