The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1890-03-07

(ASSkSA ~ go
of taking charge of said sub-treasury
under such regulations as may be pre-
It shall in that case be the duty
of the secretary of The treasury to proceed
delay to establish a sub-treasury
in such county as hereinafter
provided.
Sec. 2. That any owner of cotton,
wheat, corn, oats or tobacco, may deposit
the same in the sub treasury nearest the
point of its production. and receive there
for, treasury notes hereinafter provided
for, equal at the date of deposit to eighty
per centum of the net value of such prod
ucts at the market price, said price to be
determined by the secretary of the treas
ury, under rules and regulations prescibed,
based upon the price current in the lead
ing cotton, tobacco, or grain markets OF
the United States; but no deposit consist
ing in VITO or in part OF cotton, tobacco
or grain imported into this country shall
be received under the provisions of this
act.
Sec. ). That the secretary of the treas
ury shall cause to be prepared treasury
notes in such amounts as may be required
| for the purpose Of the above section, and
in such form and denominations MS he
may perscribe, provided that no note shall
be of a denomination less han 81, or more
than $1,000.
Sec. 4. That the treasury notes issued
under this act shall be receivable for GUS
toms, and shall be a full legal tender for
all debts, both public and private, and
such notes when held by any national
banking association shall be counted as
part of its lawful reserve.
Sec. 5. 1t shall be the duty of the
manager of a sub-treasury when cotton,
grain, or tobacco is received by him Oh
deposit as above provided, to give a ware
house receipt showing the amount and
grade or quality of such cotton, tobacco,
or graiu, and its value at date of deposit;
the amountof treasury NOES the sub
treasury has advanced on the product;
that the interest on the money so advanced
is at the rate of l per centuln per annum;
expressly stating the amount of the i'll
surance, weighing, CHASING, warehousing,
and other charges that will run against
such depot of cotton, grain, or tobacco.
Az such warehouse receipts shall be nego-
table by endorsement.
Sec. 6. That the cotton, grain, or tobac-
CO 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 the product is deposited
or at any other sub-treasury, by the sur
render of such warehouse receipt and the
payment in lawful money of the United
States of the same amount originally ad-
vanced by the sub-treasury against the
product, and such further amount as may
be necessary to discharge all interest that
may have accrued against tho advance of
money made on the deposit of produce
and all insurance, warehouse and other
charges that attach to the product fol
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 re.
turned, with a full report of the transac-
ton, to the secretary of the treasury. who
shall make record of the transaction and
cancel and destroy the money so returned,
A sub-treasury that receives a warehouse
receipt as above provided, together with
the return of the proper amount of lawful
money and all charges as herein provided
when the product for which it is given il
stored in some other sub-treasury, shall
give an order on such other sub-treasury
for the delivery of the cotton, grain o.
tobacco, as the case may be, and the secre.
tary of the treasury shall provide for the
adjustment between sub-treasuries of al
charges.
Sec. 7. The secretary of the treasury
shall prescribe such rules and regulations
as are necessary forgoverning the details
of the management of the sub-treasuries
fixing the salary, bond and responsibility
of each of the managers of sub-treasurie
provided that the salary of any manager
of a sub-treasury shall not exceed the sun
of $500 per annum) holding the man
ayers of the sub-treasuries personally
responsible On their bonds for weights
and classifications of all produce, provid,
ing for the rejection of all understandable
grades of cotton, grain or tobacco, or TO,
such that may be in bad condition; anC
shall provide rules for the sale at public
auction of all cotton, corn, oates, wheat
or tobacco that has been placed on deposit
fora longer period than twelve months
after due notice published. The proceeds
of the sale of such product shall be
applied, first, to the reimbursement to the
sub-treasury of the amount originally
advanced, together with all charges; and
second, the balance shall be held or
deposit for the benefit OF the holder Of
the warehouse receipt, who shall be
entitled to receive the same on the
surrender of his ware house receipt. The
secretary of the treasury shall also provide
rules for the duplication of any papers
in case of loss or destruction.
Sec. 8. 1t shall be the duty of the
secretary of the treasury, when section ]
of this act has been complied with, t
cause to be erected, according to the law
and customs governing the construction
+ - - br;1l;,-, = c,:A,IJ. -.
treasury building, with such warehouse
or elevator facilities as the character anc
amount of the products of that section
ingsshall be supplied with all modern
ing and preserving the products likely tx
be deposited.
Sec. O.. That any gain arising from the
chasing, holding, shipping, interest OF
other charges, after paying all expense
of conducting the sub-treasury, shall be
accounted for and paid into the treasury
of the United States.
Sec. 10. The term of Office for a man.
ager of a sub-treasury shall be two years.
and the regular election to fill such office
shall be at the same time as the election
for members of the house of representa-
tives OF the congress of the United States.
In case of a vacancy in the Office of man
ager of the sub-treasury by death, resigna.
ton, or otherwise, the secretary of the
treasury shall have power to appoint a
manager for the nnexpired term.
Sec. IL. The sum of fifty millions OF
dollars. Of SO much there Of as may be
found necessary to carry out the provis-
ions Of this act, is hereby appropriated
out of any moneys in the treasury not
otherwise appropriated, for that purpose
Sec. II. That 80 much Of any or all