Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1890-06-06
INTERNATIONAL BANKING.
The Proposition AS Agreed Upon by the
Pan-American Conference.

II Proposition AS Agreed Upon by tho
Pan-American Conference.
The president has transmitted to con-
gress a letter from the secretary of state
lncloslng the report of the international
American conference on the international
American bank scheme. In his letter the
president says it is not proposed to involve
the United States in any financial respon-
sibllity, but only to give to the proposed
bank a corporate franchise and to promote
public confidence by requiring hat it's
condition and transaction be submitted to
a scrutiny similarto that exercised over our
domestic banking system. The subject is
submitted for the consideration of congress
IN the belief that it will be found posi-
Die to promote the end desired by legisla-
ton so guided as to astound all lust criti-
cism.
In bis letter to the president Secretary
Blame sets forth the advantages to be de-
rived from such a project and says in part:
"Ihe merchants of this country are as de-
pendent upon the bankers of Europe in
their financial transactions with their
American neighbors as they are upon the
ship owners of Great Britain for trans
portation facilities and will continue to
labor under those embarrassments until
direct banking systms are established.
Ihe report OF the committee of the Pan
American conference presents a simple
and easy method of relief, and the enact
ment OF the measure recommended will,
In the judgment of the conference, result
IN the establishment of proper facilities
for inter-American banking"
A bill has been prepared in the state de-
partment to carry into effect the recon-
mendations of the committee. The bill
~deslgnates the United States delegates to
the pan-American conference as commits
sloners to receive subscriptions to the cap
ltal stock of The International American
bank, the books for which purpose may
be opened in Washington, New York and
other principal cities in the American re-
publics. As soon as $4,000 shares are
subscribed the subscribers shall have the
usual powers to organize q corporation,
which shall have the same privileges now
enjoyed by banks generally. IT'S acquisition
OF real estate, however, is limited to Is per
cent. Of the capital stock paid in.
The corporation may be designated by the
secretary OF the treasury as a depository Of
public money, and may be employed as a
financial agent ofthe government. The prin-
cipal Office shall be in Washington or New
York, with power to open branch Offices in
the United States. Mexico, and South and
Central America. The capital stock is
fixed at $40, 600. 900, in 800 shares, which
may be increased by a two-thirds vote to a
sum not exceeding $25, 900, 900. Business
may be begun as soon as 25 per cent of
subscription is paid in in cash; but
at least $5,0OO,o 900 must be paid in
within two years. The board of di-
%rectors is to consist of twenty five persons,
not less than fifteen to be citizens of the
United States. Stockholders are made
liable to the amount of their subscriptions,
but no more. The corporation shall file,
ssmi-annually, with the secretary of the
treasury q report Of their financial condi-
sion, and their affairs shail at all times be
open 20 examination by officers of the
treasury department. Provision is made
for the appointment of a receiver and the
winding up of affairs in case the capita
stock is impaired more than 20 per cent. Of
the amount of the capital stock actually
paid in, and the directors fail to make such
impairment good.