1905 · Haitianyear only
An American minister proposes an American bank for Haiti
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In 1905 the United States minister in Port-au-Prince, W. F. Powell, first floated the idea of a bank in Haiti under American control. The timing was convenient. Nord Alexis had just torn up the charter of the existing national bank, a French concern he accused of robbing the country, and was running the treasury on printed notes with no banking institution at all. A vacancy of that kind invites an offer. Powell's suggestion was the opening move in a process that ended with the National City Bank of New York holding a controlling interest in the Banque Nationale de la Republique d'Haiti and, through it, effective say over Haitian financial policy. Haiti had spent the nineteenth century paying France for its own independence and borrowing from French banks to do it. The twentieth century moved the creditor relationship across the Atlantic. Within a decade the New York bank had its share of the reorganised Banque Nationale, and by 1915 its interests were among those the occupation arrived to protect.