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'piin UNDERSIGNED have formed
X u copartnership under the Aim
nnmr of " RPItECKELS & Co." for the
puiposoof oairying on u general bank
ingiind exclmngo business ul Honolulu,
and such other places in the Hawaiian
Kingdom as may be deemed advisable
(Signed) OLAUS SPRECKKLS
" Wm O.IRWIN.
" V. F. LOW.
Honolulu, Jan. 1-Uh, 1881.
Kefenlng to the above ucbog to in
foim the business public that we are
prepared to make loans, discount approv
cd notes, and purchase c.c'hango at the
host curient lates. Our arrangements
for selling evohungc on the piincipal
points in the United Stutca, Europe,
Clilna, Japan and Australia ate being
made, and when perfected, due notice
will be given. Wo shall also bo prepared
to receive deposits on open account,
make collections, and conduct a general
blinking and exchanee business.
C10 3mb (signed) SPRECKELS & Co.
BISHOP & Co., BANKERS,
Honolulu, Hawaiian Islands.
Draw Exchange on the
Himlc oi C'ulii'oruiu, $. I"".
And their agents in
NEW YORK, BOSTON, HONG KONG.
Messrs. N. M. Rothschild & Son, London.
The Commercial Hank Co., of Sydney,
The Commercial Hank Co., of Sydney,
The Bank of New Zealand: Auckland,
Clnistchurch, and Wellington.
The Bank of British Columbia, Vic
torla, H. C. and Portland, Or.
Transact aJGcncral Banking Business.
Gill) ly b
TIIK DAILY BUIiL.ETIX,
can be had from
J. M. O.tt, Jr., & Co Merchant st.
T. G. Thrum Merchant st.
Pledged to neither Beet nor Party,
Bat establish cd for the enefit of all.
SATURDAY. JULY 12, 1884.
THIS EVENINC'S DOINGS.
Concert, Kawaiahao Church, 7:30
D i awing Class, Y. M. C. A. 7:30
Gospel Temperance Meeting at
Bethel, at 7:30.
Casino at the Park, open all day.
Bethel Sunday School, at 9 :45.
Fort St. Church S. S. at 9 :45.
St. Andrew's Cathedral S. S. 10.
Bethel, Service, at 11.
St. Andrews' Cathedral, service,
morning and evening.
Fort St. Church, service, morning
Prayer Meeting Y. M. G. A.,
Bible Class at Fort St. Church
Vestry, at 6:15
A powder magazine for the regions
down below is longed for by the
residents there as much as a bank to
issue paper money is wanted by the
people of this country. "We do not
mean that Subjects of Pinto could
not be found who would gladly strike
a bonanza on powder magazines,
even if the general introduction of
that article were a trifle risky for
for their fellow-shades. There are
undoubtedly those here who wish to
show this country how money can
be made by issuing bank-notes, but
this country does not, wish to go to
school to them. The lesson of bank
failures, of the defalcations and
other frauds of hank presidents and
cashieis can be learned from the
United States as well by our own
THE PART OF THE APPROPRIATION
BILL THAT WAS LEFT OUT.
The following are the items which
the Cabinet omitted from their
estimates, in order to obtain a tem
porary cheap popularity for
Road damages $ 00,000
Road Taxes (district) 11 0.0D0
Oahu Jnil extension 50,000
Purchase of Honolulu Hale and
DJmond Head ". 110,000
New Government Buildings and
Encouragement of lallroads.. . . !550,000
Honolulu Water AVork 200,000
Roads and Bridges 100,000
Tug, & Stinr. Launch 150,000
MR. SPREGKLES AND THE CURRENCY.
Mr. Spreckles does not beliove
that silver has anything to do with
the price of exchange, and is afraid
that meddling with the currency will
cause a panic. . He says that he is
as true as steel, and does not want
to hurt any one.
Now-JRfr. Spreckles, your inten
tions may bis good, but actions
speak louder than worlds.
If you will pay over tothisgovern
fraentftthp difference between the
actual value and the face value of the
Kalakatia money, which you have
pocketed, you will then be in a bet
ter position to talk about the silver
question. If you think silver is as
good as gold, wc suggest that you
exchange your government, U. S.
gold bonds for Kalakatia silver bonds.
You say one is as good as the other.
Practice what 3ou preach, and show
the public you mean what you hay.
THE MINISTRY" DROUClirfO SHAME.
.The King's speech contained the
blatcmcnt that the estimated expen
ditures were less than the estimated
receipts for the coming period. The
Ministciial organ gloried over it,
and cited it as evidence of their
economy and patriotism. But now
the whole miserable deception has
been exposed. The cabinet reported
to the.liousc at the begining of the
Legislature, that the estimated re
ceipts were $2,33G,870 and expen
This line appealing result was
obtained by simply leaving out largo
and absolutely necessary items. The
House refused to go on with the
Appropriation Bill until these esti
mates were laid bcfoie the house,
and yesterday the' were presented.
And what a showing !
They had left out of their pub
lished report of estimated expendi
tures, items to the amount of
81,500,900. So that in fact the
Appropriation Bill which this cabinet
brings forward and thejamount which
they propose to spend is $3,772,748,
or $1, -135, 873 in excess of the
This in the face of the fact that
there will be a decrease in the receipts,
and in face of the fact that out debt
increased $800,000 last year.
mr. spREciaES "and The banking
In pursuance of a lcqucst from
Mr. Spreckles the chamber of com
merce met last night to hear his
views upon the subject of banking.
Nothing however was said about
banking at the meeting, and thc re
sult was .simply a discourse by Mr.
Sprcckels upon the silver question.
All that the community knows about
Mr. Spreckles' ideas on banking has
been learned thiough the Bank
Mr. S. now says that he had no
idea the Bunk Charter was so bad,
and that he had never road it over
We aie glad to know that he
sinned through ignorance, but hav
ing discovered the error of his wa3'S
he will no doubt discountenance any
attempt to pass a general law con
taining any of the objectionable
features of the former bill.
So far so good. He never in
tended any harm by the first bill,
now let us see what he does mean.
Bring on your new Bank Bill.
HAWAIIAN ENDOWMENT ASSOCIATION.
L. Aholo is playing cat to some
bodys monkey, and from the looks
of things, the monkey would about
lit W. M. Gibson's clothes.
Under the above title a bill to
charter a lottery with a $2,000,000
capital was this morning presented
to the House by L. Aholo.
The incorporators are Dr. Trous
seau, Jno. Cummings and J. M.
Davidson of Honolulu, Charles Wil
liams of New York, and J S. Robert
son of San Francisco. It is to Le
chartered for 50 yeais and $150,000
aycar paid toward thesupportof lepers
in lieu of taxes, and licenses. The
King and privy council arc liberally
sprinkled through it, and the com
missioners in charge are to recivc a
salary of $G,000 a, year.
On a motion to reject the bill, the
Ministry voted in favor of it, and it
was made a party question with the
exception of Mackfarlane and Walker
who voted against it, and F. Brown,
who voted in favor of it.
Have we at last got down so low
that the Government has to be
supported by the Bankrupt South
American and Cuban plan?
THE CAUSE OF HIGH EXCHANGE.
The subject of exchange, like
leprosy, will' not die for talking. It
is with us to-day a live question,
and one which has come to stay, un
less action, and that prompt and
decided action is taken.
The Minister of Finance and Mr.
Sprcckels say that the introduction
of the Sprcckels' coin has nothing
to do with exchange; and those
who toast their toes at Mr. Spreck-
els' flro, take their cue and shout
glory to the Kalakatia dollar and
confusion to the opposition.
That the introduction of the
Sprcckels' c,oin is the cause of the
rise in exchange is a matter of de
monstration. To lake a home illustration the
Wailuku plantation is constantly in
need of coin for the purpose of pay
ing off its workmen ; but instead of
keeping a large supply of coin on
hand, drafts arc drawn on Honolulu,
which arc cashed by the local store
keepers, as they need them for the
purpose of paying for goods which
thev receive from Honolulu. At
times the plantation does not draw
drafts enough to answer the needs
of the storekeepers ; the storekeeper
thereupon, sends his coin to Hono
lulu, the coin used in the two places
being the same, at a trilling expense
The plantation for years past has
manufactured for its own conveni
ence in making change, copper coins
stamped "one rial," which pass any
where on Maui at that value, but
arc not received in Honolulu at all.
Suppose now that the plantation
should coin not only rials, but
quarters, halves and dollars, in such
quantities that it would have sufli
cicnt coin for all its requirements,
and should draw no drafts on Hono
lulu. For a few weeks the storekeepers
would continue to ship coin to Ho
nolulu ; but soon the district would
be drained of coin current in Hono
Itilu'nnd copper plantation ooin would
have taken its place. The position
of the storekeeper would then be
this : He is taking in from his
customers a coin which passes in
Wailuku for the value stamped
upon its face, but which for pur-,
poses of shipment to Honolulu for
paying his debts there, is worth only
its actual value as copper, or only a
a fraction of its face value. What
then is he to do? There are two
courses open to him : 1st, He can
beg the plantation for drafts on
Honolulu, for which lie must pay
whatever price is asked ; 2nd, he
can get the Legislature to pass a
law that we shall have no money,
unless for small change, which is
not equally valuable in Wailuku and
Now to reply the illustration.
Irwin & Co. have always been one
of the largest drawers of drafts on
San Francisco. These drafts were
cashed by merchants here, and sent
by them to San Francisco to pay
their debts there. Irwin & Co. oc
cupy the same relative position to
the merchants of Honolulu, that
the Plantation does toward the
Wailuku storekeepers. Heretofore
Honolulu has had a coin which was
as valuable in San Francisco as it
was here. But Irwin & Co., stopped
drawing drafts on San Francisco,
Land manufactured their own coin,
Kalakatia dollars. This stoppage of
the supply of exchange obliged the
merchants to ship coin to San Fran
cisco ; this answered well enough for
a short time, but as in the Wailuku
case, the coin that was of equal value
in Honolulu and San Francisco was
soon exhausted, and the Kalaknua
money, which is good enough for
local use at its face value, but will
not be received in San Francisco ex
cept at its actual value as silver,
took its place.
Like the Wailuku storekeeper who
had debts to pay in Honolulu and
only copper to pay with, we have
debts to pay in San Francisco and
and only a depreciated silver to pay
with. The consequence is that wc
have to pay for drafts on San Fran
cisco i. e. for exclmngo, whatever
price the sholdcrs thereof choose to
The remedy-is to give us a cur
rency equally valuable in Honolulu
and San Francisco, and that is what
the currency Ijill proposes to do.
THE OCEANIC SUBSIDY.
The Committee to whom this bill
was referred have brought in two
reports, one in favor of a subsidy
and one opposed thereto.
"Your Select Committee to whom
was referred a Bill to promote mail
communicationlbetween the Hawaiian
Islands and the United States of
America, beg leave to reptfrt that
they have had the same under their
careful consideration, and would
recommend that the bill bo amended
by striking out the words "Two
Thousand," in the first and second
sections of tho bill, and inserting in
their place the words "One Thousand
Five Hundred," and that tho bill, so
amended, bo passed to engrossment.
L. Aholo, Chairman.
Jno. M. Kaim:na,
J. K. Kaunamaxo."
" The Select Committee to whom
was referred a Bill to ' Promote Mail
Communication between the Ha
waiian Islands and the United States
of America,' beg to state that they
have given the matter their careful
consideration, and report as follows :
"The bill seeks to grant in perpe
tuity to the Oceanic Steamship Co.
the sum of $48,000 per annum for
carrying the mails bi-monthly be
tween the ports of Honolulu and San
Francisco, in steamers of not less
than 1,900 tons burthen, but there
are no stipulations for the protection
of the public against high rates of
fares and freights, and no penalties
for non-compliance with the require
ments of the Act with regard to the
transportation of the mails.
"From statistics furnished by the
Minister of the Interior and Collec
tor General, wc find that the com
pany is now enjoying privileges,
which amount at the rate prescribed
by the regulations of the Port, to
the large sum of $27,8G8.40 per an
num ; and that, in addition to this,
a shed has been erected for their
accommodation at a cost to the Gov
ernment of $7,198.22.
"The loss sustained by the Port
from the diminution of the shipping
caused by the advantages acquired
by the Oceanic Steamship Co. is
quite serious. During the first four
months of 188-1 there was a falling
off of 34 sailing vessels, as compared
with the number visiting the port for
the corresponding-period of 1883, by
whicli tho direct loss to the revenue
in the way of Lights, Buoys and
Wharfage, estimating the average
tonnage of a vessel at 300 tons, is
$7,G50 per annum, every sailing
vessel visiting the Port disbursed as
pay of crew, etc., the sum of $400
at least, and this money "was all spent
amongst the retailers, cab drivers
and general dealers, and the sudden
stoppage of this source of revenue
has, of course, affected the trade of
the city unfavorably.
"These sailing vessels also spent
considerable mono' amongst the
longshore-men, market-men, black
smiths, carpenters, etc., who are all
sufferers by the present state of
affairs. Estimating the disburse
ments of a vessel at $500, which in
our opinion is a low estimate, we
find that the sum of $51,000 per
annum has been lost to the commu
nity by tho absorption of the carry
ing trade by the Oceanic Steamship
"Considering the value of the privi
leges granted to tho Oceanic Steam
ship Co., the advantages which the
company has over other vessels, the
direct and indirect loss sustained as
above stated, and last but not least,
the condition of the finances of the
country, it being evident that the
revenue of the Kingdom will hardly
be sufficient to meet the necessary
expenses of the Government for the
current biennial period, the Com
mittee cannot recommend the grant
ing of any money subsidy.
"The Committee do not sec any
advantage to the country, in passing
the Act referred to, and, therefore,
recommend the Assembly to lay it
on the table.
S. B. Doli:,
Chas. R. Bishop,
The following is the bill which
passed the House yesterday, and
will come up for third reading on
Tuesday next :
Section 1. From and after the
1st day of December, 1881, the gold
coins of tho United States of America
shall be the standard and legal tender
at their nominal valuo in tho pay
ment of all debts, public and private,
within the Kingdom.
Section 2. Tho standard silver
coins of tho United States of America
and the silver coins of tho Hawaiian
Kingdom shall be, on or after tho
1st of December, 1881, legal tender,
at their,, nominal value, for any
amount, not exceeding ten dollars in
any one payment.
Section 3. From and after tho
1st day of December, 1884,. gold
and silver coins, other than the coin
of the United States and of the -Hawaiian
Kingdom, shall bo received in
the Treasury at a late not exceeding
their bullion valuo, for Government
dues, duties and taxes.
Section 4. Whenever it shall ap
pear Unit thqic is such an excess of
silver coitis in circulation as disturbs
the equilibrium between gold and
silver coins, under the provisions of
this Act, tho Minister of Finance,
in order to restore such equilibrium
shall replace sulllcicnt silver coin
which may bo in the Trcnstny, cither
as Government realizations or on
deposit on account of any silver
' certificates, with gold coins of the
United States, in the same manner
as hereinafter provided in Sections
5, G and 7 of this Act.
Section 5. Upon the approval of
this Act tlie Minister of Finance
without delay shall give notice by
public advertisement that for sixty
days, immediately following such
notice, silver coins of all denomina
tions, excepting silver coins of the
Hawaiian Islands and of the United
Slates, will be received at the Treas
ury at their nominal value in ex
change for Hawaiian coins at their
nominal value ; and the Minister of
Finance without delay shall arrange
through advertisement for tenders,
or otherwise, for the sale of all the
silver coins which are or may be in
the Treasury now, excepting Ha
waiian silver coins, in lots of not
more than $50,000 each, and the
delivery of the proceeds of the sales
of said silver coins into the Treas
ury in gold coin of the United States.
Section G. The Minister of Fi
nance shall require of those persons
whose tenders being accepted shall
desire to remove the silver coin bid
for by them from the Treasury,
prior to the delivery of the gold
therefore, a deposit in the Treasury
of the Hawaiian Government bonds
of like amount as to the nominal
value of the silver delivered to them,
and the said bonds shall be held as
security for the delivery of he pro
ceeds of the sale of the silver coins
to the Treasury in gold coin of the
United Sates within 30 days, and
upon such delivery the bonds on de
posit shall le returned.
Section 7. The expense, cost and
loss incident to the conversion of
silver coins into the gold coins of
the United States shall be borne by
the Treasury, and the Minister of
Finance is hereby authorized-and re
quired to provide for the same, from
any monies not otherwise appropri
ated or which may hereafter be ap
propriated, and he shall render an
accurate statement of such expendi
ture in his report to the Legislative
Section 8. On and after the first
day of December, 1884j all outstand
ing silver certificates excepting the
ten dollar silver certificates on pre
sentation at the Treasury, and on
demand shall be redeemed at their
nominal value in United States gold
coin, and silver certificates so re
deemed shall be conceited by the
Registrar of public accounts.
Sec. 9. The Minister of Finance
may at his discretion receive United
States gold coin on deposit to any
amount not less than fifty dollars and
shall issue therefor certificates of
deposit of such denominations as he
shall deem to be for the public in
terest, payable to bearer on demand
without interest. The safd certi
ficates shall be signed by the Minis
ter of Finance and countersigned by
the Registrar of Public Accounts, and
the money so received in exchange
for certificates shall be held as a
special deposit to be used only for
the cancellation-of the same, and Sec
tion 479 of the Civil Code, as
amended by Chapter 41, of tho Laws
of 1874, is hereby repealed.
Sec. 10. Chapter 07 of Session
Laws of 1880, being an Act to pro
vide for a national coinage, is hereby
repealed, and Chapter 41 of Sessions
Laws of 187G, being an Act to regu
late the currency, is herebj' repealed,
this repeal to take effect on the first
day of December, 1884.
Sec. 11. This Act shall lake effect
from and after the date of its appro
val. FniDAV. ilui.y 11 Continued.
Mr. Pilipo from Printing Com
mittee reported, the
carrying of mails bctwccui Hawaii
and Snn Francisco, as printed.
Ordered to be distributed.
Mr. W. O. Smith from special
Committee on hill for prevention of
cruelty of animrls, repotted tho muno
puss after heln; slightly amended.
Report accepted and laid on table.
Consideration of the Appropi iation
Bill in Committee of the Whole, Mr.
Keau in the chair.
Mr. Knlun asked whether certain
items i cf erred back to tho Minister
of Interior to be filled in, were ready
Mr. Aholo said Ihurlh'sl item is
keeper of Royal Mousolctim $G00
and lie would move the Committee
proceed with it.
Mr. Dole said if the Minister
hasn't lud time we had bolter begin
with the Finance department.
Mr. W. O. Smith said, the simple
bucstion is whether the Minister is
ready or not.
. "AT5 t,,f rti. lliilisil. om1 li. ivnti mtiln
1. IXllllOtVl VU1IIV OULl IIU Mil.3 illltu
j'cady. The first item Road dam
ages he would place at $00,000. In
explanation tho Minister said that
Alakca and Merchant sticcts aie to
be straightened, widened and re
made. Already claims for damages
were hi to the amount of $130,000.
It is also intended to continue Queen
street to Waikiki, extend School
street, continue Liliha and Punch
bowl streets, open a new road near
Chinese Theatre, extend Kin an street,
etc., etc. lie had only mentioned
about hap? of the work contemplated.
There was also work on the other
islands under consideration.
Mr. Wilder said he could not hold
with $00,000 until an .item .for roads
and bridges was put in. We ought
to know what the budget amonuts
to, and what the revenues will be for
the next years. The estimated re
ceipts lacks $50,000 of the estimated
expenditures. If properties were
assessed 25 per. cent, less than last
year, it wouTd be all they were
worth. Plantations that had been
getting $130 a ton for their sugar
could afford to be assessed at $100,
000but it was notso to-day. If
assessed at $80,000 it was all they
were worth. I have no confidence
in the preset Ministry nor never had. .
Let us know right out what the ex
penditures are going to be, and not
have them given by piecemeal. Four
years ago this country had enough
money to pay all its obligations. To
day we are S1,000,000 in debt. Two
years from to-day it will be $2,000,
000. Let us hear what we have to vote
for. I would like my friend the Minis
ter of Interior to give a square honest
statement of what he wants and I
will support that is reasonable.
Let us commence
business from this afternoon.
Minister Gibson said, I full appre
ciate what the Hon. Noble says, it
is really time to commence business.
The indebtedness of the country is
about $800,000 and that is with
bringing new people in.
Minister Gulick there presented a
list of the items with the amounts
affixed as follows ;
Road damages .' $ 00,000
Road tax to be expended 110,000
Improvements Oahu pi ison 50,000
Pm chase of Honolulu Hale and
New Government Buildings and
Encouragement of railroads. . . . 350,000
Improving and extension of
Water woi ks 200,000
Roads and bridges 100,000
Steam tug and launch and dieilg-
ing harbor 150,000
Mr. W. O. Smith moved the item
for road damages be $5,000. He
thought it better those inprovements
should be deferred, he would like to
see them carried out but we cannot
Mr. C. Brown thought $5,000 was
too small and would move it be made
Mr. Wilder was in favor of $10,
000 as he believed the Minister had
already some obligations to meet.
Mr. Dole was also in favor of the
latter amount thinking it was quite
enoifgh to shoulder.
Mr. Kaulukou said he had sug
gested certain improvements to
roads, but that sum would not enable
them to be carried out.
Mr. C. Brown said tho Ministers
are shirking responsibility, and try
ing to put it on the House. I wish
we had tho money to make all these
improvements but we havent. We
do not yet know the policy of tho
Mr. Aholo said ho did not seo any
harm in passing the item at$GO,000.
If there is no money it cannot be
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