Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-12-19
REPORT ON
HAWAIIAN COINAGE
CONTINUED from Page ~

silver and offered one-eights OF / per
cent premium for gold"
Situation Not Safe.
This situation, however, is neither
safe nor satisfactory. as a territory of
the United States, our circulating med
ium should be uniform with the cur
rency of the Mainland and should be
a U. 8. legal tender, particularly as no
monetary disturbance would result
from the change; our coins being of
the same denominations. weight and
fineness as the U. S. coins, and, as
above stated, circulating together with
them at par. On the other hand,
without U. s. legal value behind them |
conditions are apt to arise at any time |
to interfere with the circulation Of our |
Hawaiian coins and cause serious |
financial disturbance and loss, special |
ly affecting the laboring classes Of the |
Territory. who could Ill afford It,"
Bank Can't Reserve.
We beg to refer you to the letter OF
ment in Washington, on this subject,
As stated by him, Hawaiian silver IL
taken In large amounts by the island
post Offices in payment Of money ord
ers, the coin is shipped to Honolulu
and deposited with the Government de-
pository, the First National Bank.
| This Hawaiian silver the bank can not
count as reserve. neither can II be
shipped by any one to the mainland
and used for credit in account. For
these reasons It might accumulate TO
such an. extent as to cause serious in
convenience; in fact. II from any
cause a general demand should be
made for U. S. legal tender and the
Hawaiian silver refused, II would be
impossible for the banks to find an
outlet and continue TO maintain its
parity with gold. not for want Of a de-
mand in circulation. but simply because
il is not a legal tender. We would
custom house Of this city will not re-
ceive the Hawaiian silver in payment
Of duties, thus causing inconvenience
to the business community"
"As remedy for this dangerous and
unsatisfactory situation we would urge
the prompt passage by Congress OF
the Act introduced at last session, re-
lating to Hawaiian silver coinage and
silver certificates: S. 2210. which is
satisfactory and meets the require
ments of this Territory. Our coins are
In good order and have suffered but lit
tie abrasion, and the cost Of transpor-
tation and recoinage into U. S. silver
would be small to the Federal Govern
ment."
The Amount In Use.
I'VE estimate that there is now left
In circulation OF the original coinage
of s., 100000, say 100000 in Hawaiian
coin: the dimes having entirely dis
appeared"
There is at present considerable
amount OF U. S. silver In this terri
tory, but which alone is not suffcient
, for our requirements, and the RECON-
age of the Hawaiian into U. s. coin
: and return Of the same for circulation
in the Territory is necessary, and
would, In our opinion. result in an in
creased demand for silver coin"
, Silver Certificates.
With reference TO the Hawaiian sill
yer certificates. which. at one time cir
culated on these Islands to the extent
, OF some 100000. and were secured by
deposit of like amount of Hawaiian
silver coin in the treasury: These
, certificates have now practically all
been presented for redemption and
! have been retired and, consequently,
do not in any way enter into the con-
/ sideration OF our currency question
} U. s. notes are being used in this ter
! ritory to some extent and will, nc
} doubt. gradually increase in circulation
, and meet any demand for paper cur
D rency.
I Respectfully submitted,
+ (Sig.)
f. /. SPALDING, #t
CHARLES NJ. COOKE,
CECIL BROWN