The advocate., 1890-04-23

Il
Piokler, Of South Dakota, embOdies the do
mand Of tho Farmers Alliance and Indus
trial Union. II was referred to the commit
toe on ways and means, and 10 as follows;
SECTION 1. Be II enacted by tho Senate
and House OF Representatives OF the United
States in Congress assembled, that there
may bo ostablishedin each OF the counties OF
each Of tho States Of this United States, a
branch Of tho Treasury Department Of the
United States, TO be known and designated
as sub-treasury, az hereinafter provided,
whom one hundred or more citizens OF any
county in any State shall petition the Secre-
tary OF the Treasury requesting the location
Of a sub-troasury in such county, and shall,
/. Present written evidence duly authen-
ticOted 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 proceeding two
years, exceeds tho sum Of $4,000 al current
prices in said county at that time, and,
2. Present a good and sufficient bond for
title TO a suitable and adequate amount Of
land 10 be donated 10 the Government OF
the United States for tho location OF the
sub-treasury 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 tho
manager of the sub-treasury elected at said
election for the purpose of taking charge Of
said Bub-treasury under such regulations as
may bo prescribed. II shall in that case be
tho duty of the Secretary Of tho Treasury TO
proceed without delay TO establish sub
treasury department in such county as here
matter provided.
SEC. 2. That any owner OF cotton, wheat,
corn, oats, or tobacco, may deposit the
same in the mb-treasury nearest the point
Of It's production, and receive therefor
treasury notes hereinafter provided for,
equal at the date of deposi TO eighty per
centum Of the net value Of Oh products at
themarket price, said price 90 determined
by the Secretary OF the Treasury, under
rules and regulations prescribed, based upon
tho price current in the leading cotton,
tobacco, or grain markets Of the United
States; but no deposit consisting in whole or
in part Of cotton, tobacco, or grainimported
into this country shall DO received under the
provisions OF this act.
SEc. g. 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
denomination less than 81, or more than
81, 900.
SRC. L. That the treasury notes issued un-
der this act shah 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 associa-
ton shall be counted as part Of its lawful
reserve.
SEC. 8. II shall be the duty Of the manager
of a sub-treasury when cotton, grain, or TO
baccO is received by him on deposit as above
provided, to give a warehouse receipt show
ing the amount and grade or quality Of such
cotton, tobacco, or grain, and its value at
date Of deposit; the amount Of treasury notes
tho sub-treasury has advanced on the pro-
duct; that tho interest on the money 80 ad-
vanCed is at the rate OF per Centum per an-
mum; expressly stating the amount Of insur-
ance, weighing, chasing, warehOusing, and
other charges that will run against such do
post Of cotton, grain, or tobacco. All such
warehouse receipts shall be negotiable by
endorsement.
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