| Show International American Bank Scheme I WASHINGTON MaN 27The President today transmitted to Congress a letter from the secre tary of state enclosing the report of the International Inter-national American conference on an international interna-tional American bank scheme In the letter the President says i i not proposed to involve the United States in any financial responsibility but only to give to the proposed bank a corpo ratefranchiEe and promote public confidence by requiring its condition and transactions to trnsactons be submitted to scrutiny similar to that exer cised over our domestic banking system The subject is submitted for the consideration of I Congress hi the belief that it will be raton pos sible to promote the end desired by legislation so guided as to avoid all just eritiCbm legislaton In the letter to the President Secretary Elaine sets forth the advantage to be derived from such a project and says in part that the merchants of this country are as dependent upon the bankers of Europe in their financial transactions with their American neighbors as they are upon the ship owners of Great Britain for transportation facilities and will continue to labor under those embarrassments until direct banking systems are established The report of the committee of the PanAmerican conference confer-ence presents a simple and easy method of re lief aud tho enactment of the measure recom mended will in the judgment of the conference rcom result in the establishment of proper facilities for interAmerican banking The bill has been prepared at the state department to carry into elect the recommendations of the committee The bill bi designated tho United States delegates to the PanAmerican conference confer-ence commissioners to receive subscriptions to the capital stock of the International American bank offices for which purpose may be opened in Washington New York and other principal itles in the American republic As soon as 50000 shares are subscribed subscribers shall have the usual Shal powers to organize a corpora ton which shall havo tie sumo privileges now enjoyed by banks generally Its acquisition of real estate however limited to 15 per cent of the capital stock paid in The corporation may be designated by the secretary of the 1 treasuryras a depositary for public money and may be employ das the financial agent of the government The principal offices shall be in Washington or New York with power to open branch oillces vin the United States Mexico South and Central America The capital stock is fixed to 10000tiO in 10 shares which may be increased by a twothirds vote to not exceeding 8ijtjOOOjO Business may bo begun as soon as 23 per cent of the subscriDtion is had in gash but at least 85000000 must be paid within two years The board of directors shall consist of twenty live persons not less than fifteen to be citizens of the United States Stopkholdeis made liable to tie amount of their subscriptions but no more The corporators shall lug semiannually with the secretary of the treasury a report of the financial condition aud its affairs shall at all times be open to the examination of the old cers of the treasury tdepartmtUt Provisions are made for the appointment of n receiver and the winding up of its aifairs in case the capital stock is impaired more than 20 per cent or the capital stock actually paid in and the directors fail to mako such impairment good The Senate committee on finance today de cided to consider tho tariff bill in full commit leo It is believed hearings will bo given If so tie session will be materially prolonged The bill may be reported to the Senate by July 1 |
