Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1890-05-29
A PAN-AMERlcAN BANK.

President Harrison FavOrably IndOrses
the Project.
WASHINGTON, May 29.-The follow
ing message has been transmitted to
congress by the president:
l transmit herewith a letter from the
secretary of state inclosing a report
adopted by the international American
conference, recently in session at this cap
ital, recommending the establishment of
an international American bank with its
principal offices in the city of New York
and branches in the commercial centers of
several other American republics The
advantages of such an institution to the
merchants of the United States engaged
In trade with Central and South America,
and the purposes intended to be accom-
plished, are fully set forth in the letter of
the secretary of state and the accompany
ing report. 1t is not proposed to involve
the United States in any financial re-
sponsibility, but only to give to the pro
posed bank corporate franchise and to
promote public confidence by requiring
that it's condition and transactions shall
be submitted to a scrutiny similar to that
which is now exercised over our domestic
banking system. The subject is submit
ted for consideration of congress in the be-
lief that it will be found possible to pro-
mote the end desired by legislation so
guarded as to avoid all just criticism.
BENJAMIN HARRISON.
Its Advantages.
In his letter to the president Secretary
Blaine sets forth the advantages to be
derived from such project, and says:
"The merchants of the country are as
dependent upon the bankers of Europe
in their financial transactions with their
American neighbors as they are upon
the ship owners of Great Britain for
transportation facilities, and will con-
tinue to labor under these embarass=
ments until direct banking systems are
established. The report Of the commit
tee Of the Pan-American conference pre-
sents simple and easy method OF relief,
and the enactment Of the measure rec
commended will, in the Judgment Of the
conference, result in the establishment
of proper facilities for terA1nerican
banking"
The Bill.
A bill has been prepared at the state
department to carry into effect the
recommendations of the committee,
The bill designates the United States
delegates to the Pan-American confer
ence commissioners to receive subscrip-
tions to the capital stock of "The Inter-
national American Bank" books for
which purpose may be ope"ed in Wash
ington, New York and such other prin-
cipal cities in the American republics as
ths commissioners may think proper.
AS soon as $4,000 shares are subscribed,
the subscribers shall have the usual
powers to organize the corporation,
which shall have the same privileges
now enjoyed by banks generally, its
acquisition of real estate, however, to be
limited to 15 per cent. of the capital
stock paid in,
The corporation may be designated by
the secretary of the treasury as a deposi-
tory of public money, and may be en-
ployed as the financial agent of the gov
ernment. The principal Office shall be
in Washington or New York city, with
power to open branch Offices i'll the |
United States, Mexico South and Cen
tral America. The capital stock is fixed |
at $10, 900, 900 in 800 shares, which may |
be increased by a two-thirds vote to not |
exceeding $25, 100000 Business may be
begun as soon as 25 per cent. of the sub
scriptions shall have been paid in in
cash; but at least $3,000,000 must be |
paid in within two years. The board of |
directors shall consist of twenty-five |
persons, not less than fifteen to be citi-
gems of the United States. No person |
shall be a director who does not own |
$50 shares of stock.
The first meeting for organization is
to be pursuant to call issued by the |
commissioners, after which the COM
missioners' duty shall cease. Stockhold-
ers are made liable to the amount of |
their subscriptions, but no more. The
corporation shall file, semi-annually, |
with the secretary of the treasury, a re-
port of It's financial condition, and its |
affairs shall at all times be open to ex-
animation to officers of the treasury de- |
partment. Provision is made for the |
of a receiver for the cor
poration and the winding up of its af-
fairs in case its capital stock is impaired |
more than 20 per cent. of the amount |
of the capital stock annually paid III,
and the directors fail to make such i'm
pairment good.