The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-12-02
THE sus.rREAsuRY BILL.

about it is that those who fight the
bill harder than anybody else never
read the bill. A great many OF It's
friends have not seer it for some lime,
either. Some action will be taken on
the bill in the national meeting this
week. 1t may be amended or dis
carded, or it may be adopted again as
it now stands. In either case 1t Is IN
teresting at this time, and this issue
of The PROGRESSIVE FARMER should
be preserved for future reference.
Here it is:
SECTION l. Be j. 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 Sta7e les Of these United
States, a branch of the Treasury De-
partment of the United States, to be
known and designated as a Sub
Treasury, as hereinafter provided,
when one hundred or more citizens OF
any county in any State shall petition
the Secretary of the Treasury request
ing the location of a SUB Treasury 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
z---A- E0~ thu Lost nrn0nIInOr fUn
years exceeds the sun of $780, 900,
at current prices in said county at that
time, and,
2. Present a good and sufficient
bond for title to a suitable and ade
ouate amount of land to be devoted
to the government of the United
States for the 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 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 Sue
Treasury department in such county
as hereinafter provided.
Sec. 2. That any owner of cotton,
wheat, corn, oats or tobacco may de.
post the same in the Sub Treasury
nearest the point of its production,
and receive therefor treasury notes,
hereinafter provided for, equal at the
date OF deposit to eighty per centum
of the net value of such product at the
market price, said price to be deter
mined by the Secretary of the Treas
ury under rules and regulations pre-.
scribed, based upon the price current
in the leading cotton, tobacco or grain
markets of the United States; but n
deposit consisting in whole or in part
of cotton, tobacco or grain imported
into this country shall be 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
the above section, and in such form
and denominations as he may pre-
scribe, provided that no note shall be
less than ST., or more than $1,000.
Sec. 4. Tha5 the treasury notes
issued under this act shall be receiv
able 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. 5. l. shall be the duty of the
manager of the Sub.Treasury when
cotton, grain or tobacco is received
by him on deposit, as above provided,
to give a warehouse receipt showing
the amount and grade or quality OF
such cotton, tobacco or grain, and It's
value at the date of deposit; the
amount of Treasury notes the Sub.
Treasury has advanced on the product
that the interest on the money so ad.
vanced is at the rate Of one pc
centum per annum; expressly stating
the amount of insurance, weighing,
CHASING, w~arehousing and other
charges that will run against each de.
post of cotton, grain or tobacco. AL
such warehouse receipts shall be nego
tisted by endorsement.
Sec. 6. That the cotton, grain OF
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
such product is deposited, or at any
other Sub Treasury, by the surrender
of such warehouse receipt and the pay
ment in lawful money of the United
States of the same amount originally
advanced by the Sub-Treasury against
the product, and such further amount