The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1890-08-14
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SUB.TREAsURY ELL.

sUB.TREAsURY ELL.
Full Text OF the Measure SO Much Talked
of.
Sec. l. Be it enacted by the Senate
and House of Representatives of the
United States of America in Congress
assembled, That there may be establish.
ed in each of the Counties of each of the
States of this United States, branch of
the treasury department of the United
States, to be known and designated as a
sub-treasury, as hereinafter provided,
when 100 or more citizens of any County
in any Slate shall petition the secretary
of the treasury, requesting the location
of sub.treasury in such County, and
shall
l. Present written evidence, duly aulhen
ticated by oath or affirmation ofCounty
clerk and sheriff, showing that the aver
age gross amount per anuum of cotton,
wheat, oats, corn and tobacco produced
and scld in that County for the last
preceding Two years exceeds the SUN of
$500 900, at current prices in said Coun
ty at that time, and
2. Presenta good and sufficient bond
for title to a suitable ard adequate
amount of land to be donated to the
government OF The United States for the
location of the sub treasury buildings,
and
8. A certificate of election showing
that the site for the location of such sub.
treasury has been chosen b. popular
vote of the citizens Of that County, and
also naming the manager of the sub
treasury elected at said election for the
purpose of taking charge Of said sub
treasury under such regulations as may
be prescribed. 1t shall in that case be
the duty of the secretary of the treasury
to proceed without delay to establish q
sub treasury department in such County
as hereinafter provided.
SEC. 2 That any owner of cotton,
wheat, corn, oats or tobacco may deposit
the same in the sub treasury nearest the
point of its production and receive there
for treasury notes, hereinafter provided
for, equal at the date of deposit to eighty
per centum of the net value of such pro.
ducts at the market price, said price to be
based upon the price current in the lead.
ing cotton, tobacco or grain markets Of
the United States; but no deposit con.
sisliug in whole or in part of cotton,
tobacco or grain imported into this
country shall be received under the pro-
visions of this act.
Sec. 8. That the secretary Of the treas.
ury shall cause to be prepared treasury
notes in such amounts as may be requir-
ed for the purpose of the above section,
and in such form and denominations as
he may prescribe; provided that no note
snail be of denomination of less than
81 or more than $1,000.
Sec. 4. That the treasury notes issued
under this act shall be receivable for Gus.
toms, and shall be full legal tender for
all debts, both public and private, and
such notes when held by any national
banking association shall be counted as
part of Its lawful reserve.
Sec 5. 1t shall be the duty of man
ager of sub treasury when cotton, grain
or tobacco is received by him on deposit,
as above provided, to give warehouse
receipt showing the amount and grade or
quality of such cotton, tobacco, or grain
and it's value at date of deposit; the
amount of treasury notes the sub.treasury
has advanced on the product; that the
interest on the money so advanced is at
tho rate of l per centum per annum !;
expressly stating the amount of insu.
rance, weighing, CHASING, warehousing
and other charges that will run against
such deposit of cotton, grain or tobacco.
All such warehouse receipts shall be
negotiable by endorsement.
Sec. 6. That the cotton, grain, or
tobacco deposited in the sub.treasury
under the provisions of this act may be
redeemed by the holder of the warehouse
receipt herein provided for, either at the
sub-treasury in which the product is
deposited, or at any other sub treasury,
by the surrender of such warehouse
receipt and the payment in lawful mon.
ey> of the United States of the same
amount originally advanced by the sub.
treasury against the product and such
further amount as may be necessary to
discharge all interest that may have ac-
crued against the advance of money made
on the deposit of produce, and all insu.
rance, warehouse and other charges that
attach to the product for warehousipg
and handling. Ali Lawful money receiv-
ed at the sub-treasury as return of the
actual amount of money advanced by
the government against farm products,
as above specified, shall be returned, with
full report of the transaction, to the
secretary Of the treasury, who shall make
record of the transaction and cancel and
destroy the money so returned. A SUBJ
treasury that receives a warehouse
receipt, as above provided, together with
the return of the proper amount of law.
fu! money aud all charges as herein
provided, when the product for which it
is given is stored in some other sub.
treasury, shall give an order on such
other sub-tressury for the delivery of
the cotton, grain, or tobacco, as the case
may be, and the secretary Of the treasury
shall provide for the adjustment between
the sub.treasuries of all charges.
Sec. Z. The secretary of the treasury
shall prescribe such rules and regulations
as are necessary for governing the details
of the management Of the sub treasures,
fixing the salary, bond and responsibility
of each of the managers of treasures
provided that the salary of any mana.
ger of sub.treasury shall not exceed the
sum of $500 per annum, holding the
managers of Hub-treasuries personally
reponsible on their bonds for weights
and classifcations of all produce, provid-
ing for the rejection of understandable
grades of cotton, grain or tobacco, or for
such as may be in bad condition; and
shall provide rules for the sale at public
auction of all cotton, corn, oats wheat or
tobacco that has been placed on deposit
for longer period than twelve months
after due notice published. The pro.
ceeds Of the sale of such product shall be
applied, first, to the Reimbursement to
the sub-treasury of the amount originally
advanced, together with all charges !;