The Hawaiian gazette., 1900-08-28
THE GOLD
MAY STAY
Collector StackabIe's
Plan.
.OLD RULING GIVES HOPE
Importers May Deposit Sums With
United States Sub. Treasury
In San Francisco.

Collector OF Customs Stackable has
hit upon plan which Ne believes will
prevent an outpouring of the gold coin
paid as duties lie is thoroughly alive
to the financial stringency which Ia
likely to result In the next two months
IL he is compelled to ship the coin he
receives monthly to the United States
Sub-Treasury at San Francisco. The
shipments now amount to 100000 n
month, at which rate the banks and
other moneyed institutions would soon
be drained OF ready cash. .vg
.H A short time since Mr. Stackable re-
celved many old circulars from the
Treasury Department at Washington.
which are still in effect. One OF them,
signed by John Sherman. Secretary of
the Treasury, twenty-one years ago.
has special significance to financial
status In Honolulu and Mr.. Stackable
believes Is the keynote to the entire
situation. The circular in question
reads:
Circular Concerning Payment of
Duties on Imports.
1913
Department No. 6, Secretary's Of
flee, Treasury Department,
Washington, ID. c.. January q
1879.
To facilitate the payment of du-
ties on imports. the Treasurer and
the several Assistant Treasurers OF
the United States are hereby au-
thorizeA to receive deposits OF gold
coin in sums of one hundred dollars
and multipes thereof on account OF
such payments, and to issue tho
usual certificate of deposit therefor
In denominations of not less than
one hundred dollars, In the name OF
the collector or surveyor of the port
at which the duties are to be paid.
and any collector or surveyor. in
whose name the certificate Is issued,
Is hereby authorized to accept II at
par for duties on imports payable
at his port, treating the transaction
In his accounts as IL the money had
been deposited by him in the usual
manner.
JOHN SHERMAN. ,
Secretary .
This has become n serious matter in
my opinion said Mr.. Stackable yes
terday to an Advertiser reporter. II
have been working on some plan to al
leviate the financial distress occasioned
by my monthly shipments Of gold to
the Coast and feel certain that this cir
cular gives me the right to hold the
gold In this country. Take the firm of
Messrs. Hackfeld & Co. who are large
importers. According to the Interpreters
tion I place upon this circular, Hack
field & Co. may at any time deposit
with the Assistant Treasury of the
United States, at San Francisco,
through the local banks. any sum OF
payment of duties-say from $4,000 to
$4,000. The Assistant Treasurer viii
send me a certificate of deposit for the
so deposited with him. At the
same time, the Assistant Treasury win
send to Hackfeld & Co., duplicate GER
tiilcates issued in any multiple sum or
800 or more each. Whenever they need
to pay customs duties they can make
the payments with these duplicate GER
tiflcates and I will check the amounts
off against the original certificate
which 1 have on file. At the end of the
month instead of having to ship away
gold coin, all l will have to do is to
forward the duplicate checks to the
at San Francisco,
This simplifies matters not only for
the importer, but for the banks and
myself In the first place the importer
FOR example draws a check for $4,000
,or whatever the amount Isl and sends
t through his local banker. He char
ses the amount up on his books as du-
les and his bookkeeping work Is made
easier l am OF the opinion that the
n N wi GO ,,.ha Il, ha
profit. At present he Is forced to order
gold sent him by freight. These freight
bills amount to something and so does
he insurance. This win be done away
With IL my plan is carried out.
What does II save for me? Well.
lrst of all the worry of thinking that
m causing financial stringency here.
second, that l am not put to the trou-
lie OF weighing so much gold out and
eeing to 1t that 1t is not short weight.
The first shipment of gold which I
made to the Treasury was $685.
19.F. When 1t was weighed In San
1t was found to be short
weight to the extent of 500 in value. Il
lad to pay that out OF my own pocket
did not have scales then. They would
lot give me receipt for my first ship
nent OF gold until ! had made good
hat amount. Coins must be full
Weight They charge four cents a
rain OF every grain short. Gold coins
ound short weight will be stamped by
ne which will put them out OF service
Mr.. Stackable further stated that TN
err the plan thus mapped out II the in-
orter's duties do not amount to the
um 80 deposited he may pay back thu
Inference in cash from his collections.
the importers wish to avail them
elves of this opportunity they ears
lake the necessary arrangements with