The advocate., 1890-03-13

TO Establish q System OF sub-Treas-
urles, and for Other Purposes.


Picker, OF South Dakota, embodies the de-
mand Of the Farmers Alliance and Indus
trial Union. II was referred TO the commit
toe on ways and means, and Ia as follows.
SECTION 1. Be IL enacted by the Senate
and House Of Representatives Of the United
States in Congress assembled, that there
may be established in each of tho counties Of
each OF the States OF this United States, a
branch OF the Treasury Department of the
United States, TO be known and designated
as a sub-treasurH as hereinafter provided,
whom one hundred or more citizens of any
county in any State shall petition the Seore-
tary OF the Treasury requesting tho location
OF sub-treasury in such county, and shall,
i. Present written evidence duly authen-
ticated by oath or affirmation of county
clerk and sheriff, showing that the 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 100000 at current
prices in said county al that time, and,
2, Present good and sufficient bond for
title TO q suitable and adequate amount Of
land to be donated TO the Government OF
the United States for the location OF the
sub-troasury buildings, and,
3. A certificate of election showing that
the site for the location of such sub-treasury
has been chosen by popular vote Of the
citizens Of that county, and also naming the
manager Of the sub-treasury elected at 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 the Secretary OF the Treasury TO
proceed without delay TO establish SUBJ
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 sb-treasury nearest the point
Of its production, and receive therefor
treasury notes hereinafter provided for,
equal at the date of deposit to eighty per
oentum Of the net value of such products at
themRrket price, said price TO be determined
by the Secretary of the Treasury, under
rules andregulations prescribed, based upon
the price current in the leading cotton,
tobacco, or grain markets Of the United
States but no deposit consisting in whole or
in part Of cotton, tobacco, or grainimported
into this country shall be received under the
provisions of this act
SEo. 3. That the Secretary of the Treasury
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 as he may pre-
scribe, provided that no note shall be of a
denomination less than 81, OF more than
$1,000
SEC. 4. 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-
tion shall be counted as part Of its lawful
reserve.
SEo. 5. II shall be the 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 warehouse receipt show
ing the amount and grade or quality Of such
cotton, tobacco, or grain, and its value at
date ofdepositj the amount of treasury notes
the gub-treasury has advanced on the pro-
duCtj that the interest on the money 80 ad-
vanCed is at the rate Of per centum per an
num- expressly stating the amount of insur.
anCe, weighing, classing, warehousing and
other charges that will run against such do
posit of cotton, grain, or tobacco. All such
warehouse receipts shall be negotiable by
endorsement.
SRo. 6. That the cotton, grain or tobacco
deposited in the sub-treagury under the pro-