Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1910-02-11

twenty years.
Semioficial figures obtained show
that the loans will be divided as fol
lows:
Argentina, $500, 600; Bolivia, $35, 900, 900;
Chile, $175, 0O0,O 900; Ecuador $50, 600; Hon
duras, $50, 600; Panama, $30,O00000; Peru,
100000; Venezuela, $4,000, 900, with the
remaining, $50,0O0,0OO taken up by the
smaller republics in this category: Colon
bia, 100000; Costa RIGA, 900; Do
minican Republic, $8,000,000; Guatemala,
$1O,O0O,OOO; Salvador, $12,OOOOOO. and Uru-
quay, $5,000,000
! Panama will probably require more
than $3O,OOO,OOO, especially when the
canal is in full operation, owing to in
creases in land values and the neces-
sity of improving the adjacent terri
tory on both sides under the republics
Jurisdiction.
Officials, including the diplomatic
representatives of the above named
countries, do not deny that these loans
cannot very we'll be carried out with
out the aid of a Pan-American bank
whose rate of exchange can equal that
of London and Paris. 1t is said also
that it will not be one of the obliga-
tons of the lender-if the lender be an
American bank-to pay in gold, as the
new bank would have arrangements to
honor any other currency at full mar
ket value.
Needed For Panama Canals Success.
That the United States cannot very
! well hope to make commercial sue
cess of the Panama canal without such
a central international banking institu-
ton is another admission made by Of
fcials 1t is cited that Great Britain
has the advantage of branch banks at
Cairo and Alexandria, in Egypt, in
order to have every banking facility
with which to carry out its enormous
traffic through the Suez canal. Com
parative statistics based upon the ton
mage that goes through the Suez and
which will find it more convenient to
use the Panama canal and other data
furnished by the department of COM
merce, labor and navigation Of the Eu-
ropean governments show that the
Panama canal will not have to wait as
long as the Suez canal did to reach its
highest development. 1t will mean
only two years at most to rearrange
travel schedules, shifting the routes
from the Mediterranean to the Panama
canal.
Tolls and other charges, besides
drafts and general exchange of COM
mercial paper, made necessary at two
ports of the Importance that Colon
and Panama will reach as soon as the
canal is in operation, make it neces-
sary, diplomats say, for bank Of IN
limited possibilities to be in operation
at either of these cities. And such a
bank could very well be the Pan-Amer-
lean bank, operated by the wealthiest
banking interests of the United States
as, for instance, the Morgan syndicate,
whose branches in the European
money centers give them every advan-
| tage in Europe without dislodging
their gold reserves at headquarters.
Owing to the delicate relations be
tween the southern republics and the
| likelihood that trouble may always
| arise to sway, to a certain extent, the
credit or financial standing of any
of them, it is said that the bank would
have to be an institution bonded by
the American government, which
would thus be responsible for its oh.
legations. 1t would also guarantee the
banking syndicate the protection Of
the United States, which is the nucleus
of the so called partnership between
the state department and inanciers in
terested in the Pan-American bank
| project.