Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1890-05-30
AN INTERNATIONAL SCHEME
President Transmits to Congress Some
Valuable Information.
A Scheme 10 Institute an Interna-
tioual Bank,
Which Received the Approval of the
Pan-American Congress.

WASHINGTON. May 27.-The rresideut
today transmitted to congress a letter
from the secretary of state inCloSu q the
report of the international American con-
ference on the international American
bank scheme. In letter the president
says It is not propoSedto involve the United
States IN any financial responsibility but
only to give to the proposed bank a cor
porate franchise and promote public con-
hdence by requiring It's condition
and transactions tG be submitted
to Scrutiuey similar to that
exercised over our domestic banking SvS-
tenn, the subject Is submitted for the con-
Slderahon Of congress, IN the belief that it
will be found possible to promote the end
desired 10y legislation SO guarded as to
avoid all past criticism. In a letter 10
the president, Secretary Blaine sets forth
the advantages to he derived from such
PROJECT and says in part: The mer-
chants otthlS country are dependant upon
the bankers of Europe in their financial
transactions with their American neigh
hors aS they are upon the ship owners of
the Great Western for transportation IA
cluueS, AMI they will continue to labor uu-
der those emharraSsmonts until
direct banking systems are established
The report of the commit
tee of the Pan American
conference presents a simple and easy
method of relief. and the enactment, of the
measure will, in the Judgment uf the con-
ference, result in the establishment Of
the proper facilities for inter American
banking. The bill has been prepared at
the state department to carry into effect
the recommendations of the committee.
The bill deSlguateS the Cnited States
delegates to the Pm-Amrricm
conference commissioners to receive sub
scriptionS to the capital stock. ofthc In
ternatIonal American bank The books f0l
which purpose may be opened in Wash
iuStOn. New York and In the priucipal
cities In the American republics As soon
as $4,000 shares are subscribed. the sub
Scribers shall have the usual powers to
organize corporation which shall have
tnt same privilege now cujoved
by the banks generally. Its acquisition Of
real estate, however, is limited to II per
cent. of the capital stock paid in The
corporation may he designated 10y the
secretary Of the treasury as a depository of
public money, audmay bc employed as the
financial agent of the governments The
principal offices shall I've in
Washington or New York with
power to open branch Offices
in the United States Mexico, South and
Central America. The capital stock is
fixed at 10000, GOO, i'm SlOO shares which
may be increased hv u two-thirds vote to
not exceeding 81, 600, GOO. Business may
he begun as soon as - per cent.
subscription paid in cash, hut at least Eve
million dollars must hc paid in within
two years The board of directors is to
consist Of not less than thirteen persons
who must he citizens of the United States.
Stockholders are made liable
to the amount of their suhscrip-
tions, Int NO more. Corporations
shall file scmi-auuuolIy with the secretary
of the treasury Il report of the financial
condition and affairs. which shall at all
times be open to examination lY the olli-
GERS of the treasury Department. Provi-
sion Is made for the appointment of re-
ceiver and winding up the affairs in case
of the capital stock being impaired more
than % per cent ON the amount Of capitg'
stock actually paid and the directors fail t,
make such impairment good.
The Democrats Elected.
NEWPORT, r. l.. May 27-Thc lcgisla-
ture to-day elected John W Davis, gov
ernor, and the other members of the state
ticket