Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-12-17

bills, was disposed of at the opening of
the session of the House, today. The
debate upon the bill to incorporate the
International American Bank was then
resumed. Bell, Pop, Col. opposed the
measure. He took the ground that il
was both unconstitutional and against
good public policy.
Sulzer Dem, n. Y, also antagonized
the Dill, claiming that it would create
monopoly which would in time regulate
the interest and exchange rates.
Barrett, Rep, Mass, offered an
amendment which provided that the
powers granted under the bill should
be conferred upon any national bank
which filed an application with the
comptroller of the currency in confor-
nifty with the general requirements of
the bill.
RidSely, Pop, Kan, offered a subst-
tute providing that the United States
should establish such bank as the bill
created and that the bank should have
branch in every city or town exceed
ing in population $500 and in every
Central and South American country
where the United States had consular
office, such office to be the banks re.
port.
Newiands. Silver. New. said he was
in general sympathy with the purpose
of the ILL. He, however. criticized va
ri0us provisions OF the bill. Tawney,
Rep Mimi. gave notice of an amend
ment he shoid offer empowering the d.
iectors to establish eight branch offices
in the United States.
Dingley said ne had NOT had an op-
portunity to examine the details of this
bill, but he desired to present certain
facts in support of the general propo-
siti0n it contained. He told of a dis
cussion of this very subject at SEES
| sion Of the Pan American Congress,
which he attended. On that occasion
the South American delegates all re-
counted the difficulties attending trade
with the United States on account of
the fact that the merchants in their
countries We're obliged to buy London
exchange at a cost of about one Per
cent. premium. The unanimous opin-
ion expressed al that session was that
establishment OF an International bank
in New York was necessary to develop
trade between North and South
America.
This was, he said, purely a business
question. The popular prejudice
which existed against the establish
ment of bank with a vast aggrega-
ton of wealth should not influence the
House. This was a proposition to Gre
ate mnans of exchange for the benefit
of Inter-Anerican trade Secretary
Gage had told him that when South
American exchange was desired by
the bank of which ne was president IN
Chicago, the bank bought a bill of
exchange in London, where in turn ex-
change on South America was pur-
chased. National banks could not
meet the difficulty. There must be an
International bank. He would not dis
cuss, he said, the constitutionalty of
the bill. Nc one could successfully
contend that annexa ton would not
permit Congress to charter an inter-
national bank as an instrumentality
of foreign commerce.
Maddocks, Dem, Ca. in oppositing
the bill said it would create money
trust in all the large cities which
would crush out all similar institu-
tons.
The committee amendments were
oNcPtNu' All " Ieuutc
the capital stock of any international
bank authorized under the provision
extending the privilege of the bill to
others than named in the bill from
100000 to 100000 was defeated JOG to
! 107. After some further remarks by
| Maxwell, Pop, Neb., and Swanson.
Dem, Va. in OPPOSITION to the bill, Hill,
Rep. Conn, in charge of the measure.
closed the debate. He argued that the
present facilities of exchange We're to-
tally inadequate and quoted a state
ment of our minister to Brazil that our
trade with that country suffered an
annual tribute of $1000,000
An amendment offered by Crum-
packer. Rep, Ind, providing that the
property of the International bank
should be taxed the same as the prop-sl
erty Of national banks was adopted.
The Barrett and Tawney amendmeptssl
We're defeated as we'll as the Ritigelcy
substitute. The vote on the final pas
sage of the bill was taken by yeas and3
noes The vote resulted in the defest.i
of the bill, ayes. 103; noes. AS. IS
The Senate amendments to the arnlys
ara navy deficiency bill We're non-colf-si
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