The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1890-05-29
INTERNATIONAL BANKING.
The Proposition as Agreed
Upon by the Pan-Ameri-
a can Conference.
Submitted by the President for Its
Consideration---Sketoh Of the
Bill Prepared,
Secretary Blaine Sets Forth the Ad-
vantages TO Be Derived from
Such Project


WAsHISGTos, May ".
The president has transmitted to con-
qress letter from the secretary of state
inciosing the report of the international
American conference on the international
American bank scheme. In his letter the
president says IL is not proposed 10 involve
the United States In any financial respon-
sibility, but only to give TO the proposed
back corporate franchise and to promote
public confidence by requiring that its
condition and transaction be submitted to
scrutiny similar to that exercised over our
domestic banking system. ] he subject is
sukmitted for the consideration Of congress
In the belief that II win be found possi-
BILE to promote the end desired by legisla-
tion so guided as To- astound all just criti-
cism.
In his letter to the president Secretary
Blaine sets forth the advantages TO be de-
rived from such q project and says in part:
'.The 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
ahip owners of Great Britain for trans
portation facilities and will continue to
labor under those embarrassments until
direct banking systms are established.
The report OF the committee OF the Pan
American conference presents o simple
ana 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"
tssk kha AaNA ia
partment TO carry into effect the recon-
mendations Of the committee. The bill
designates the United States delegates to
the pan American conference as commits
sioners 10 receive subscriptions to the cap
ital stock OF The international American
bank, the ooks for which purpose NAV
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 thu
usual powers TO organize corporation
which shAil have the same privileges moe
enjoyed by hanks generally. Its acquisition
| OF real estate, however, IL limited to 10 pei
cent. of the capital stock paid in
The corporation may be designated by the
secretary of the treasury as depository OF
public money, and may be employed as 9
financial agent of the 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 steck Il
ixed ut slO, ,O00, 900, in $i00 shares, which
may be increased by q two-thirds vote 10 |
sum not exceeding S25, 100000. Business
may be begun as soon o. % per cent o
subscription is paid in in cash; bu
at least s5.0O0.O00 must be paid Ii
within two years. The board OF di
rectors is to consist of twenty Ave persons
not less than fifteen TO be citizens OF th
United States. Stockholders are mad
| liable 10 the amount of their subscriptions
but no more. The corporation shall file
semi. annually, with the secretary Of tn
treasury q report OF their financial condi
tion, and their affairs shall al all times b
open 10 exa mination by officers OF th
treasury department. Provision Is mad
for the appointment of a receiver and tn
winding mp Of affairs in case the capita
stock is impaired more than 10 per cent. o
the amount OF the capital stock aetuall
paid in, and the directors fail to make sue
impairment good.