New-York tribune., 1890-06-17
SOUTH AMERICAN TRADE.

The letters of our staff correspondent on the
aspects of South American trade, published on
Sunday and yesterday, have direct bearing
upon various measures proposed by the Pan
American Congress lie has quoted Mr. Rem
berg the head of a prosperous American mer-
camille house at Guayaquil, as strongly advo-
eating the establishment of New-fork bank
with branches in every large South American
mort. A bill for the organization OF such a
bank is now before Congress, having been pre-
pared in the State Department in conformity
with the report presented to the Pan-Amercan
Conference by the Committee on Banking
Mr.. Reinberg who has been largely instru-
mental in securing a great extension OF Amen-
can trade in Ecuador, is most positive III his
declaration that the substitution OF Newly orli
for London exchange would be tremendous
gain for American commerce. Banking facili-
ties are needed in order to provide an effective
means of lengthening credits, and thereby
competing with English and German mer-
chants. American merchants in Para, Rio
Montevideo, Buenos Ayres, Santiago NaIpa-
raiso and Lima have fully confirmed these
views, and wherever our staff correspondent
has been in his South American circuit the
urgent need Of American banking facilities has
been recognized. Congress ought not to allow
this important measure for the promotion OF
American trade to- be hung up in committee.
The Government will not be financially re-
sponsible for the scheme. Authority for the
organization of the enterprise alone is asked
for The capital of $40, 900 900 will readily
he subscribed in the United States and South
America.
The establishment of a steamship line on the
West Coast in accordance with the reports
presented TO the Pan-American Congress is also
strongly favored by Mr.. Renberg. Valpa-
raiso and San Francisco are the natural ter
minal points, with Iquique Callao, Guayaquil
and Panama as the main intermediate ports
The eastern seabord of Central America Is
rapidv acquiring commercial importance with
the extension of the railway system of Guata-
mala and Costa Rica, and two lines under the
American flag are needed one from New
Orleans and the other from NeW-l ork, as a
base of operations. Direct steam communca-
ton under the same flag with Cartagena and
the lower Magdeena ports Is also required
for the adequate development OF American
trade The remarkable increase of commerce
with Venezuela since the Red ID Line has been
in successful operation is practical demonstra-
ton OF the utility of direct steam communca-
ton in promoting the growth OF American
commerce. If there were similar service ol
fast steamers with the Colombian ports, with
steam tenders for the collection of freight, and
American mercantile houses at the capital and
.he principal cities, there would inevitably fol-
'ow a material increase in trade. The passage
of the Shipping Act now before Congress will
secure the establishment of steam communica-
ton on the West Coast and with the Carib-
bean ports.
Mr. Reinberg also strongly advocates the
Introduction of COMMON silver coin which
,hall have fixed value in the United States
and South American countries. This project
after prolonged discussion was referred by the
Pan-American Congress to a speo;al interna-
tional commission. The scheme is undouAtet-
ly practicable so far as Peru, Ecuador, Colon
bia. Venezuela, Central America, Mexico and