Evening star., 1898-12-16
AN INTERNATIONAL BANK.
Its Proposed Estab iishment Consider
ed by the House.

Some miscellaneous business, including
the passage of several minor private bills,
was disposed OF at the opening of the ses-
sion of the House of Representatives today.
The debate upon the bill to incorporate the
interna tionaI American bank was then re-
sumed
Mr. Bell tC'OlJ opposed tie measure. He
took the ground that it was both unconsti-
tutional and against good public policy.
Mr. Sulzer IN. " also dntagonized the
bill claiming that it would create Il gigantic
monopoly. which would in time regulate in
terest and exchange rates.
MIR. Barrett (Mass.} offered an amend
rnent which prov.de that the powers
granted under the bill should be conferred
upon any national bank which filed an ap-
piiCatiUn with the Controller of the cur
rency in conformity with the general re-
quiTemeDts of the bill.
Mr.. ftiGgeiy tkan.D offered a substitute
providing that the United States should es-
tabIsh such a bank as the bill created, and
that the bank should have Il branch in
every city or town exceeding in population
= 800. and in every Central ald South Amer
lean country where the United States had
d consular officer, such officer to be the
banks representatives
Mr.. Newlands CNev.) said he was IN gen.
eraI sympathy with the purpose of the bill,
but criticised various provisions.
Mr. Tawney (Minn.) gave notice of an
amendment ne should offer empowering the
directors to establish eight branch onc IS
in the United States.
Mr.. Dingley, the floor leader of the ma
jority. said he had not had an opportunity
To examine the details of this bill, but he
desired TO pres mt certain facts in support
of the general proposition it contained. He
told of Il discussion of this very subject at
session OF the pan-American congress
which he attended. on that occasion the
South American del gates all recounted the
difficulties attending trade with the United
States on account of the fact that mer-
chants in their countries Were obliged 20
buy London exchange al cost of about /
per cent premium. The unanimous opin-
ion expressed DIT that session was that the
establishment of an international bank IN
New York was necessary to develop trade
between North and South Am rica.
This was, he said, purely a husins sss
question. The popular prejudice which *
listed against the establishment of a bank
with a vast aggregation of capital should
sition to create the means of exchange for
the b. nefit of inter american trade. Secre-
tary Gage had told him that when South
American exchange was desired by the
bank of which he was president in Chicago,
the bank bought a bill of exchange On
London. where in turn exchange on South
America was purchased
National banks could not meet the diff
Guilty. There must be an international
bank. He would not discuss, he said the
constitutionality of the bill. No one could
successfully contend that the Constitution
would not permit Congress to charter an
international bank as an inStrumentaiity
of foreign commerce.
Mr. Maddox tGa-). in opposing the bill
said il would create a money trust in all
the large cities which would crush out all
smaller institutions.