Workmen's advocate., 1890-12-06
The Sub-Treasury Bill.

me NuD- TtasuTy Dlll.
 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 established in each | of the Counties of each of the States of l this U. $. a branch of the Treasury De- partment of the U S., to be known and designated as Sub Treasury, as herein after provided, when 100 or more citi- zens of any County in any State shall petition the Secretary of the Treasury re questing the location of Sub Treasury in such County, and shall
 1.-Present written evidence, duly authenticated by oath or affirmation of the County Clerk and Sheriff, showing that the average gross amount per an mum of cotton, wheat, oats, corn and tobacco produced and sold in that Coun- ty for the last preceding two ears ex- ceeded the sum of $5O0,0O0 at current prices in said County at that time, and 2.-Present good and sufficient bond | for title to a suitable and adequate amount of land to be donated to the | U. 5. for the location of the Sub-Treas- ury buildings, and
 3.-A certificate of election, showing | that the site for the location of such Sub Treasury has been chosen by a popular vote of the citizens of that County, and also naming the manager of the Sub Treasury, elected at said cleo ! ton for the purpose of taking charge of said Sub-Treasury under such regula tons as may be prescribed. It shall in that case be the duty of the Secretary of the Treasury to proceed without delay to estabi h a Sub Treasury Department in such County, as hereinafter provided, and
 | 2.-That any owner of cotton, wheat, corn, oats or tobacco, may deposit the same in the Sub Treasury nearest the points of it's production and receive therefor Treasury notes hereinafter 1 provided for, equal at the date of de- | pOsit to 80 per cent. of the net value of | such products at the market price, said price to be determined by the Secretary of the Treasury under rules and regula- tions prescribed, based upon the price current in the leading cotton, tobacco or grain markets of the U. S, but no deposit consisting in whole or in part of cotton, tobacco, or grain imported into this country shall he received under the provisions of this act.
 SEC. 3.-That the Secretary of the | Treasury shall cause to be prepared Treasury notes in such amounts as may be required for the purpose of the above ] section and in such form and denoml- nations as he may prescribe, provided that no note shall be of a denomination less than $1 or more than 1000.
 SEC. 4-That the Treasury notes issued under this act shall be receivable for customs and shall be a full legal tender for all debts, both public and private, and such notes, when held by any national banking association shall l
 SEC. 5.-lt shall be the duty of the manager of a Sub Treasury when cot ton, 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 its value at date of deposit; the amount of notes the Sub- Treasury has advanced on the product, that the interest on the money so ad- vance d is at the rate of per cent. per annum, expressly stating the amount of insurance, weighing, chasing, ware housing 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.-Thas the cotton, grain or to- bacco 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 re ceipt and the payment in lawful money of the L. $. of the same amonnt origi