Mr. Daggett to Mr. Frelinghuysen.
Honolulu, February 28, 1885. (Received March 16.)
Sir: Considerable dissatisfaction having risen from the inability of the Government to at once redeem in gold, as provided by law, its outstanding certificates, amounting to about $550,000, an official declaration was made public yesterday, announcing that an amount of Hawaiian silver equal to the face of the outstanding certificates, with an addition of 16 per centum to bring the deposit up to a commercial equivalence with gold, will be retained in the treasury as security for the redemption of the certificates in the manner provided by law. It is further announced that the whole question of restoring a proper equilibrium between gold and silver in the Kingdom will be submitted to the next Legislative Assembly.
These assurances should, and doubtless will, restore popular confidence in the outstanding gold certificates of the Government.
Very respectfully, &c.,