The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-04
and to which the teachers have con-
tributed. by gratuitous work. salaries
to the amount of 100000.
A Bold American Enterprise.

A Bold American Enterprise.
The project to establish an Interna-
tional American Bank, which was sub
mitted to congress for chartered ap-
proval a year ago. Is reported as very
likely to receive the Endorsement OF
the two committees on foreign affairs
at an early date. It's details are now
so we'll defined that the public can wish
the bill good luck on its way through
the senate and the house, for it repre-
sents American enterprise enlisted In
the effort to wrest from foreign money
changers a business whose profits
ought to be distributed on this side Of
the Atlantic.
London, as the financial center of the
world, will, We have no doubt, look
with apprehension upon the progress
Of this measure through congress, for
if enacted into law 1t will divert to this
country very large share Of the bank
ing business Of South American coun-
tries now done through her own bank
ers. The average commission on this
class Of business is x. and as
anywhere between rs and 80 per
cent Of this business has been done
through London, handsome profit has
therefore been divided annually among
British stockholders, practically at an
expenditure to the London banks Of nil.
A Yankee named Charles r. Flint
conceived the idea Of diverting this
Pactolan stream from its easterly
course to one leading due north, toward
the United States, and apparently he
has finally succeeded in enlisting the
necessary financial backing. Himself
at the head Of the largest firm Of
South American exporters in New
York, and, as for that matter, in the
United States, he has appreciated the
disadvantages Of a financial system
whose nerve-center was located in
London, and, on the other hand, the
many positive advantages ITO this coun-
try sure to follow its transfer to Wash
ington and New York.
st. Paul and this Northwestern coun-
try would share these advantages, for
the enterprise contemplates the estab-
lishment of one branch in this city and
others in the cities Of Chicago, St.
Louis, San Francisco, New Orleans,
Denver, Pittsburg and Baltimore.
The plan proposes to admit the public
to the subscription books, so that, in
reality as we'll as in name, the institu-
ton thus established will be an Inter-
national American Bank. The capital
proposed is $25,OOO,0OO. The gentlemen
who have aided in the organization Of
this bold enterprise have agreed that
dozen men Of prominence in the finan
cial world. each with large financial
backing, shall be selected to receive
subscriptions to the stock.
The list includes T. Jefferson Cool
idge, one Of the wealthiest Of Boston's
wealthy men; Charles R. Flint, Of Flint,
Eddy & Co., South American exporters,
New York; John I. Waterbury. pres
ident Of the Manhattan Trust company,
New York; Henry w. Cannon, pres
ident Of the Chase National bank, New
York; John J. Mitchell, president of the
Illinois Trust and Savings bank; Grant
3. Schley, Of the Wall street firm Of
Moore & Schley; Theodore c. Search,
Samuel Hill. William Barbour, John
Cassels, William H. T. Hughes and Ed
win j. Berwind.
The plan has the approval Of J. Ed
ward Simmons. president of the Fourth
National bank, New York; John c. Nc
Anerney, also a New York bank pres
ident, and other well known Eastern
and Western men Of wealth, business
experience and conservatism. Carried
out on the conservative lines projected,
an idea so purely American in the bold
ness of it's inception ought to achieve
success.
First it was the London shopkeepers
who were harassed by the invasion Of
a horde Of thrifty Germans. Next the
British manufacturer began to clamor
for some sort Of protection against his
American brother. And now the noble
British banker, who has done rush
ing business for all mankind, is threat
ened with heavy losses in his South
American affairs.
In due season England's Asiatic mar
kets will also be affected, for the tide
is gradually rising which will carry
American products to Pacific ports and
bear them onward to the Orient.