, 1890-05-29
MR.. BLAINE MEASURE.
The International American
Banking Scheme.
SYSTEM OF GREAT CONVENIENCE
The Bill Transmitted to Congress,
by the President-Details
of the Plan.

WAsHrSoroN, May 27,--Thc presidcm
to-day transmitted to congress letie
from the secretary of state inciosing tht
report OF the International American
conference ON the international Ameri.
can bank scheme.
in an accompanying communication
the president saysi "lt is not proposed
to involve tho United States in any
financial responsibility, but only to give
to the proposed bank n corporate fran.
chisc, and promote public confidence by
requiring that Its condition and transac
tlons be submitted to n scrutiny similar
to that exercised over our domestic
banking system. Tho subject is suT
mltted for consideration to congrcsS n
the belief that II will be found possibE'
to promote the end desired by legislation
so guided as to avoid all Just criticism
In his letter to tho president Sccre.
tary Blaine sets forth the advantages 10
be derived from such project, and
says in part; "The merchants of this
country are as dependent on the bank
eis of Europe In their tnan oi al trans
actions with their American ncighbor
as they are upon the ship owners oil
Great Britain for their transportation
facilities, and will continue to labor un.
der those embarrass until direc.
banking systemg arc established. Tho
report Of the committee of the Pan
American conference presents simple
and easy method OF relief and
tho enactment of the neasur,
recommended will, in the judg.
mont OF the conference result
IN the establishment OF proper facilitiei
for inter American banking. A bill ha
been prepared at the state department 10
carry into eitec, the recommendations Of
the committee"
The bill designates the United States,
delegates to the Pan American conlcs
enOe commissioners to receive subscrip-N
iions to the capital stock of "The Inter =
national American bank" bonds fof
which purpose may be Offered In Wash.
ington, New York, and other principal
cities in the American republics, as soon
as 5000 shares are subscribed. The
subscribers shall have the usual power
ot organizing corporation which
shall have the privileges now en-
joyed by banks generally. Its
acquisition of real estate, however, Ia
stock paid In. The corporation may be
designated by the secretary of the treas.
ury as depos' tory of public moneys
and may be emr!0yed - the financial
agent of the government. The principal
offices shall be in Washington or Nov
York, with tho power to open branch
offices In the United States, Mexico
and South and Central America. The
capital stock Is fixed at sl0,0Oo,0 900 in
500 shares, which may lie increased by
u two-thirds vote to not exceeding $2S-
900, 600. business may be begun n
soon as % per cent. OF the
subscriptions are paid in cash,
but at least S5.OcO,O0o must b
paid In within two years. Tho board Of
directors shall consist OF twenty-five,
persons, not less than fifteen 20 be ciit
lens OF the United states. The stock
holders are made liable to tho amount
Of their SUBSCRIPTIONS, but no mora
The corporation shall tilo semi.annuulil
with the secretary OF the treasury ar u
port OF it, financial condition, and ila
affairs shall NJ all times be open to TIE
examination OF the officers of the treas
ury department.
Provision Is also made forth appoint
ment of u receiver and the winding up
of its affairs, in case the capital stock Is
impaired more than % per cent. OF the
American capital stock actually paid In,
and the directors fail to make such i'm
pgirment good.