Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-11-22
|. TENNEY PECK, BEFORE BANKING
Committee, TALKS ON CURRENCY

is really under compulsiOn 10 use your
bank there, If it uses any bank. II
could not use a reserve bank in the
l nited States to make payments in
Hawaii.
Mr. Peck-NO, sir.
Senator Fitchcock-At least. sup
checks there
| Mr.. Peck-All OF the disbursing &C
counts, 80 Of them, are kept with the
! depository itself and not in the treas,
ury of the United States. That was
! for the convenience Of the govern.
ment
T Senator NeIson-Does the govern
ment remit the cash to you, or how
do you get it there?
Mr.. Peck think It has only re-
mitted once, in any actual currency.
Senator Hitchcock-What is the
method Of paying those bills?
Mr.. Peck-They are paid in gold
coin and silver
Senator Hitchcock-Where does the
government get the gold from?
Mr.. Peck-From the public reve-
nues. the import duties. customs and
internal revenue receipts, and also
placing the mainland credits to the
credit of the depository when there
are not sufficient local receipts to
meet the disbursements.
Senator Hitchcock-That is, the
customs and interval revenues are
paid into your bank by the govern
ment officers and then taken out by
~ H. l;,L,
ments?
Mr.. Peck-Yes
Senator Hitchcock-T government
does not ship gold to make payments
there?
Mr.. Peck-Exactly
Senator Hitehcock-Put 1t pays out
of your bank because it has a credit
in your bank from the receipt of reve-
nues?
Mr.. Peck-Yes, sir; revenues.
Senator Nelson-That belong to the
territory?
MIR. Peck-They belong to the Unit
ed States government
Senator NeIson-They do not exceed:
the customs duties and internal reve-
nues?
Mr.. Peck-Any surplus moneys and
funds are deposited elsewhere.
Senator Nelson suppose you get
exchange fyom the Pacific coast
from San yFrancisco--do you not?
Mr.. Peek-We utilize the exchange
conditions between the islands and
the mainland, and do this free of cost
to the government.
Nnlcon-TpCfao1 nf shin
ping the currency there you exchange
your credits?
Mr.. Peck-Exchang them, as far as
We are able. Occasionally actual ship
ments are made, and whenever the
revenues Ibetween steamers exceed
the Disbursements between steamers
we remit the excess deposits to The
United States. treasury. 1
4, Senator Nelson-Do the revenues of
the government that are collected by
the government there equal the dis
bursements of the government in your
islands? !
:. Mr.. Peek-Not at present.
Senator Nelson-So' there is a small /
balance that has to be sent there in
some way?
) Mr.. tPedkAQuite balance at the
present dine, senator.
Senator Reed-The question want |
to get at is this, whether the banks
cut there want to come into this sys-
tenn, or whether they want to be ex-
cepted from the bill and under some
special provision?
Mr.. Peck-Well, senator, we are the |
only national bank in Honolulu, and
on the island of Hawaii there are
other banks of lesser size.
Senator Reed-There are other
banks on the island Of Hawaii?
Mr. Peck said of lesser size. |
There are four banks on the island of
Maui.
Senator Reed-National banks?
Mr. Peck-National banks, country |
banks, located right out in small viii :
lagos.
Senator Nelson-There are four
right outside of this bank of yours. !,
as | understand it?
Mr. Peck-Yes, senator.
Senator Nelson-National banks |
New, what he wants. can see what
he wants-he wants the Bank of Ha.
vail treated just Ike these regional
banks are to be treated in respect to ,
government funds; that is, it is to be
made the depository Of government
funds there for disbursement That
Is what you desire, is it not, without
coming into the system?
Mr.. Peck am afraid 7 have not :,
made myself clear. | will state it ,
again. In legislating for the national
Canks in the continental United States
would suggest that you see to it that
he legislation in no particular unwit- /
inglv affects the present status of the
nsular national banks in Hawaii.
That is the proposition.
Senator Nelson-Where do you keep
;CIlr reserves 1T present?
Mr.. Peck-And let mo add, also, !
senator, that that has nothing to do
With the question CT whether or not
so come into the system. | would an
'Wer that On it's merits-that CUES
ion. We keep our reserve in desig
lated reserve agents with San Fran.
'iscO and New York.
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