New-York tribune., 1890-05-28
FOR AN INTERNATIONAL AMERICAN BANK
THE PRESIDENT AND THE SECRETARY OF STATE
REFER THE PLAN TO CONGRESS.

Washington. May 27.-The following message was
ransmittcd TO Congress to-day by the President
transmit herewith letter from the secretary o..
state nclosng report adopted by the international
American Conference, recently IN session at this
cantal recommending the establishment Of an inter
national American bank with it, principal Offices In
the city OF New York, and branches In the commercial
centres Of the several other American Republics.
The advantages OF such an Institution 70 tne
merchants Of the United states; engaged IN tre WIN
Central and South America. and the purposes INTENDED
to be accomplished are fully set forth In tpe letter
of the Secretary OF state and the accompanying Re-
mort 1t is not proposed to involve the United states
in any financial sponsibilty but only 10 give 10
the proposed bank corporate iranciuSc ana - pro
and transactions shall be submitted to scrutiny
similar to that which Is now eXercKed over our
The subject IS submitted for the consideration Of
Congress in the belief that will BE- found possible 70
TO avoid all Just criticism. BENJAMIN HAERlSON'
In his letter to the President secretary Blaine says
The foreign commerce Of the nations south OF the
Cuff of Mexico and the RIO 'rande amounts NJ ,a annuny ~
than 81 100 100000. At present tic people OF
the United states enjoy only mcagre snare Oh tiis
market but the action OF the recent Ogniefeuce VII
result, believe In the removal OF certain Op'Ia'tS
which now tend 10 ob-truct the expansion oi our tc
one Of the most scriOns Of these Obstacles Is the
absence OF stem OF direct exchange ana credit Dy
reason OF which the exporting and importing merchants
OF the United states engaged in commerce with central
and south America have been c0HpcIIci - pay inc
bankers Of London a tax upon every TRANSACTION;
Last year our commerce with the coun'rc, SUN OF
merchandise were valued AT 9l-l ,05' 900. and the
import, Of specie and bullion were 81 .236.7ol while
9as .i9i ana - 6Gs 40 in specie aud bullion. OF
the merchandise imported into the tinted states, inc
greater part was paid for by remlttll',s u Lonaon
and the cities Of the Continent 70 cover drafts AGAINST
European letters Of credit. For the use OF these
tomarilv paid that the European banks enjoyed a
large prot upon our hmIlncSs Wi'H lni" n o, %.
merchant, in interest and difference. IN cAchangr a.
ven in cGmm'2n' M Ion g,f 9SSe Of %H an ntdr Ge
national stem OF banking between the American re
puhlcs. -, - - ,.s.
upon the bankers of Europe In their financial tranNac
zion, " lth their American nelShoi- a. tlcy are upon
hc shpovucrs II Great Britain for transportation IA
riltlc. and will ccutinuc Ia labor under these ON
-.mcrt- until direct banking 81 stems arr c,t1b
ushcd The report of the committee foi the Pan
american conference presents a simple and easy
mcthod of relief and the ena' imcnt oi me measure
recommended will IN the judgment of the conference
,,suii in the establishment Of proper facilities for
iutcr. American banking
A bill has been prepared At tho state Department
,o carry into effect the recommendations Of the com
mittcc. The bill desisuates the United states dele
gates 10 tho IanAmcricau Conference commission to
receive subscription, To- the capital stock of The In
,ernationaI American Bank books for which pur-
roso NAV be- opened in Washington. New York and
such other principal cities IN the American Republics
A. tho commissioners NAY think proper. Is soon As
10000 share. subscribed the subscribers shan have
the usual powers - organize the corporation. Nuch
shall have the same privileges now enjoyed BY banks
generally. u, acquisition ~ real estate" however !" De
limited 10 - per cent ol the capital stock paid I'm.
The CORPORATION NAY be designated by tho secretary
Of the Treasury a, dcTostary Of public money and
may be employed A. . financial agent Of the Govern.
mcnt The principal oiicc shall bc IN Washington
Or New lol Cliy. but the company ha> power Z" open
branch Offices n the United state. Mexico. Hpuu
and Central America. The capital stock l' hN"d A.
10000 600. IN -ioO shares which may be- increased
hy a two thirds vote 10 not exceeding 7-1ou"pop
u.u"-- mhy bc begun a, soon 90, - per cent "i tnc
subscriptions -all have been paid l DO td~h hAt Al
least :JOOO.OOO Wrst Pc paid lu within two years.
The boird Of d.rcctqrs shall consist of twenty-five
persons. not lc-- thah fifteen io boz citcn' oi the
uiicd states. 40 person shall br director VINO
doe, not 80 shlrcs 81 stock. Tho nr-t meeting
for organization rs to be- pursuant 20 call ISSUED by
The commissioners. after which the commis,oners'
dliy shall cease. stockholders ar" made liable I"
tho amount - ilrr subscriptions, but no more. The
corporation shall lr semi annually with tie secretary
of The Treasury report ~ lt- financial condition and
It's Affair shall AZ all tucs be open 10 examination oi
orc"i- ~ the Treasury Department. Provision is
made for the appointment % rc"Fcr for the corpora
ilou and the Winding up of it, aNtirs tn oaee rs
capital stock is impaired moro than 20 pcr cont ~ me
amount ~ the capital stock actually paid ~ and the
directors fail 10 make such impairment good