Objection has been taken to our figures, on the ground that there is actually mote silver in circulation than our estimate of the available amount, viz: 610473. The silver actually circulating may be assumed to be 727000, that beiug the amount of the Kalakaua coinage of one mil lion, less 273000 of it, which is on special deposit in the Treasury.
It must be noted, however, that in our estimate of what will be left when provision in gold i3 made for all the Treasury Certificates we included the loss on the conversion, which we placed at not less than 150000. All this will have to come out of the coin in circulation, and we assumed that it would be taken from the sil ver, because the figures we pre sented lead to the conclusien that there will be a rather short supply of gold to provide a circulating medium here equal in proportion to that of other countries, whilst on the other hand, if the silver in circulation is not reduced to something like the figure we named there will be an ex cess of it.
Nothing but an unreasoning scare will, in our opinion, prevent 600000 of silver coinage circulating here without loss or inconvenience to any one.
Something approaching such a scare has, however, already been created, and, in the face of popular feeling, theoretical opinions, no mat ter how soundly based, will carry but little weight.
It is not so much that silver is so very plentiful as that j old has not yet worked into circula tion.
Avery little readiness on the i part of any one to exchange gold for silver would quickly restore confi dence.
Our bankers and large firms are each afraid to move in this direc tion.
As we have already stated on Monday last, the sum of 12500 in silver was withdrawn Irom the Treasury for shipment to the other islands.
Had even this small sum been purchased from those business men who were hampered with silver and wanted gold to pay their debts with, the transaction would have gone a long way to allay the feeling of apprehension that has arisen.
An appeal is made to the Govern ment by the Chamber of Commerce to lend a helping hand.
We trust that whilst refusing to adopt the par ticular course which the Chamber in clines to recommend the Govern ment will see their way to assist the smaller class of traders, who are the people on whom the pressure is being put, to cope with the difficulty which the change in tho law has placed them in.
Matters will soon right themselves it a little helpbe now ex tended.
All to whom wages and sal aries are due are on the alert to de mand gold, and a few weeks will see gold freely in circulation.
We publish today a full y report of Mr.
Blaines speech made at Augusta, Me, after his defeat in the Presi dential election became known.
It is by no means the sort of speech we should have expected from the ex Secretary of State and the author of the volume of Twenty Years irll Congress which was published dur ing the election campaigu.
The Democratic party in the United States have often been twitted with the disposition to bring the bloody shirt into their discussion of party politics.
Here in this speech of the Republican leader we have the bloody shirt wildly flaunted, and if we could believe that what we here read were really the keynote of Re publican politics we should lok for a repetition of what followed the election of Lincoln with the parties reversed.
The aim of all the beat elements of both parties has been to sink the idea that North and South are still arrayed against one another and the tendency of all they have beeru endeavoring to do has been towards the obliteration of that too significant line of demarcation.
Blaines speech appears to be out rageously traitorous to all the best American sentiment and to the ideas of the vast majority of that great party which has made him its stand ard bearer.
Ho passes over all per sonal matters and appears to take his fate like a man, scarcely even al luding to that defection of individual members of his own party, which really caused his defeat.
But in point of fact, ho bears his defeat badly, and rails at the victorious party as at treacherous enemies, so utterly with out principle that to take up arms against them would be wholly justi fiable; and it is not the party as such that is the object of his invective, it is the Souththe South that is the red rag that makes this Republican bull bellow and stamp.
To say the least of it, it is all very bad manners and unjudicious for his own sake; to say all that arises to tho mind as one peruses the speech it Is inflam matory and decidedly mischievous.
We cannot believe that its senti ments will have the support of any large section of his party.
If they were there would be some troublous days to come for the.
Let us hope that the new President will prove himself as wise and conciliat ing and as thoroughly imbued with the spirit of genuine reform as his admirers say that he is.
It is not often that the personal prejudices of those who edit news papers is permitted to crop out in the editorial columns of the paper for which they write.
When it is done It generally betrays an ignorance of the ethics of jou ... Copyright: Library of Congress Source: http://chroniclingamerica.loc.gov/lccn/http:/-chroniclingamerica.loc.gov-lccn/sn82015418/1884-12-09/ Publication:
PACIFIC COMMERCIAL ADVERTISER (1884) Notes: Text recreated from OCR scan.