The advocate., 1890-04-30
BILL
10 Establish a System Of Sub-TrcasurIes, and
for other Purposes

II. b. 7l62, introduced by Hon. John A.
PicIler, Of South Dakota, ombodies the de-
mand Of tho Farmera' Alliance and Indus
trial Union. II wns referred 10 tho commit
too on ways and means, and Is as follows;
SECTION /. Be IL enacted by the Senate
and House of Representatives OF tho United
States in Congress assembled that there
may be established In each Of the counties Of
each Of tho States Of this United States, a
branch Of the Treasury Department OF the
United States, 10 bo known and designated
as a mb-trcamry, M hereinafter provided,
when ono hundred or more citizens Of amy
county in any State shall petition the Secre-
tary Of the Treasury requesting the location
of a sub-treasury in such county, and shall,
/. Present written evidence duly outhen-
ticated by oath or affirmation Of county
clerk and sheriff, showing that tho 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 the sum Of $5OO,OOO 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 bo donated TO tho Government Of
the United States for the location OF the
sub-trcasury buildings, and,
3. certificate of election showing that
the site for the location of such sub-troasury
has been chosen by popular vote OF the
citizens Of that county, and also naming the
manager of the sub-treasury elected Mt said
election for the purpose Of taking charge Of
said sub-treasury under such regulations as
may be prescribed. II shall in that case be
the duty Of tho Secretary Of the Treasury to
proceed without delay to establish sub
treasury department in such county as here
matter provided.
SEQ 2. That any owner OF cotton, wheat,
corn, oats, or tobacco, may deposit the
same in the b-treasury nearest tho 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 ch products at
themarket price, said price o 90 determined
by the Secretary of tho Treasury, under
rules and regulations prescribed, based upon
the price current in tho leading cotton
tobacco, or grain markets Of tho United
States but no deposit consisting in whole or
in part Of cotton, tobacco, or grainimportod
into this country shall be received under the
provisions Of this act
SEo 3. That the Secretary Of tho Treasury
shall cause TO be prepared treasury notes In
such amounts as may be required for tho
purpose of tho above section, and In such
form and denominations as no may pro-
scribe, provided that no note shall be Of a
denomination less than 81, or more than
$1,000.
SEc A. That the treasury notes issued un-
der 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 associa-
ton shall bo counted as part Of It's lawful
reserve.
sEo s. II shall bo tho 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 aud grade or quality OF such
cotton, tobacco or grain, and its value at
date ofdepositj the amount Of treasury notes
tho sub-troasury has advanced on the pro-
duct; that tho interest on tho money 80 ad-
yanced is at the rate Of per centum per an-
mum; expressly stating the amount OF INCUR
ance, weighing, chasing, warehousing, and
other charges that will run against such de-
posit Of cotton, grain, or tobacco. All such
warehouse receipts shall be negotiable by
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