The times., 1898-12-17

In the House yesterday, when conssde--
alton was resumed of the bill to incor-
porate the International American Bank.
Mr.. Bell (Pop.. COLI spoke in oppo-iti-n
to it. The establishment of such a Cor
poration the bill contemplated, he said.
to enter into competition with the ma
tionaI bank system, would be menace to
every small bank in the county. He
feared the bank would be used not SO
much for international as domes.ic pur-
poses.
Mr.. Sulzer Dem., N. W also opposed
the passage of the bill The great evil Of
the present day, he said, was legisla ton
in favor of corporations.
The bill was supported by Mr.. Crum-
packer (Rep.. Ind), who gave notice CT
an amendment to remedy what he con-
ceived to be provision authorizing or.
| at least, permitting, double taxation. He
proposed to limit the power of taxation
to the regulations provided for taxing
| national bank stock.
Mr.. Barrett (Rep., Mass.) proposed
| new section to grant any national bank
| which may file an application with the
comptroller of the currency the privileges
conferred in the bill upon the proposed
corporation
Mr.. Ridgely CPop., Kas) was not pre-
pared to vote such great powers as the
| bill conferred upon any corporation. He
| proposed substitute by which the Gov
ernment should go into the banking busi-
ness with Il branch in every town of the
| United States with u population OF 2,5e0
| or more, with branch in every place in
South and Central America and Mexico in
which the United States maintains a con-
| sular officer. such officers to be the bank
| representatives of the Treasury.
| Mr.. Newlands (SiL, New conceded the
| constitutional power OF Congress to incor-
| porate such an institution as the proposed
| bank. The necessity for entering into the
| field Of trade relations with the countries
south of the United States the speaker
| recognized, but he did not believe success
| in that field could be secured by the es-
| tablishment of the proposed bank. What
| was needed, in his opinion. was the es-
| adjustment of additional lines of COM
| munication, additional facilities for trans
| portation, and these only could be secured
| by Government aid.
| He objected to the bill for the reason
| that 1t provided a way by which
national banks may evade the law
which forbids them to establish
| branches in this country. BY consolidate
| ing under the terms of the bill and Sc
| curing the capital required to secure Il
| charter (s5,00o.000 corporations could
nominally engage in international bank
ing while really engaged in banking under
| the national bank system. This feature
being safeguarded. Mr.. Newlands said
the bill might be of profit
Mr.. Dingley tRep., Me- supporting the
| bill, said he had not fully examined its
details, but he fully approved the purpose
| of the bill. He repeated the statement of
| one of the delegates from Chile to the
| Pan-American congress in 1880 TO the
| effect that by reason of the cost of
| / per cent for exchange between London
and Chicago he was compelled TO buy
| products in London. instead of Chicago.
| Out of that conversation he said, grew
| the recommendation of the congress that
| in order to facilitate and increase busi-
ness between the United States and other
| American nations the proposed Interna-
tional American Bank should be estab-
| hshed. There were a hundred banks in
| London, he said, which, through their
branches in South and Central America
and Mexico, enabled the business men of
| that country to carry on transactions in
the foreign lands. IL the banking facili-
| ties were afforded to the business men of
the United States they could, on even
terms. go into competition with the Euro
pean dealers.
Mr.. Dingiey, replying to questions by
the Messrs. Connolly and Hopkins. Of
| Illinois, as to the effect of some of tne
provisions of the bill, appealed to mem
bers of the House TO devote their ener-
gieS to perfecting a measure that shall
| give TO the people of this country the
producers and manufactures the fac.li-
| ties that are needed to enable them TO
extend their trade. If this bill was not
the right one, he said, suggest another
| if details were wanting imperfect
amend them. He believed that an inter-
national bank was one OF the first agen-
cies that should be organized, and had no
doubt of the constitutional power of Con-
gress to charter it.
| The debate was concluded by Mr. Swan
son of Virginia, in opposition. and by Mr.
| Hill OF Connecticut In its favor The
latter argued on the necessity CT the pro-
posed bank from his observation in Porto
Rico and Cuba within the past few
weeks. A cargo of coffee was shipped
from Ponce to New York, the first in the
history of the place. On that day ex-
change in New York was selling at l per
| cent and on London at l Ia per cent vet
exchange on London paid for that cargo
of coffee. Mr.. Hill closed with an appeal
to the members of the House to forget
their political differences and unite in do
| ing something for the promotion of Amer
lean interests and American commerce.
| Two committee amendments were
agreed to. Mr.. Swanson's motion to make
the minimum capital stock of any bank
organized under the act $500, 600 was lost
l06 to 107. The substitute for the taxing
section, proposed by Mr.. Crumpacker, of
Indiana, making the stock assessable for
taxation. the same national bank
stock, was agreed to.
Mr.. Barrett's proposed new section,
granting the privileges of the act to any
! national bank, was rejected; also Mr..
Tawney's amendment. striking out the
authority to establish eight branches in
the United States. The substitute for the
bill proposed by Mr.. Ridgely, of Kansas,
providing that the business of the pro-
posed bank shall be transacted by the
Government, through the postoffice or
consular service was rejected.
The vote was then taken on the pas
| sage of the bill amended and 1t was
I Il. tod