The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-03-14
The Subtreasury Plan.

senate and House of Representa-
tlyes OF the United States in Congress
assembled, that there may be
esta blished in each of the counties of
each OF the States of this United
States, a branch of the Treasury
Department of the United States,
to be known and designated as asub-
treasury, as hereinafter provided,
when one hundred or more citizens of
any county in any State shall petit
ton the Secretary of the Treasury
requesting the location of sub-treas-
ury IN such county, and shall,
l.: Present written evidence duly
authenticated by oath or affirmation
OF county clerk and sheriff, showing
that the average gross amount per
annum OF cotton, wheat, oats, corn
and tobacco produced and sold in
that county for the last preceding
two years, exceeds the sum of $500,
900 at current prices in said county
at that time, and,
z. Present good and sufficient
bond for title to a suitable and ade-
quate 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 show
ing that the site for the location of
such sub-treasury has been chosen
by 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 a sub-treasury depart
ment 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 it's production,
and receive therefor treasury notes
hereinafter provided for, equal at
the date of deposit to eighty per CEN
tum 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 Uni
, ted States; but no deposit consisting
in part or in whole OF cotton, tobac-
co or grain imported into this
country shall be received under the
provision 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 denominations as he may pre-
scribe, provided that no note shall be
of a denomination less than 81, or
more than $1,000.
Sec. 4. That the treasury notes
issued under this act shall be receiv-
able for customs, and shall be full
legal-tender for all debts, both pub
lie and private, and such notes when
held by any national banking associa-
ton shall be counted as part OF it's
lawful reserve.
Sec. 5. 1t shall be the duty of the
manager of 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
it's value at date of deposit; the
amount OF treasury notes the sub
treasury has advanced on the pro-
duct; that the interest on the money
so advanced is at the rate of 1 per
centum per annum; expressly stating
the amount of insurance, 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-treas-
ury under the provision of this act
may be redeemed by the holder OF
the warehouse receipt herein provid-
ed for either at the sub-treasury in
which the product is deposited or at
any other snb-treasury, by the sur
render of such warehouse receipt and
the payment in lawful money Of the
United States of the same amount
originally advanced by the sub-treas-
ury against the product, and such
further amount as may be necessary
to discharge all interest that may
have accrued against the advance
of money made on the deposit Of pro-
duce and oil insurance, warehouse
and other charges that attach to the
product for warehouse receipts and
the payment in lawful money of the
United States OF the same amount
originally advanced by the sub-treas-
ury, against the product, and such
further amount as may be necessary
to discharge all interest that may
have accrued against the advance OF