The advocate., 1890-04-02

proceed without delay 30 establish a sub
treasury department. in such county as hoye-
matter provided.
sEo. 2. That any owner Of cotton, wheat,
corn, oats, or tobacco, may deposit the
samo in the aub-treaaury nearest the point
OF LIS production, and receive therefor
troasury notes hereinafter provided for,
equal al tho date OF depos TO eighty per
centum OF the net value OF Oh products nj
thomarket price, said price 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 the United
Statesj but no deposit consisting In whole OF
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 10 DO prepared treasury notes In
such amounts as may be required for the
purpose Of the above section, and in such
form and denominations as no may pre-
scribe, provided that no note shall be Of a
denomination less than $l or more than
$1,000.
sRo. A. That the treasury notes issued un-
der this act shall be receivable for customs,
and shall be full legal-tender for all debts,
both public and private, and such notes
whom held by any national banking associa-
tion shall be counted as part Of its lawful
reserve.
SEC. 8. Itshall be the duty Of the manager
Of sub-treasury when cotton, grain, or TO
bacco Is received by him on deposit as above
provided, TO give warehouse receipt show
ing the amount and grade or quality Of such
cotton, tobacco, or grain, and lbs value at
date OF deposit; the amount Of treasury notes
the ab-treasury has advanced on the pro-
duct; that the interest on the money 30 ad-
vanced is at the rate of per centum per an-
NUM- expressly stating the amount OF insur-
anCe, weighing, chasing, warehousing, and
other charges that will run against such de-
post of cotton, grain, or tobacco. All such
warehouse receipts shall be negotiable by
endorsement.
SIC. O. That the cotton, grain or tobacco
deposited in the sub-treasury under the pro-
visions of this act may be redeemed by the
holder OF the warehouse receipt herein pro-
vided for, either at tho sub-treasury in
which the product is deposited, or at any
other sub-treasury, by the surrender Of such
warehouse receipt and the payment in law
ful money Of the United States Of the Same
amount originally advanced by the sub
treasury against the product, and such fur
ther amount as may be necessary TO dis
charge all interest that may have accrued
against the advance Of money made on the
deposit of produce and all insurance, ware
house and other charges that attach to tho
product for warehousing and handling. All
lawful money received at the sub-treasury
as a return of the actual amount Of money
advanced by the Government against farm
products as above specified, shall be return
ed, with a full report Of the transaction, TO
the Secretary Of the Treasury, who shall
make a record of the transaction and cancel
and destroy the money so returned. A sub
treasury that receives warehouse receipt as
above provided, together with the return Of
the proper amount Of lawful money and all
charges as herein provided, when the pro-
duct for which il is given is stored in some
other sub treasury, shall give an order on
such other sub-treasury for the delivery Of
the cotton, grain or tobacco, as the case may
be, and the Secretary Of the Treasury shall
provide for the adjustment between sub
treasures of all charges.
SEQ. z The Secretary Of the Treasury
shall prescribe such rules and regulations as