The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-02-24
WORDS OF WARNING.
Congressman Calderhead Causes a
Storm.
Sensational Speech by the Kansas Congress-
man Likely to Result in Shelving the In
ternational American Bank Bill.
Chicago TimeS-Hernld


Washington. Feb. IA storm has
| been raised in the house committee
on banking and currency by bill in
troduced by Mr.. Hit Of Illinois, to in
! corporate the International American
Bank.
The incorporatorS are: Cornelius n,
Bliss of New York, James S. Clarkson
of Iowa, p. D. Armour of Illinois, Il.
jefferson, Coolidge Of Massachusetts.
Andrew Carnegie, of Pennsylvania,
John +. Hanson Of Georgia, Charles
r. Flint, of New York Enoch Pratt
Of Maryland, II. G. Davis of West Vir-
ginia, Morris NJ. Esttee of California,
and Charles II. Turner of Missouri.
Mr.. Pratt has died since the bill was
introduced. The other men are all
rich. Some Of them are millionaires.
The proposition is to incorpor rate an
international bank with capital of
$1,000, 900, aud the men named are to
act as commissioners to receive sub
scriptiOns. This bill has been before
Congress in different forms for sever
al years, but it has never succeeded in
running the gauntlet of a Committee
because it is regarded by many as a
scheme to promote monopoly.
When it was introduced last year
Chairman Walker Of the banking and
ana currency committee turned it
over to SuC-commi Jtee, of which Bro
sius OF Pennsylvania was chairman.
This committee has just reported the
bill favorably to the full committee,
though two members, Mr.. Cox or Ten
nessee, and Mr.. Spalding of Michigan,
opposed the report.
When this report was made to the
committee Mr. Calderhead, a member
OF the committee, made sensational
attack upon the bill and the men
whom it proposes to benefit.
The whole United States he said,
us in condition Of unrest. The un-
der half OF the country believes that
it is injured, and injured largely by
the power of aggregate wealth. They
believe it to such an extent that large
areas Of country need nothing but "a
leader Of ABILITY to give us al irlsur-
rection. That is the truth, and that
is the political storm that will follow
any attempt. direct or indirect, to in
corporate the men named here into
private bank with capital OF mill
ions of dollars. The plea that it is
done for the benefit OF International
commerce will not answer that mob
manding general to lead It, If the
leader should happen to have the mill
tary instinct it would mean civil war"
Mr.. Cllderhead went on to say that
he knew the temper Of these men, and
that their al eyed grievances were to
be attributed partly to envy OF the
rich and partly to the distress Of the
men who are poor.
Mr. Calderhea ad is r blcan mem
ber from Kansas, aud was on good
ground to observe the discomfort
which manifested itself in the West
in the late campalgne. His remarks
before the committee created a senSa-
ton at once, and are now the subject
of general discussion by mem bers Of
congress.
He has since explained that he feels
no anImoslty toward men who have
accumulated wealth by means or
brains and industry He said he does
not believe that the wealth of such
men has been prod uced by legislation.
His only purpose in his address before
the committee on this matter was to
give warning. He said he could see
and feel the unrest he alluded to, and
believed it his duty to speak in time.
Since Mr. Calderhead's speech in OPP
position to the bill it is not unproba-
Die UlldU Ullc committee Will make
report on it. While his fellow mem
bers do not share his views, they be-
lieve that the bill is too important to
be considered in congress at this time,
and that it would produce cry
against organized wealth that would
do no good to any one.
The bill is most far reaching in it's
effects. 1t proposes to organize in
Washington or New York City for
term OF 20 years bank to be operated
under the Jurisdiction Of the comp
troller Of the currency, with capital
Of $1,000 900, which may be increased
to $50. .OOU, 900. 1t shall have power to
act as financial agent Of any nation,
government, state. municipality, cor
poratlon or person. The bank is au-
thorized to establish branches 10 Mex
ico, South and Central America and
the West Indies, and to establish at
least eight branches in the United
States. 1t is to be controlled by a
board Of 25 directors.