Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-28
PAN-AMERICAN PLANS
President Harrison Sends Message
to Congress Proposing to
START AN INTERNATIONAL BANK.
The Majority of the Directors to be
United States Citizens.
no FINANCIAL GUARANTEE is GIVEN

WASHINGTON, May 27.-The following
message was transmitted to Congress to-day
by the President:
/ transmit herewith letter from the Secre-
tary of State, inclosing report adopted by the
international American Conference recently in
session at this Capital recommending the
establishment of an International American
Bank, with its principal offices in the city of
New York, and branches in the commercial
centers of the several other American repub-
lies The advantages of such an institution
to the merchants of the United States
engaged in trade with Central and South
America and the purposes intended to be
accomplished are fully set forth in the letter
of the Secretary of State and the accompany
ing report. 1t is not proposed to involve the
United States in any financial responsibility,
but only to give to the proposed bank cor
porate franchise, and To promote public conn-
dence by requiring that its condition and
transactions shall be submitted to scrutiny
similar to that which is now exercised over our
domestic banking system The subject is SUBJ
mitted for the consideration of Congress In
the belief that it will be found possible to
promote the end desired by legislation SO
guarded as to avoid all just criticism.
BENJAMIN HARRISON.
BLAINE's LETTER.
In his letter to the President, Secretary
Blaine sets forth the advantages to be
derived from such project and saws:
THE merchants of this country are as de-
pendent upon the bankers of Europe in their
financial transactions with their American
neghbors as they are upon the ship owners of
Great Britain for transportation facilities, and
will continue to labor under these em-
barrassmenrs until direct banking systems are
established. The report of the Committee (of
the Pan-American Conlerence), presents a
simple and easy method of relief, and the
enactment of the measure recommended viii,
in the judgment of the conference, result in
the establishment of proper facilities, for inter-
American banking"
A bill has been prepared at the State De-
psrtmeut to carryinto effect the recommend
ations of the committee. The bill designates
the United States delegates to the Pan
American Conference to receive subscrip-
tions to the Capital stock of 1.-THE 1nterna-
tional American Bank" books for which
purpose may be opened in Washington,
New York and such other principal cities in
the American Republic as the commission
ers may think proper.
RULES AND REGULATIONS.
As soon as 80, 900 shares are subscribed
the subscribers shall have the usual powers
to organize the corporation, which shall
have the same privileges now enjoyed by
banks generally, its acquisition of real
estate, however, to be limited to Is per cent
of the capital stock paid in. The corporation
may be designated by the Secretary of the
Treasury as depository of public money,
and may be employed as a financial agent of
the Government.
The principal office shall be in Washing
ton or New York City, with power to open
branch offices in the United States, Mexico,
South and Central America. The capital
stock is fixed at S10,00O,0O0 in 500 shares,
which NAV be increased by a two-thirds
vote to not exceeding S25, ,000, 900. Business
may be begun as soon as % per cent of the
subscriptions shall have been paid in in
cash, but at least S., 900, 600 must be paid in
within two years.
UNDER AMERICAN CONTROL.
The board of directors shall consist OF 25 |
persons, not less than Is to be citizens of the |
United States. No person shall be di- |
rector who does not own Of 20 shares of stock.
pursuant to call issued by the Commits |
sioners, after which the Commissioners
duty shall cease.
Stockholders are liable to the amount of |
their subscriptions, but no more The cor
poratlon shall file semi-anruallv with the
Secretary of the Treasury a report of its
financial condition, and its affairs shall at
all times be open to examination of officers
OF the Treasury Department. Provision is
made for the appointment of receiver for
the corporation and the winding up of its
affairs in case its capital stock is impaired
more than 20 per cent of the amount OF the
capital stock actually paid in, and the di-
rectors fail to make such impairment good.