Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1898-03-24
AMERICAN BANK.
.-eeARY TO EXTENSION OF
.mrR,cAN COMMERCE.
u.nce In III Development Of
-. Trade Scarcely Second to
the Maintenance OF an Ameri-
merchant Marine.

.oo,v of less Importance than the
(stiou and maintenance OF IN Ameri-
marine as an adjunct or
.oname for the extension OF Ameri-
merce Is the establishment OF
S~0nosed International American
q, hill for the Incorporation of
4 mueh-needed institution has been
[ some time past pending in con-
t. hut for some reason 1t seems to
'aimcnlt to obtain decisive action OH
Measure. At the recent annual
r~yentiop of the National Associa-
|, ~ Manufacturers in New York
'osident Search in his annual report
,rmly commended the project, and
,be shape OF a resolution the asso-
,,lon expressed itself as being unani-
0isly in favor of the proposed finan-
Il Institution.
The general plan of the enterprise
ovides for an international American
nh with a capital of S., 600, 900, with
. privilege Of increase to s25, 900, 900,
. hank to be located either in Wash
gton or New York, and to be under
> supervision of the comptroller OF
. currency. The bank may estab-
n branches at such points within the
,ited States as the comptroller Of the
rrency may approve, and 1t may also
tablish such branches In Mexico.
nth and Central America and the
est Indies as the directors Of the
nix shall determine. The bank may
I as the financial agent OF any ma
N. government, state, municipality.
rporation or person, and may carry
the business OF banking by dis
uniting and negotiating promissory
ties. bills of exchange, drafts and
her evidences of debt. 1t may re-
i've deposits, buy and sell exchange,
in and bullion. and issue letters OF
edit, and generally it may conduct
branches OF banking business, ex-
pt the issue Of notes for circulation
thin the United States.
In a paper recently read before the
ew York Board of Trade and Trans
,rtation Mr.. William H. T. Hughes
ok strong ground in favor of the es-
blishment of the international bank.
the course of his address Mr.. Hughes
id:
"0ur commerce with the countries
nth OF us IL, with but very few ex-
ptions, financed through London. Ev-
y pound OF raw material imported,
ID every manufactured article ex-
'rted, pays nor or less tribute to the
ondon banker, who sits contentedly
his luxurious bank parlor and
a handsome living out Of the
people, because they do not
enough or have not enterprise
to do their own banking. 1t
time we shook off the yoke and let
e world know that we are, what our
'ators in Congress are continually
ling us, "a great nation" II is time
e asserted ourselves and took the
and among our sister republics that
. are entitled 10. Why is it that We
such a small share of the business
this hemisphere? While we buy
'out a quarter of their products, we
lly sell them about 10 per cent of
cir imports and allow Europe to
I'VE the lions share of the business;
cause. while our European neighbor
IS ample means of transportation and
nple banking facilities at his COM
and we have virtually none. With
e exception OF the Ward Line of
-amers, running to Havana and Mex
} and the Red ID" Line, ruering to
sneznela, We have not a single line
steamers to any part of South Amer
J. ana not a single banking institu-
N connected with that business. II
american merchant wishes to 60
Y and study the markets of South
he must. IL he wishes to do
with any regard to his personal
mort, go and come via Europe. II
wants money to buy goods out
or even to pay his travelling ex-
uses, he must carry a letter of credit
'm a foreign banking house in his
cRet' Everything must pay tax to
The establishment of the In
American Bank would
'a'iy assist in the development OF
lrade by giving facilities to mer-
aus and manufacturers, by promot-
: the establishment of steam com
and by the establishment
agencies In the several republics
a'a OF us, which would be more bene-
" commerce than a dozen consu-
= OF legations; by enabling our
enants to get direct and reliable
"ation as to the standing and
'u,' OF their correspondents-in fact,
functions Of the bank. tersely put,
,aiu De to promote commerce. with
uvnmerce the bank could not ex-
without the bank commerce could
out 1t would have little life in
"e understand that Mr.. Hughes IL
ING himself zealously toward Sc.
lug 0 Congress the legislation
sary for the granting of a charter
International bank. and we trust
VII succeed in his EFFORTS Mr.