Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-05-28
INTERNATIONAL BANKS.
Letters From President Harrison and
Secretary Blaine.

WASHINGTON, May 27th.-Presdent Harrison
to-day transmitted TO Congress letter from the
Secretary of State. inclosing the report of the
International American Conference on the in
ternational American bank scheme.
In the latter the President says it is not pro-
posed to involve us in any financial responsible
ity, but only to give to the proposed bank cor
porate franchise, and promote public confidence
by requiring its condition and transactions to be
submitted to scrutiny similar to that exercised
over our domestic banking system.
The subject is submitted for Reconsideration
of Congress in the belief that 1t will be found
possible to promote the end desired by legisia-
ton so guided as to avoid all just criticism.
In his letter to President Harrison Secretary
Blaine sets forth the advantages to be derived
from such project and says in part:
THE merchants OF this country are depend
ent upon the bankers OF Europe in their finan-
cial transactions with their American neigh
bors, as they are upon the ship-owners of Great
Britain for transportation facilities, and will
continue to labor under those embarrassments
until direct banking systems are established.
The report of the committee of the Pan-Ameri-
can Conference presents a simple and easy
method OF relief, and the enactment of the
measure recommended will in the judgment of
the Conference result in the establishment of
proper facilities for tnterameTscan banking
bill has been prepared at the State Depart
ment to carry into effect the recommends
tons of the committee. The bill designates the
United States delegates to the Pan-American
Conference as Commissioners to receive SUBJ
scriptions TO the capital stock, of 1.-THE mterna-
purpose may be opened in Washington, New
York ANA other principal cities in the American
republic. AS soon as Sc, 900 shares subscribed
the subscribers shall have the usual powers to
organize corporation, which shall have the
same privileges now enjoyed by banks gener-
ally. Its acquisition OF real estate, however is
limited TO 10 per cent. of the capital stock paid
in.
The corporation may be designated by the
Secretary of the Treasury as a depository of
public money, and may be employed as a inan-
cial agent OF the Government. The principal
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 stock is fixed at 100000 900, in 500
shares, which may be increased by.a two'thirds
vote to not exceeding SIS, 100000
Business may begin as soon as % per cent. of
the subscription is paid in cash, but al least
50 006, 600 must be paid in within five years
The Board of Directors is TO consist of twenty
five persons. not less than fifteen to be citizens
of the United States. The stockholders are
made liable to the amount of their subscrip-
stions, but no more
The corporation shall file. semi-annually,
with the Secretary of the Treasury report of
their financial condition, and their Affairs shall
a. all times be open 10 examination by the Off
GERS of the Treasury Department.
Provisions are mode for an appointment of a
receiver aud the winding up of the affairs In
case the capital stock is impaired more than %
per cent. OF the amount of capital stock actual
ly paid IN II the Directors fail 10 make such i'm