Huntsville gazette., 1890-05-31
A PAN-AMERiCAN BANK.


President Harrison Favorably Indorse,
the Project.
WASHINGTON, May 29.-The follow
ing message has been transmitted to
congress by the president:
| transmit herewith letter from tn,
secretary Of state inclosing reporl
adopted by the international American
conference, recently in session at this cap
ttal, recommending the establishment o.
an international American bank, with it,
principal offices in the city of New York
and branches in the commercial centers oil
several other American republics The
advantages Of such an institution to the
merchants of the United States eng aged
In trade with Central and South America
and the purposes intended to be accom-
plished, are fully set forth in the letter O
the secretary Of state and the accompany
ing report. 1t Is not proposed to involv,
the United States in any financial re
spOnsibiiity, but only to give to the pro
posed bank a corporate franchise and t.
promote public confidence by requirin;
that its condition and transactions shal
be submitted to scrutiny similar to tha,
which is now exercised over our domesti
banking system. The subject is submit
ted for consideration of congress IN the be
lief that it will be found possible to pro
mote the end desired by legislation S,
guarded as to avoid all just criticism.
BENJAMIN HARRISON.
Its Advantages.
In his letter to the president Secretar,
Blaine sets forth the advantages to b,
derived from such a project, and say
-The merchants Of the country are
dependent upon the bankers Of Europ
in their financial transactions with thei.
American neighbors as they are upol
the ship owaers of Great Britain TO
transportation facilities, and will con.
tinue to labor under these embarass-
ments until direct banking systems ar,
established. The report of the commit
tee OF the Pan-American conference pre-
sents simple and easy method Of relief.
and the enactment Of the measure rec
commended will, 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
department to carry into effect the
Of the committee.
Vhs bill designatas the United States
delegates to the Pan-American confer
ence commissioners to receive subscrip-
tiOns to the capital stock Of The Inter
aational American Bank" books for
which purpose may be opened in Wash
lngtOn, New York and such other prin-
cipal cities in the American republics aS
the commissioners may think proper
As soon as ~, 900 shares are subscribed,
the subscri )ers shall have the usual
powers TO organize the corporation,
which shall have the same privileges
now enjoyed by banks generally, its
of real estate, however, to be
limited to IL per cent. of the capital
stock paid in.
The corporation may be designated by
the secretary of the treasury as deposi-
tory Of public money, and may be en-
plOyed as the financia; agent of the gov
The principal Office shall be
in Washington or New York city, with
power to open branch offices in the
United States, Mexico, South and Cen
tral America. The capital stock is fixed
st SO, ,OOO, 900 in $100 shares, which may
be increased by a two-thirds vote to not
exceeding $25 ,0OO. 600 Business may be
begun as soon as 25 per cent of the sub
Scriptions shall have been paid in in
cash; but at least $3,O00,00O must be
paid in within two years. The board Of
directors shall consist of twenty-five
persons, not less than fifteen to be citi-
Iens Of the United States. No person
shall be director who does not own
ESQ shares of stock.
The first meeting for organization Is
10 be pursuant to call issued by the
after which the com
duty shall cease. Stockhold-
ers are made liable to the amount of
their subscriptions, but no more. The
shall file, semi-annually,
with the secretary of the treasury, re
port Of it's financial condition, and its
affairs shall at all times be open to ex-
animation to officers Of the treasury de-
partment. Provision is made for the
Of receiver for the cor
poration and the winding up Of its af-
fairs in case. its capital stock is impaired
more than 20 per cent. of the amount
Of the capital stock annually paid in,
and the directors fail to make such i'm
pairment good.