The Independent. [volume] (Honolulu, H.I.) 1895-1905, 1900-08-27
THE GOLD MAY STAY.


San Francisco.
Collector OF Customs Stackable |
has hit upon q plan which he be-
liev6s will prevent an out-pouring
OF the gold coin paid as duties. He
is thoroughly alive to tho financial
stringency which is likely to result
in the next two months il he is COM
PEELED to ship the coin he receives
monthly to the United States Sub
Treasury at San Francisco. The
shipments amount to 100000 q
month, at which rate the banks and
other moneyed institutions would
soon be drained OF ready cash.
A short time since Mr.. Stackable
received many old circulars from
the Treasury Department at Wash
ington, which are still in effect. One
OF them, signed by John Sherman,
Secretary OF the Treasury, twenty
one years ago, has a special signifi
canoe to financial status in Homo.
lulu and Mr.. Stackable believes is
the keynote to the entire situation.
The circular in question reads;
Circular Concerning Payment OF
Duties on Imports.
1879.
Department No. 5, Secretary's Office,
Treasury Department, Washing
ton, d. c., January 2, 1879.
To facilitate the payment OF du-
ties on imports, the Treasurer and
the several Assistant Treasurers OF
the United States are hereby auth
orized to receive deposits OF gold in
sums of one hundred dollars and
multiples thereof on account OF
such payments, and to issue the
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 is
sued, 10 hereby authorized to accept
it at par for duties on imports pay
able at his port, treating the trans
action in his accounts as ii the money
had been deposited by him in the
usual manner.
JOHN SHERMAN,
Secretary.
This has become a serious mat
ter in my opinion" said Mr.. Stacka,
BILE to an Advertiser reporter. 81
h.ve been working on some plan to
alleviate the financial distress occa
stoned by my monthly shipments oil
gold to the Coast and feel certain
That this circular gives me the right
to hold the gold in this country
Take the firm Of Messrs, Hac1feld
g. Co., who are large importers. Ac,
cording to the Interpretation
place upon this circular, Hackfeld 6
Co. may at any time deposit with
the Assistant Treasury OF the United
States, at San Francisco, through
the local banks, any sum OF money
they are likely to need for the pay
ment OF duties-say from $4,000 tt
$4,000 The Assistant Treasure
will send me certificate Of deposi
for the amount 80 deposited will
him. At the same time the. Assist
ant Treasury will send to HackfelC
, Il Co. duplicate certificates issueC
in any multiple sum OF 500 or NOR
. each. Whenever they need to pa
| customs duties they can make tn
Payment with these duplicate Ger
, tificates and [ will check tn
amounts off against the original Ger
, titicate which | have on file. AT thu
end OF the month instead OF haviul
TO ship away gold coin, all l hav
to do is to forward the duplicat
4 checks to the Sub. Treasury at Sa
Francisco.
: "This simpli6es matters not ONLY
3 Tor the importer, but for the bank
D and myself. Iu the first place tn
importer for example draws chez
Q for $4,000 Tor whatever the amour
Q is) aud sends it through his loc'
o banker. He charges the amount u
t on his books as duties and his booh
keeping work is made easier. | Al
OF the opinion that the bankers wi
~ see wherein he realizes a profit. a
. present he is forced to order gol
. sent him by freight. These ireigt
. bills amount to something aud g
. does the insurance. This will b
! done away with il my plan is ca
! ried out.
u What does it save for met We
. first OF all the worry OF thinkin
10 II -;