La Junta tribune. (La Junta, Bent County, Colo.) 1881-1939, 1898-03-12
AN AMERICAN BANK.
NECESSARY TO EXTENSION OF
AMERICAN COMMERCE.
Its Importance In the Development. of
Foreign Trade Scarcely Second to
That of the Maintenance of an Amcri-
Gun Merchant Marine.

Scarcely Of less Importance than the
creation and maintenance of an Ameri-
can merchant marine as an adjunct OF
any scheme for the extension of Ameri-
can commerce is the establishment OF
the proposed International American
bank. A bill for the Incorporation of
this much-needed institution has been
for some time past pending In con-
be difficult to obtain decisive action on
the measure. At the recent annual
convention OF the National Associa-
ti5n OF Manufacturers in New York
President Search in his annual report
warmly commended the project. and
In the shape of resolution the asso-
citation expressed itself as being unani-
mously in favor Of the proposed finan-
cial institution.
The general plan of the enterprise
provides for an international American
bank with capital of $5.000.000. with
the privilege Of increase to $25,000, 900.
the bank to be located either in Wash
ington or New York and to be under
the supervision of the comptroller OF
the currency. The bank may estab-
lish branches at such points within the
United States as the comptroller of the
currency may approve. and 1t may also
establish such branches in Mexico.
South and Central America and the
West Indies as the directors of the
bank shall determine. The bank may
act as the financial agent of any ma
ton. government. state, municipality.
corporation or person. and may carry
on the business OF banking by dis
counting and negotiating promlssory
notes, bills OF exchange. drafts and
other evidences of debt. 1t may re-
ceive deposits. buy and sell exchange.
coin and bullion. and Issue letters Of
credit, and generally It may conduct
all branches of banking business. ex-
cept the issue OF notes for circulation
within the United States.
In q paper recently read before the
New York Board OF Trade and Trans
portation Mr.. William H. T. Hughes
took strong ground in favor of the es-
tablishment OF the international bank.
In the course OF his address Mr.. Hughes
said:
Our commerce with the countries
south Of us is. with but very few ex-
ceptions, financed through London. Ev-
cry pound of raw material imported,
and every manufactured article ex-
ported, pays more or less tribute to the
London banker. who sits contentedly
in his luxurious bank parlor and
makes handsome living out Of the
American people. because they do not
know enough or have not enterprise
enough to do their own banking. 1t
is time we shook of the yoke and let
orators in Congress are continually
telling us, "a great nation" 1t is time
we asserted ourselves and took the
stand among our sister republics that
we are entitled to. Why is 1t that we
do such small share OF the business
of this hemisphere? While we buy
about quarter Of their products, we
their imports and allow Europe to
have the lions share Of the business;
because, while our European neighbor
has ample means Of transportation and
ample banking facilities at his COM
mand. we have virtually none. With
the exception OF the Ward Line OF
steamers. running to Havana and Mex
leo, and the Red ID" Line, running to
Venezuela. we have not single line
OF steamers to any part Of South Amer
lea, and not a single banking institu-
tion connected with that business. II
an American merchant wishes to go
out and study the markets Of South
America. he must, IL he wishes to do
so with any regard to his personal
comfort, go and come via Europe. II
he wants money to buy goods out
there, or even to pay his travelling ex-
penses, he must carry letter Of credit
from a foreign banking house in his
pocket. Everything must pay tax to
Europe. The establishment OF the In
ternational American Bank would
greatly assist In the development of
our trade by giving facilities to mer-
chants and manufacturers. by promot-
Ing tue cSIdDiSumeut u bledm GULL
munication and by the establishment
OF agencies In the several republics
south Of us, which would be more bene-
fcial to commerce than dozen consul
lates or legations; by enabling our
merchants to get direct and reliable
information as to the standing and
credit Of their correspondents-in fact.
the functions Of the bank. tersely put.
would be to promote commerce. With
out commerce the bank could not ex-
ist. Without the bank commerce could
exist. but It would have little life In
It."
We understand that Mr.. Hughes il
cxerting himself xealously toward Sc
curing from Congress the legislation
TOR the granting OF charter
to the international hank and ma tr,,.t