Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1890-08-21

received under tho provisions Of This
Act.
SEC. 3. That the Secretary Of the
Treasury shall cause to DO prepared
treasury notcs in such amounts as
may be required for tho purposes OF
tho above section, and in such form
and denominations as he may pre-
scribe; provided that no notc shall be
of a denomination of less than 81 OF
more than $1,000.
Sec. 4. That the treasury notes is
sued under this act shall DO rccciva-
BILE for customs, and shall be q full
legal tender for all debts, both public
and private, and such notes when
held by any national banking asso-
citation shall be counted as part of
its lawful reserve.
SEC. 5. 1t shall be the duty of a
manager of n sub-treasury when cot
ton, grain 0 tobacco is received by
him on deposit, as above provided, to
give . warehouse receipt showing the
amount and grade or quality of such
cotton, tobacco, or grain and its value
at date of deposit; the amount Of
treasury notes the sub-trcasury has
advanced on the product; that the
interest on the money SO advanced is
at the rate Of 1 per ccntum per an
mum; expressly stating the amount of
insurance, weighing, CHASING, ware
housing and other charges that will
run against such deposit of cotton,
grain or tobacco. All such ware
house receipts shall be negotiable by
endorsement.
Sec. 6. That the cotton, grain, or
tobacco deposited in tho s~ub-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 the product is deposited, or
ut any other sub-treasury, by the
surrender of such warehouse receipt
and the payment in lawful money of
the Uuitcd States Of the same
amount originally advanced by the
s~ub-treasury against the product and
such further amount as may he ncc-
cssary to discharge all interest that
may have accrued against the adj
vance of money made on the deposit
produce, and all insurance, ware
house and handling. All lawful
money received at the s~ub-trcasury
rs a return Of the actual amount of
money advanced by the government
against farm products, rs above spc-
shall be returned, with a full
of the transaction, to the
Of the Treasury, who shall
make record Of the transaction and
cancel and destroy the money so re-
turned. A sub-trcasury that receives
n warehouse receipt as above pro-
vidcd, together with tho return of
the proper amount of lawful money
and all charges as herein provided,
when the product for which it is
given is stored in some other sub
treasury, shall give an order OH such
other sub-trcasury for the delivery
Of the cotton, grain, or tobacco, as
the case may he, and the Secretary
of the Treasury shall provide for the
adjustment between the sub-trcasu-
ries of all charges.
SEC. 7. The Secretary Of the
Treasury shall prescribe such rules
and regulations az are necessary for
governing the details of the man.
agcmcnt Of the sub]-treasuries, fixing
the salary, bond and responsibility
Of each of tho managers of the sub
treasures, 0rovidcd that the salary
of any manager of Il s~ub-treasury
shall nc: exceed the sum of $500
per annum,) holding the managers OF
sub-treasurics personally responsible
on their bonds for weights and clas-
siiications of all produce, providing
for the rejection of all unmcrchanta-
bic grades of cotton, grain or to-
bacco, or for such as may be III bad
condition; and shall provide rules for
the sale ut public auction of all cot
ton, corn, oats, wheat or tobacco
that has been placed on deposit for
longer period than twelve months
after due notice published. The
proceeds of the sal. of such product
shall be applied, first, to the rcim-
burscment to the s~ub-trcasury of the
amount originally advanced, together
with all charges; and. second, the
balance shall be held on deposit
for the benefit of the holder of
the warehouse recent. who shall be