The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-06-15
INTERNATIONAL BANK BILL
SENATE DEBITEs THE MEASURE
INCORPORATING IT.

INCOhE H.
Mr.. Pettus Declares THAT nc Means an Un-
American Departure in Oar A~nairs-AdVe-
Gates say THAT South Anorioan Trade
Demands 1t-Unexpeotea Opposition Arises.
WARRINGTON. June 1.-the Senate bill to
carry into eject the accommodations of the
international American conference by the In
corporation Of the international American
Bank was taken up in tho Senate to-day. and
Mr.. Pottus (Dem., Alal made an argument
against IL. "wc are drifting" he said. "a long
way from our ancient moorings. The Senators
who support this bill cannot tell us whether or
not 1t is to organize a governmental agency.
II It is not. then Senators who are lawyers
ought to bo slow in saying that We
have any authority to enact II. We ought
not to hasten the destruction of tho Govern
mont, and that 10 exactly what bills OF this
sort will do. Certainly those OF us who believe
In a strict construction II the Constitution can
never consent to such \ grant Of powor as 10
conferred by this bill upon any corporation on
this earth. II Congress has tho power, It ought
never to pass such q bill. 1t reminds mo of q
worthy citizen Of Alabama who was 80 extrav.
aRant In his ideas that it was said no would buy
Paris as a place of residence, and would ront
New York and London as places Of business.
This monster corporation is not only to do all
tho banking business of the world, but 1t Is to
act az trustee for all mortgages.
Mr.. Foraker tRep., o., in charge Of the bill,
replied to some OF Mr.. Pottus's objections and
also to those made by Mr.. Bacon Dem. Gal
yesterday. and no defended tho bill generally as
to ita constitutionallty and as to Its practical
operation In developing The Dill
has been severely arraiEned. he said, by tho
Senator from Alabama. Ho did not share In
that Senator's apprehensions from asgreRations
| ~ oanitaI Why he aaksd usro the United
States at such a disadvantage in international
commerce with tho Spanish American States !
1t was largely due to tho fact that there was no
such financial aggreRations OF capital In the
other Countries. One Of the purposes OF the bill
was to relioye the United States Of that disad'
MIR. Bacon asked whether Mr.. Foraker did not
think that the same opportunity ought to DO
given to other corporations to engage In inter
Mr.. Forakor-Certainly / do, and in the COM
mitteo / proposed that tho bill be made a gen.
would be glad to see this bill SO amended, but
the committee held that the bill was necessarily
experimental, and that 1t was sufficient to grant
this particular charter.
In conclusion MI. Foraker said
Tho Committee on Foreign, Relations has
given to this bill most careful consideration
and has by a unanimous vote ordered 1t TO be
reported. We believe it to be a good measure.
international American bank. There was a
difference. of opinion In the committee as 70
| whether TINS ORnR AnOulQ DC uuInOTlbeu ~ W
business in the Western Hemisphere alone, OF
also in the Orient-in China, Japan and othet
countries; was Of opinion that II sho 9o n DC
national bank. it should DO limited in any re
viii not 20 whore there is no necessity for #
and wherever there is q necessity for it, there
Mr.. Perkins Rep,, CALI made an argument in
favor OF the bill. Tho proposed internationa
--nltt taEuaA hr n Nynnln h0 ma UOnd in HTAZl
as il it was issued by the Bank OF England OIL
the Bank of Franco. He would vote against any
Corporation. but the bill was not objectionable
on that score. From the cursory examination
]jections stated by the Senator from, Alabama
lMr. Pettusl had no foundation. Tho bill, h'
said; was merely notice to the countries ot ,hn OF tn
tional Government Bank were reviewed ant
scrutinizcd and certified to by the Government
Mr.. Frye rep. Me- expressed himself as yer!
much surprised at The oejeeti9ns made to tn
than a more fundamentally for tho promotion
of the export trade of the United States. WithiI
e e i lSsi N.Y. ,si yt s6e H { hss s ssS1o s0H must oR have con
foreign market for manufactured goods or mus
cut down wages. About fye years ago the manu-
association taking in every State. and two year
ago that league had sent a commission OF TWEEN
entire South American republics. He regrette
to say that they had to cross tho ocean twice !
| get InGr9 anu 10 Cross IL IWlCS W COlIlC DhCh
They investigated matters and recommends
as ono ofthe absolutely necessary instrumental
ties for foreign commerce with South America
States tho establishment of an In ternattono
Mr.. Bacon asked what a bank Chartered
the State OF New York for the Ike Rurpos
would lack for accomplishing 1t. Mr.. Frye re
piled that 1t would lack that respect and powe
and influence which its charter by tho Unite
States would give 1t. What objection coul
there be to such a chArteri The necessity for
was shown by the fact that last year owe
81, 900. 900 had boen paid in exchange to tn
Bank of England for tho small trade which tn
United States had with South America
great banks of New York could issue bills c
credit on Rio Janeiro which would be accepte
just as we'll as If tho bills had been Issued by tn
all tho great centres of commerce in south Ger
? trail America, Mexico and the West Indies. II
did not believe that the failure to sell America
' goods in South America was to be attributed I
! any lack of banking facilities.
: Mr.. Bacon took the Same Wow. He Rssertc
\ thai the contention that the proposed bank Wa
y necessary In order to facilitate exchange coui
1t was not true. There was another purpose
the bills, and that purpose was TO incorporate
: bank which should have the name and powI
. and prestige and authority of the GovernmoI
0 Of the United States. There was nothing else
II. Take that out of 1t and no ono would give
bawbee for the bin. Was i proper. he aske,
. that all the other banks Of the United STATE
should be brought into competition with u g
Rantic bank backed by tho name. prestige nr
authority Of the Government of the Unite
Mr.. Pettus offered an amendment limiting Il
., charge OF interest on loans TO g per cent. wit
out action on the amendment the bill won't ov'
After an executive session tho Senate. at 5 IS
= o'clock, adjourned.
ROUTINE OFF THE sENA TIE.