The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-06-27
A BIG BANKING MONOPOLY.
PROPOSED CHARTER or THE IN1Eh-
NATIONAL AMERICAN BANh'


The Capita, 10 he $40, 900 900. which may
he Increased mp TO RsS. 900. ooo-Aimnea
to Twenty TeRrs-Hendquarters E''ho'
New York washington.
wAsH1NaToN June 26.-Mr Ivens has had
his say and the House Committee on Dankihk
and Currency has agreed to report Dill Which
will create the greatest banking monopoly
since the days OF the old United states Bahk.
Tho measure bears the Rlluring title oil Dill
to carry into " effect the Recommendations VI
the International American Conference py
tho incorporation OF an international Ameri-
can Bank. II favorable Legislation shal result
it will DO because OF the great desire OF Ihe
people to establish TRADE relations Win our
Southern neighhors but even II the proposeu
bank should fail TO find lucrative business In
the South II will still have extraordinarily pro-
iitable field OF operations in this country and
I'm time will throw heavy shade upon the
national banks OF five or six great cities In tho
United States.
The bill as originally drawn by Mr. Hit has
been materially changed, and as 1t comes from
the committee 1t Is substantially charter Tor
an enormous banking monopoly The gentle
men named as Commissioners to carry out the
organization Of the bank are John b. Hender-
son OF Missouri Cornelius n, Bliss OF New
York William Henry Trescott OF South Caro-
lima, T. Jefferson Coolidge OF MASSACHUSETTS,
Andrew Carnegie of PENNSYLVANIA, Clement
Studebaker OF Indiana John Hanson of Geor-
gia Uenry @. Davis OF West Virginia, Charles
T. Flint OF New York. and Morris NJ Estee Of
Caltorpa Tho capia Of this oan x h 10 oa %
in before orcanIz alton, and one; half to DO paid
in within the next two years This capital may
II he life 81 tie IL ' 5n SuR liz limited q
years and it i sx,o have g, tho fbSws eap,tn
/ N n g,
sell exchange. coin. and bullion, TO issue letters
OF credit, to loan money on persohai security
to act as balee for tho sale keeping OF prop
erty and securities and in short, to carry on
thespcclal klpd of business which private llrms
4 Co. have been able to do, and which tho ma
| tional banks are not empowered to 10.
tho financial agent OF any nation, Government.
! state, or municipality has been stricken oyt OF
the hll but the same obee, + Mtia1ed Dy
| bearing securities. 1t may NOT. however. act
as administrator or receiver: nor may t. aeS
9 q or " cent Of its Iad in capital. The bank i
to have Aye branches in the united STATES with
head 3iee IN either New aor Go or f@ Ss NHw
York. PHILADELPHIA. New, orleans, San Fran
cisco, and Chicago. and either washington
is made the Headquarters. Each one Of these
branches will haze a much larger scope OF
same cities. and yet the field OF the national
banks is so largo MS TO make them prime lav3r-
| ties IN banking circles. lneu. IVY tuo BLUM :
| holders In this new bank will be liable only to
tho extent that national bank stockholders
! are whilo at the same time the International
Bank will have the power Of private hanks .
Tho international Bank IL empowered to
| establish branches in Mex Co. South and Cen
| trail America, the West Indies and elsewhere
| Under this clause it can open offices In Lon
| don, Paris Ottawa. or Honolulu. Ihus giving
| II rowing commission 10 settle in any foreign
| city where there is Il prospect OF profit
| Ii has been deemed best by the House Com
mittea to place the proposed bank and its
| branches under the supervision OF the Comp
troller Of tho Currency. whose duty It is maize
| to call for five annual reports, and as many
special reports as he may see ut. he Is also
| empowered to ssud agents to examine the ar
| fairs the bank and OF It's branches. This latter
| feature. while IT ia entirely in the interest," OF
the dcpositors is also OF the eatest benefit to
| the bank itself because OF the confidence that
! the bank will secure from the fact that 1t Is
/ undor Government inspection. There is some
! opposition to tho scheme in the House. several
| members not beng willing to grant such OK
t aord mary, power, to CORPORATION: even
| though II be thickly sugRr-coated with the
| word international. ana with the motive OF
! patriotism. Mr.. Biaines powerful influence,
| however, backed by that OF the PRESIDENT Is
looked to to pass tho bill in both Houses.