Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-27
A STUPENDOUS JOB.

grafton lOfnDbDy-An AAnpUuent At
tempt to Establish - wildcat Bank
ing Concern.
From the Chicago Tribune.
WASHINGTON, Feb. q. - Probably
the most audacious, unblushing job be-
fore Congress at present is one which
is set forth IN the House bill No. 1,721,
introduced by Dunnell, of Minnesota,
a member of the Public Lands CON-
n1ittee, to incorporate the international
Land and Immigration Company.
Among the corporators whose names
are set forth In the bill are John VIII
son, Henry NJ. Smith, Obadiah Jack
son, B. T. Allen, William I'll. Park,
Lyman Bridges and William G. Flagg,
of Illinois; H. Garetson, Lewis Sea-
songood, Nicholas Anderson, ]. d.
Cox of Ohio; George w. Childs of
Pennsylvania; Charles Underwood, d.
Straight. T. F. Neffier and Lee Wallace
of Indiana; w. w. Crawford and III. NJ.
Roherer, of Kentucky; @. S. Gram
dali, George H. Keith, James Smith,
Jr., w. H. Kelly, Charles Elliott Fur
ness, James Smith, and j. B. Culver,
of Minnesota; w. Walker, George
Green, and William L. Stone, of Iowa;
J. w. Hoyt and John H. Hoyt, of Wis.,
consin; ]. II. Woodburn, Thomas Gros-
venor, James Craig, and Dan Able, of
Missouri; John F. Wilder, w. H. Jack
son, John Trimble, A. ]. Martin, and
E. w. Mumford, of Tennessee; George
S. Frost and H. A. Burt, of Michigan;
besides others representing South Caro-
lima, New York, Rhode Island, North
Carolina, Massachusetts,, Colorado, Ne
braska, Oregon, Maryland, the District
of Columbia, Vermont, Alabama, Geor-
gia, and West Virginia, the heavy del
egations coming, however, from the
West.
The bill only alludes to immigration
in the first sections, where the Compa-
ny is authorized to bring immigrants
into the United States without any
reference TO the United States laws.
giving them full liberty to do as they
please. This blind having been thrown
out, the bill proceeds to business, and
in the second section provides that the
Company shall have full power and au-
thority to lend money on bonds and
mortgages, as upon hypothecation of
real estate, bonds, ormOrtgages, or any
other such security for any period of
credit; and, singalarly enough, they
were sufficiently thoughtful to add, ''re-
payable by way Of annuities or other
wise" They are also authorized
to issue and sell bonds, but
the amount of the bonds outstanding
at any time shall not exceed the
amount of moneys then owing to said
company, together with the value of
any property of any kind held by said
company at any such time; and TO re-
ceive money and securities on deposit
at such rates of interest, not exceeding
lawful rates, as may be agreed upon.
The capital stock shall be 100000,
divided into shares of 500, (which cap
ital," says the bill, "may be increased
from time to time by the issue OF add
tional shares of 500, as said company
may see fit.
The fourth section provides that the
company may commence business when
the 81 100000 shall have been sub
scribed and per cent paid in. No
person may be a Director unless he
shall own at least twenty shares.
The sixth section provides that the
committee shall make an annual show
ing Of their affairs to the Secretary of
the Interior, and that the books shall
be open to the inspection. of the said
Secretary or others that he may dele
gate for the purpose at all times. The
stockholders are TO be Individually la
bic for the debts of the company to the
amount of capital unpaid on their
shares, until said shares shall be fully
paid up, and to no greater amount
The seventh section authorizes this
proposed Anglo Bengalee concern to
loan to individuals, corporations, asso-
citation, States, cities and towns, or 9TH
er bodies authorized thereto; and In any
case it shall be lawful for the borrower
TO accept the bonds of said company In
lieu of money on such loans, thus
making the company's paper a legal
currency. Further, it provides that
the bonds of the company, issued
or taken in lieu Of money shall be
voted ana OF 1ul IOTCe, nptNlJA-
standing any difference there may be be-
tween the rate of interestsssecured or
payable on such mortgage or hypothe-
cation, or any difference in the market
value thereof. The company are also
authorized to loan money on the hypo-
thecatiOn of their own bonds.
The eighth and last section provides
that dividends shall be declared semi
annually, not to exceed 10 per cent per
annum; that, if the net profits should
exceed that percentum, one-fourth of 1t
shall be retired as reserved fund, until
such reserved fund shall equal one
fourth the capital of the company, and
the remaining three-fourths shall be
divided among the stockholders. The
company is authorized to establish
branch offices all oyer the country, and
the principal Office in New York City.
A measure of this sort has no more
business before the Public Lands Com
mittee than before one ON infant bap--
tism, and yet it was referred under its
title to that committee. To-day num-
Der of the corporators who are pushing
the scheme were granted hearing by
the committee.