The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-05-28
international American Bank Scheme

WASHINGTON, May 27.-The President TODAY
transmitted 10 Congress letter from the score
tary of state, enclosing the report OF the Inter
national American conference on an interpa.
tional American bank scheme. In the letter
the President says it is not proposed to involve
the United States in any financial responsibility
but only to give to the proposed bank a corpo-
rate franchise and promote public confidence
Dy requiring It's condition and transactions to
De submitted TO scrutiny, similar to that exer-
clSed over our domestic banking system The
subject is submitted for the Consideration of
Congress In the belief that it will be found pos
slble to promote the end desired by legislation
SO guided as 10 avoid all just criticism
In the letter TO the President, Secretary
Blame sets forth the advantage to be derived
from such a project and says In part that the
merchants OF this country are as dependent
upon the bankers of Europe in their financial
transactions with their American neighbors as
Lney are upon the ship owners of Great Britain
for transportation facilities and will continue to
labor under those embarraSsments un til direct
banking systems are established. The report
OF the committee of the Pan-Amercan confer
ence, presents simple and easy method of re-
Lei, and the enactment of the measure recon-
mended Will, in the judgment of the conference
result IN the establishment of proper
facllltleS Tor 1Dter-American banking The
bill mas been prepared at the state department
10 carry into effect the recommendations of tine
committee. The bill designated the United
States delegates to the Pan-American confer
ence commissioners to receive subscrinfions tn
the capital stock OF the International American
pank, olnces Tor which purpose may be opened
IN washington, New York and other principal
eltieS In the American republic As soon as
5OOOO SHARES are subscribed subscribers shall
nave the usual powers to organize a corpora
tlon, which shall have the same privileges now
enjoyed by banks generally It's acquisition OF
real estate, however, limited to ID per cent.
OF the capital stock paid in. The corporation
may be designated by the secretary of the
treasury as deposltary for public money and
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government. The principal Offices Shall be i'm
Washington or New York with mower
TO open branch Offices in the United
States, Mexico South and Central
America. The capital stock is fixed to
Sl0.0JuOeO IN 500 shares, which may be increased
by tWo-thlrdS vote to not exceeding S25 OOO0O
BUSINESS may be begun as soon as % per cent
of the subscription is had in cash. but at least
50 100000 must be paid Within two years. The
board of directors shall 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 corporators shall file senli-annually
with the secretary of the treasury a report of
the financial condition, and its affairs shall at
ali times be open TO the examination of the Off
GERS of the treasury department Provisions
are made for the appointment of u receiver and
The winding up of Its affairs in case the canital
stock IS impaired mere than 20 per cent of the
capital stock actually paid in and the directors
fall to make such impairment good
The Senate committee on finance to-day de-
clded to consider the tariff bill in full commit
iee. 1t is believed hearings will be given. If so
the session will be materially prolonged. The
OIL may be reported to the Senate by July l.