The Brookhaven leader. [volume] (Brookhaven, Miss.) 1883-1891, 1891-04-09
SUB TREASURY.
Full Text of the Bill as Intro
duced i'm Congress.

section /. Be it enacted by the Sen.
ate and House of Representatives Of
the United States. That there may he
established in each of the counties of
the States. n branch of the Treasury
Department of the United States to be
known and designated the Sub-Trcas-
urv, as hereit&ffcr provided, when
100 or more citizens of any county i'm
any State shall petition the Secretary
of the Treasury, requesting the lOca-
ton of n Suh-Treasury in such coun-
ty and shall.
|. Present written evidence, duly
authenticated by oath or affirmation
of county clerk and sheriff, showing
that the average gross amount per an
mum of cotton, wheat, oats, corn and
tobacco produced and sold in that
county for the last preceding two
wears exceeds the sum of $500, 900 at
current prices in said county at that
time and,
2. Present a good and sufficient
bond for title to suitable and ade
quate amount of land to be donated
to the Government of the United
States for the location of the Sub
Treasury building; and
g. \ certificate of election showing
that the site for the location of such
Sub Treasury has been chosen by
popnlar vote of the citizens of the
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 rs may he prescribed.
1t shall in that case be the duty of the
Secretary of the Treasury to proceed
without delay to establish a Sub
Treasury department in such county
as hereinafter provided.
Sec. 2. That any owner of cotton,
wheat. corn, oats or tobacco may de-
post the same in the Sub-Treasury
nearest the point of its production.
and receive therefor treasury notes,
hereinafter provided for, equal at the
date of deposit to so per centum of the
net value of such products ut the
market price, said price to be deter
mined 10y the Secretary of the Treas
ury under rules and regulations pre-
scribed, based upon the price current
in the leading cotton, tobacco or grain
markets of the United States but no
deposits consisting in whole or in part
of cotton, tobacco or grain imported
into this country shall be received UNI
der the provisions of this act
Sec. 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 prescribe,
provided that no note shall be of
denomination less than 81, or more
than $1,000.
See. 4. That the treasury notes is
sued under this act shall be received
for customs, and shall be Il full legal
tender for all debts, both public and
private and such notes, when held
10y any national banking association,
shall he counted as part of its lawful
reserve.
Sec. ). 1t shall be the duty of the
manager of Sub Treasury, when
cotton, grain or tobacco is received by
him on deposit, as above provided, to
give warehouse receipt showing the
amount and grade and quality of such
cotton. tobacco or grain, and its value
at the date of deposit the amount of
treasury notes the Sub-Treasury has
advanced on the product that the in
terest on the money so advanced is at
the rate of one per centum per an
mum; expressly stating the amount
of insurance, weighing chasing,
warehousing and other charges that
will run against such deposits of cot
ton, grain or tobacco. All such ware
house receipts shall be negotiable by
Endorsement.
Sec. 6. That the cotton, grain or to-
bacco 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 surrender
of such warehouse receipt and the
payment in lawful money of the Unit
ed States of the same amount origi-
nally advanced by the Sub-Treasury
against the product, and such further
amount rs may be necessary to dis
charge all interest that may have ac-
crued against the advance of the mon
ey. made on the deposit of produce,
and all insurance, warehouse and
other charges that attach to the pro-
duet for warehOuslng 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 returned with
full report of the transactions to the
Secretary of the Treasury, who shall
make record of the transactions and
cancel and destroy the money so re-
turned. A Sub Treasury that receives
a warehouse receipt as above prOvid-
ed. 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 is
stored in some other Sub-Treasury,
shall give an order OH such Sub Treas
ury 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 be-
tween Sub Treasures of all charges
Sec. Z. The Secretary of the Treas
ury shall prescribe such rules and reg
ulatiOns as are necessary for govern
ing the details of the management of
the Sub Treasures. fixing the salary,
bond and responsibility of each of the
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