The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-28
A BANK FOR ALL AMERICA.
ONE or MR.. BLAINE'S PLANS TO I'M
PROVE OUR TRADE RELATIONS

CAPITAL ia, 600, 900, Principal Omee in New
York. and BREACHES In Leading cities OF
Central and south America-The Recon-
mendntlon oFthe Pan-Anerican Congress
wAsHNGToN May 27.-The following message
was transmitted to Congress to-day by the
| President
Il transmit herewith lettor from the Sec
| rotary OF State enclosing report ADOPTED py
the International American Conference re-
Gently In session at this capital, recommending
the establishment Of an International Amer
lean bank, with It's principal offices In the city
! OF New York and branches in the commercial
| centres Of the several other American re-
publcs.
Tho advantages Of such an institution to
the merchants OF tho United States engaged in
trade with Central and South America, and tho
purposes intended TO be accomplished. are
fully act forth I'm the letter OF the Secretary Of
State and the accompanying report 1t is not
PROPOSED to involve the United States In any
financial responsibility. but only to give to the
proposed bank q corporate franchise and to
promote ;public confidence by requiring that
Its condition and transactions shall DO sub
mitted to q scrutiny similar to that which 10
now exercised over our domestic banking sys
tenn.
" The subject IL submitted for the consider
alton OF Congress In the belief that 1t will be
found possible TO promote the end desired by
legislation so guarded as to avoid all Just crit-
clsm."
In his letter to the President. Secretary
Blaine says:
The foreign commerce OF tho nations south
OF the Gulf Of Mexico and tho Rio orande
amounts annually to more than s1.100. 100000.
At present the people Of the United states en-
Joy only meagre share Of this market: but
the action Of the recent conference will result.
l.. peieve, IN the removal Of certain obstacles
9nS mOst sSrSaS shess
epstaG1es Is the S6sSHnee Of system direct
and M al IF
IN. United States, engaged in commerce with Cen
snd % have been GSmPSe&
countries south OF us amounted 10 s3s2. 0O5,O67.
y q %S5Shah %Psrt S'd3i
specie and bullion wero 12l, 236,7 91; while our
ssSi aud In specie apd S bSlion,
or the merchandise imported into the United
to s1f apd the Rs
nent to cover drafts against European letters
OF credit. For the use Of these credits com.
customarily paid. 80 that the European banks
enjoyed large profit upon our business; with
suits in losses to our merchants In interest and
DIFFERENCES In exchange. as well as IN commits;
by the establshment Of an International sys-
tenn OF banking between the American repub-
THE merchants Of this country are as de-
pendent uron the bankers OF Europe In their
financial transactions with their American
neighbors as they are upon the shipowners Of
Great Britain for Transportation facilities. and
will continue to labor under these embarrass-
listed. The report OF the COMMITTEES tof the
Pan American QonferenceI presents a simple
Of the measure recommended viii, In the judR.
ment Of tho conferences, result IN the establish
~ RIl has been prepared at the State Depart:
States delegates to the PAN american confer
ence as Com mission to receive subscriptions
XmeFioa H'f Bans. Soofs for xhicS pqrOoss
may be opened in Wa ~ New York. and
publics as the Commissioners may think
s99n e. 10000 shSsss are sub
have The some ~, privileges now enjoyed By banks
q ne eorpoTa ~, may be DESIGNATED, By the
Sial agent Of the Government The principal .of- |
Se open the
States; Me1ieo south and Central 6 Ho Americas
vote to not exceeding 325.9006OO. business
may be- begun h az soon as 20 ne5 Gent OF the
but at least SIS. 600 900 must be paid In within |
two years. The Board OF Directors shall con- |
sist of twenty-five persons. not less than fifteen
TO be citizens OF the United States. No person |
shall be director who does not own $50 shares
Of stock. The first meeting for organization is
to be pursuant to q call issued by the Commits
siopers. after which the Commissioners duty
shall cease.
Stockholders are made liable to the amount
Of their subscriptions. but no more. The
corporation shall file semi annually with the
(nHr a n nf IN nTt nf 70
ilnancia l condition. and It's affairs shall at all
times be open to examination Of officers Of the
Treasury Department. Provision is made for
he appointment OF q receiver for the corpora
ton and the winding up Of its affairs. in case
It's capital 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 i'm
pairment good.