The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1890-08-22
THE SUB.TREASURY BILL
TEXT or THE MEASURE ruAr IA
PRESSED BY TuE FARMERS.
Avn LAuORERS' vNioy.
scheme to uakes Nation of no.
rowers ana inrit- Dcbt and Rul,,

rowers and inrit- Dcbt and nul,,
At the request Of number n
subscribers we publish the bill I'm
troduced in the House on Feb
rnary Is, 1890, Ivy Mr.. Pirkler n
South Dakota, prepared 10y N,
committee OF The Farmers AN,
Laborers' Union, in accordanc,
with the action of the st. Lopi.
Convention, and known as "Th,
Sub.Treasury Bill" 1t reads n.
follows:
De it enacted by the Senate and
House Of Representatives of the
United States of America, In Con.
gress assembled, That there NAV
he established in each Of the conn.
ties of each of the States spd
Territories of the United States a
branch OF the Treasury Depsri.
ment of the United States, 10 he
designated and known as a sub.
treasury, as hereinafter provided
When 100 or more citizens of any
county. IN any State, shall petition
the Secretary Of the Treasury re.
ques,ing the location of % 80.
treasury IN such comfy, aud slst,l;
First, produce written evi1ehc.,
duly authenticated by oath or al.
firmation OF the County Clerk and
Sheriff, showing that the average
gross amount per annum OF cot.
ton, wheat, coru, oats and tobacco
produced and sold in the county
for the last preceding two years
exceeds the sum of $4,000 at
current prices in said county at
that time; second, present n good
and sufficient bond for title 10 n
suitable aud adequate amount of
land 10 he donated 10 the Govern.
ment of the United States for the
location of the sub-treasury build.
ings, aud, third, q certificate of
election showing that the site for
the location OF such q sub.tteas-
ury has been chosen 10y the popu.
lar vote of the citizens Of that
county, and alsO naming the man
ager of the sub-tfeasury elected
at said election for the purpose OF
taking charge of said sub-,reas.
ury, under such regulations as may
be prescribed, it shall then sud IN
that case I've the duty of the see.
rotary of the Treasury to proceed
without delay 10 establish a sub
treasury department in such coan-
~ Ms hereinafter provided.
SEC. .. That any owner Of cot.
ton, wheat, corn, oats or tobacco
may deposit the Same in the sab.
treasury neares; tho poir; Of it's
production, and receive therefor
treasury notes hereinafter provid.
ed Tor, equal at the date of dspos.
:. 10 so per centum OF the net
vaiue or such products nj the mat.
ket price, said price 10 he de,er.
mined by the manager of the sub
treasury, under rnles and regnla-
tlOns prescribed by the Secretary
of the Treasury, based upon the
price current in the leading cot.
ton, tobacco or grain markets of
the United States. but no 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 Trasury notes in such
amounts as many he required for
the above section, and in such
form and denomination as he may
prescribe; provided, that no note
shall be Of n denomination less
than FL or more than ~ 600.
SEC. 4. That the treasury notes
under this act shall he receivable
for customs and shall he n fnll
legal tender for all debts, both
public and private. and such notes,
when held by any national bank.
ing association, shall be counted
as part OF its lawful reserve.
SEC. 3. That il shall be the duty
of manager Of a sub. treasury,
when cotton, grain or tobacco ia
received by him on deposit, as
above provided, TO give a ware.
house RECEIPT showing the amount
and grade or quality OF such cot.
ton, tobacco or grain and it's value
at date OF deposit; the amount of
treasury notes the sub.treasufy
has advanced on the product; that
the interest on the money so adj.
vanced ia at the rate of per cent.
nm per annum; expressly stating
the amount Of insurance, weighing,
chasing, warehousing aud other
charges that will run against such
deposits Of cotton, grain or tObac.
CO. All such warehouse receipts
shall be negotiable by indorSe.
ment.
SEC. G. That the cotton, grain
or 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
in which the product
is deposited or ut any other sub.
treasury, by the surrender Of
such warehouse receipt aud the
payment in lawful money Of the
United States Of the same amount
advanced by the sab.
treasury against the producl, and
such further amount as may be
necessary TO discharge all interest
that may have accrued against the
advance Of the money made on
the deposit of prodnce, and all
insurance, warehouse aud other
charges that attach to the pro.
duet for warehOusing and handling.
All lawful money received and
at the sub.treasury as a return OF
the actual amount Of money all.
by the Government
against farm products as above
specified shall he returned with
q full report of the transaction 10